- Legislation
The legislation is important source of business law. The parliament make law regarding the business are the sources of business law. It comprises the law of contract, law of company, law of arbitration, law of agency etc. The law made by the parliament is coercive in nature and it must be followed by all the stake holder of the business transaction. Principally it is the main body to make the laws.
Many customary practices are still practice in the business world and those customs are also the law in itself. Before legislation or formal law the custom used to regulate the behavior of the business person. The court also uses the custom while deciding the case. Thus if any custom is related with the business world then that is also the source of business law. Like Barter system.
- Precedent
Any decision (where the apex court has propounded the principle) made by the apex court of the country in regard to the business is also the sources business law. Those decisions are binding to the lower court and apex court itself. Whenever such kind of case comes to the court again they use the same principle and decide the case. Thus it is also the source of the business law. E.g. Tirtha raj kumari Rana V. Ram Shankher Shrestha NKP 2040 page 239. Where court decide the Bainapatta is also the contract.
- Convention
Many international conventions regarding the business has been adopted and that are binding to the state if the state has ratified it. Since it is binding to the state or it is treated equally as the domestic legislation. Thus the international conventions are also the sources of law and court also use this while deciding the case. The domestic law also drafted taking help of those conventions.
- Writing of experts
- Determination of international organization
- Morality justice and good conscience
- Law of other country
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