Business Law

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Dr. Shobita P S
Business Administartion
  • 28 students
  • 1 lessons
  • 0 quizzes
  • 10 week duration
28 students


The Word ‘Law’ is a general term and has different connotations for different people… e.g.:

  • A citizen may think that law as a set of rules which he must obey
  • A lawyer who practices law may think of law as a vocation
  • A legislator may look at law as something created by him
  • A judge may think of law as a guiding principle to be applied in making decisions.
  • According to Salmond: “Law is the body of principles recognized and applied by the State in the administration of justice”Law is body of principle that convert the police state into a welfare state.

Classification of law

  1. Civil law: The law of the state as applied by the court in the administration of justice
  2. Criminal law: The law relating to crimes
  3. Mercantile or Business law: Aggregate body of those legal rules which are connected with trade ,industry and commerce
  4. Corporate or Industrial law: the law relates to the governing industrial enterprise
  5. Statute Law: The statute law refers to the law laid down in the Acts of parliament
  6. National law: Internal rules of the country
  7. International law: body of rules customary or treaty which are regarded as legally binding on their relationship with other nations
  8. Private or Public law: Public law is concern with the legal relation between the state and the individual. Private law determines the relationship between individuals in their ordinary private capacities.
  • Objective of Law
  1. To establish socio-economic justice remove the existing imbalance in the socio economic justice
  2. To serve as a vehicle of social change
  3. Well-being of citizen
  4. Attainment of freedom of people
  5. Maintenance of law and order in the country

 Ignorance of law is not an excuse


  • It is also known as Mercantile Law
  • It is the aggregate of rules and regulation which are related with trade, industry and commerce
  • It is connected with business transactions only
  • Mercantile person may be an individual ,partnership or joint stock company
  • Trade : It means exchange of goods and services
  • Business: it means exchange of goods and services for the purpose of making profit.




Aswathappa.K, Business Laws, Himalaya Publishing House, Bengaluru

Kapoor.N.D, Business Laws, Sultan Chand Publications, New Delhi.

Sharma.S.C, Business Law, International Publishers, Bengaluru.

Tulsian, Business Law, McGraw-Hill Education, Mumbai.

  • Module-1: The Indian Contract Act 1872

    Introduction to Indian Contract Act 1872

  • Module-2: Bailment and Pledge

    Bailment and Pledge

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  • Module - 3 : Indemnity And Warrenty
    No items in this section
  • Module - 4 : Contract of Agency
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  • Module - 5 : Sale of Goods Act-1930
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Dr. Shobita P S
Dr. Shobita.P.S, Assistant Professor, St.Albert's College (Autonomous) Ernakulam

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