Business Law Meaning Importance and Source

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Business Law Meaning Importance and Source
Business Law Meaning Importance and Source

We have detail informations of Business Law Meaning Importance and Source. You find definiation of law, Importance for running business and sources of law.

Business Law Meaning Importance and Source

Following are the details informations

Meaning

Business Law is a branch of civil law or private law which makes certain rules for business transaction. Thus, the law which deal with business activites of people and provides various provisions for commercial word is known as Business Law. So, it is also called commercial law.

More Deifinations

” Business law is the set of legal rules and regulations that govern the operations, transactions, and interactions of businesses and individuals engaged in commerce.”

Business law plays a critical role in regulating the conduct of businesses and protecting the rights and interests of business owners, employees, customers, and other stakeholders.

Importance of Business Law

Following are the Importance of Business Law:

1. It provides legitimacy, people, and Security.

2. It regulates the business transactions directly or indirectly.

3. It is involved in making, shaping and enhancing the business activies.

4. It establishes the business ethics of a business entity and its social responsibilities.

5. It protects the industrial interests and the national interests.

6. It tells us what kinds of business in what manner can be carried out in a given country.

7. It guarantees the Justice or remedies to all involving in the business dealings.

8. It creates the various institutions to provide incentives and facilities to the investory.

9. It provides such a ground in which the law breakers are to be punished and law abiders are to be awarded.

Sources of Nepalese Business Law

Following are the Binding Sources of Law:

a. Legislation

It is the law made by parliament or law making.

b. Precedent

It is an earlier decision of the supreme or superior court which is taken as a rule of law and followed while deciding the later cases of similar facts.

c. Customs or Usages

It is the rule of particular way of behaviours of people in a given society which has been following the greater number of people continuously from a ling period of time.

d. Agreements / Conveersations

It is a contract between two or mkore person to do or not to do something specific manner.

Persuasive Sources of Law

a. Decision of foreign courts.

b. The principles of froreign Law.

c. Opinion of experts.

d. Text Books, Journals, Periodicals, etc

e. Rules of morality and religious books.

Hence, these are the Business Law Meaning Importance and Source.

Other Important Links:

a. Meaning of Law: CLICK HERE

b. BBS 3rd Year Business Law Notes: CLICK HERE

c. BBS 3rd Year All subject Notes: CLICK HERE

d. Meaning of Law of Contract: CLICK HERE

e. Details of Offer and Acceptance: CLICK HERE

Frequently Asked Questions

a. What is business Law?

= Business Law is a branch of civil law or private law which makes certain rules for business transaction.

b. Sources of Business Law.

= Following are the sources of business law

  • Legislation
  • Precedent
  • Customs or Usages
  • Agreements or Conversations.
  • Some other Sources.