BUAD 808: Business & Company Law – DP17MBA0967
Mercantile law or business law is the branch of law consisting of litigation in the areas of industry, trade and commerce. Business law is an important branch of civil law or commercial law. This law studies the right and obligations of persons relating to mercantile transactions amongst mercantilist who are persons who carry out commercial transactions. Mercantilist includes individuals, partners and joint venture companies. The sources of business law can be substantial and procedural sources of law. The relations in business law are of facts, actions and conditions in the conduct of business. These are consolidated sources of business law. The legal acts of business law containing norms in the regulation of business relations are procedural sources of law. Procedural sources of business law include general sources like, laws, bylaws and the constitution which are general sources; and the autonomous sources of law which are from customs, contracts, usances and general business conditions. Business law which is expansive is necessary because it provides clear cut enforceable rules and conditions to eliminate conflicting issues. Big and small business owners should comply with the law and be enlightened or hire a professional lawyer in business law practice where the need arises. The scope of business law relates to contract, partnership, negotiable instruments and sale of goods. Business law is significant because it includes how the legal system affects business, contract and why it is important in business is because contractual areas as corporation’s law, the responsibilities of executives and business directors, taxation rifts and some consumer and property law come to play. Business law applies to all regulations and law that relate to how to start and operate a business. Including the formation of the entity, financing the entity; related legalities of beginning the business operations, managing and selling. Business law is studied because it covers the main aspects of law which are employment law, environmental law, international law, local codes and ordinances, wages and payment regulations, trademarks, copyrights, patents, and bankruptcy.
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