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    B Law Chapter 1

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    1 : Business Law Vikas Dongre
    2 : Introduction Human Race is socialistic in nature Early Civilizations started in settlements Man learnt Business to make his/her life comfortable Need arose for a uniform code of conduct 2 Class Notes - Business Law Presented by: Vikas Dongre
    3 : Meaning Law is a rulebook, containing a list of Code/Rules/Procedures, which tells us what should be done and what should not be done. Law is a system of rules, usually enforced through a set of institutions Law is a force. It consists of rules and regulations to provide firmness to mutual relations. 3 Class Notes - Business Law Presented by: Vikas Dongre
    4 : Definition “Law is a body of Principles recognized and applied by the state in the administration of justice” - Salmond “Law is a rule of civil conduct, prescribed by the supreme power of a state, commanding what is right and prohibiting what is wrong” - Blackstone   4 Class Notes - Business Law Presented by: Vikas Dongre
    5 : Branches Growth of Civilization led to development in diverse fields As result a Uniform Code of Conduct did not make sense Hence, Civil Law Criminal Law Constitutional Law International Law Industrial Law Mercantile Law (Business law)-Part of Civil Law(India) 5 Class Notes - Business Law Presented by: Vikas Dongre
    6 : Meaning of Business All those activities which are aimed at transfer of goods & services from the production centre to consumption centre carried out by an entrepreneur by optimally utilizing resources at his command i.e. money, man, material & machine with a view to maximize profit. 6 Class Notes - Business Law Presented by: Vikas Dongre
    7 : Meaning of Business Law Laws relating to business, commercial activity, trade or commerce. 7 Class Notes - Business Law Presented by: Vikas Dongre
    8 : Objectives of Business Law Complex Business environment has given rise to the need for a code of conduct IGNORANTIA JURIS NON EXCUSAT ---ignorance of Law is no excuse. Develop an understanding of the legal framework Understand the purpose and logic of Law-Meaningful when understood Preventive Law The Success of lawyer depend upon the well informed client Build a better society 8 Class Notes - Business Law Presented by: Vikas Dongre
    9 : Sources of Business Law (Origin and Development) Customs of Trade (History) English Common Law Principles of Equity Law Merchant British Statute Law Precedents (Past Judicial Decisions) Indian Statute Law (Acts of the Indian Legislature) 9 Class Notes - Business Law Presented by: Vikas Dongre
    10 : Customs of Trade (History) customs and traditions, laid the first foundation to the Law which are reasonable in nature to the entire society and which are time tested Class Notes - Business Law Presented by: Vikas Dongre 10
    11 : English Common Law Considering the customs and usages as the raw material, the judges made up their judgments. These important contributions of the judges are found in what is known as English Common Law Decisions made by judges based on English customs and traditins Class Notes - Business Law Presented by: Vikas Dongre 11
    12 : Principles of Equity law based on principles of justice and good conscience unwritten law cases where the common law courts could not give relief to the aggrieved, the party had to petition to the king courts were called courts of equity relief was granted to the aggrieved on the basis of justice, good conscience and equity Class Notes - Business Law Presented by: Vikas Dongre 12
    13 : Law Merchant Law based on customs and traditions which were practiced by the traders- not recognized initially but later made an impact Initially English Law courts were not aware of the trades and practices - many times futile in giving judgments in case of conflicts As trade grew - traders set up tribunals mostly consisting of traders to judge the cases This gave birth to Law Merchants (Lex Mercatoria). Class Notes - Business Law Presented by: Vikas Dongre 13
    14 : British Statute Law Law which is based upon Acts passed by the Legislature (Parliament). It is the Written Law. This Law is superior and can override the effect of other laws Class Notes - Business Law Presented by: Vikas Dongre 14
    15 : Precedents (Past Judicial Decisions) Past Decisions or judgments are called precedents precedents are often referred to when giving decisions on similar cases India the Supreme Court is the apex court and its decisions have a binding effect on all the lower courts principle is that when a decision is given on one case it implies that it has a binding effect on cases with similar circumstances Class Notes - Business Law Presented by: Vikas Dongre 15
    16 : Indian Statute Law (Acts of the Indian Legislature) the Acts passed by the Indian legislature becomes the basis for many modifications in the Indian Business Law Indian Contract Act 1872 The Negotiable Instruments Act 1881 The Sale of Goods Act 1930 The Indian Partnership Act 1932 The Companies Act 1956 Etc… Class Notes - Business Law Presented by: Vikas Dongre 16
    17 : End of General Introduction Questions… Clarifications… Suggestions… Email: vikasdongre@gmail.com 17 Class Notes - Business Law Presented by: Vikas Dongre

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