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    Business Law Lecture 1 & 2

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    hamza younas
    Business law provides rules and regulations to govern commercial activities and transactions. It has several key characteristics. Business law establishes uniform standards to maintain order and resolve disputes between businesses, customers, and government authorities. It aims to reduce fraud and unethical conduct while balancing interests to please both businesses and consumers. The importance of business law is to protect rights for all parties and create a fair and ethical environment for commerce.

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    Business Law Lecture 1 & 2

    Uploaded by

    hamza younas
    90 views15 pages
    Business law provides rules and regulations to govern commercial activities and transactions. It has several key characteristics. Business law establishes uniform standards to maintain order and resolve disputes between businesses, customers, and government authorities. It aims to reduce fraud and unethical conduct while balancing interests to please both businesses and consumers. The importance of business law is to protect rights for all parties and create a fair and ethical environment for commerce.

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    Business law provides rules and regulations to govern commercial activities and transactions. It has several key characteristics. Business law establishes uniform standards to maintain order and resolve disputes between businesses, customers, and government authorities. It aims to reduce fraud and unethical conduct while balancing interests to please both businesses and consumers. The importance of business law is to protect rights for all parties and create a fair and ethical environment for commerce.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    90 views15 pages

    Business Law Lecture 1 & 2

    Uploaded by

    hamza younas
    Business law provides rules and regulations to govern commercial activities and transactions. It has several key characteristics. Business law establishes uniform standards to maintain order and resolve disputes between businesses, customers, and government authorities. It aims to reduce fraud and unethical conduct while balancing interests to please both businesses and consumers. The importance of business law is to protect rights for all parties and create a fair and ethical environment for commerce.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 15

    Business law

    1ST WEEKE
    Lecture no.1 & 2
    Ms. AYESHA ZAMAN KHAN
    Overview
     Basic Introduction

     Meaning

     Definition

     Branches

     Importance

     Characteristics
    Basic Introduction
     Human race is socialistic in nature

     Early civilizations started in settlements

     People learnt business to make their lives


    comfortable

     Need arose for a uniform course of conduct


    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
    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.
    Branches
     Growth of Civilization led to development in
    diverse fields
     As result a Uniform Code of Conduct did not make

    sense
     Hence,
     i. Civil Law
     ii. Criminal Law
     iii. Constitutional Law
     iv. International Law
     v. Industrial Law
     vi. Mercantile Law (Business law)
    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.
    Meaning of Business Law

     Laws relating to business, commercial


    activity, trade or commerce.
    Definition of Business Law
     Commercial law, also known as mercantile
    law or trade law, is the body of law that
    applies to the rights, relations, and conduct
    of persons and business engaged in
    commerce, merchandising, trade, and sales.
    It is often considered to be a branch of civil
    law and deals with issues of both private law
    and public law.
    Example
     You might encounter business laws when
    dealing with creditor and consumer
    protection, insurance, and estate(property or
    asset) planning. Other examples
    include managing, starting, buying, or selling
    a business, managing contractors, and
    working with employees. ... Regulation of
    contract laws for commercial transactions.
    Importance
     The prime purpose of business law is to maintain order, resolve
    disputes, establish generally accepted standards, protect rights
    and liberties when it comes to business and its relation to other
    businesses, government authorities, and the customers.
     A Universal set of standards :Earlier, the customer had to suffer
    a lot due to the absence of a proper law that could safeguard
    their interests and money invested in a particular business. As
    there was no such law regarding maintenance of order, rights,
    and liabilities, etc., the business owners made their own
    standards and made the customers suffer just because of the
    greed to make more money. With the establishment of business
    law, many standards have been established which have to be
    followed by businesses worldwide.
    Cont..
     Maintenance of Equilibrium: This creates a
    sense of satisfaction among customers. In the
    absence of the law, different countries had
    different laws regarding the business dealings
    which made it difficult for the customers as
    well as the seller to establish a deal. But now
    every country has the same standards, and the
    deal between buyer and seller is easily
    established. This brings ease in business
    dealings and transactions all across the globe.
    Cont..
     Less chances of frauds: Business law helps the owners itself
    to get aware of the laws against other businesses and
    individuals. It also helps the individuals, to be aware of the
    rights against the businesses so that they can use them in
    case they fall prey to the frauds and misery of the business.
     Presence of Ethical conduct: With the help of business law,
    business owners may make better decisions, and also know
    when to seek legal help. Every business has to maintain an
    ethical conduct but most businesses, in the greed to earn
    more profits; do not follow such conducts. Business law
    makes it mandatory for all the businesses to maintain an
    ethical conduct which in turn pleases the buyers and they
    form a good image of the business.
    Cont

     In a nutshell, business law is of immense


    importance to both the business as well as
    consumers in protecting their rights and get a
    better service.
    Characteristics
     1.Uniformity
     2.Universality
     3.Externality
     4.Content
     5.Formulation
     6.Sanction

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