What is law?
– rules of conduct enforced by the state
– function and duties of the state/govt to enforce
Definition by Holland : law is a rule of external human action enforced by the
sovereign political authority
3 essential characteristics
1) Rules relating to the actions.
2) Attempts to regulate actions.
3) Enforced by the state.
Definition by salmond: law is a body of recognized and applied by the state in
administration of justice.
Features: law is not static. Law are changed or developed to fit the requests of people
in the society.
Need for the knowledge of law:
1) “Ignorantia juris not excus at’ means ignorance of law is no excuse.
2) For the student of business management every business transaction has legal
Meaning: (business law or commercial law or mercantile law), law relating to trade,
industry and commerce.
1) Rights and obligations arising out of a business organization.
2) Scope is fairly large and no line of demarcation between business law and others
3) The contract law is applicable not only to business people but also to all other
4) No difference in procedure do not form comprehensive code dealing will all
aspects of business activities