BUAD 808: Business & Company Law – DP17MBA0967Mercantile law or business law is the branch of law consisting of litigation in the areas of industry, trade and commerce, which 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, partnerships 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 legal norms in the regulation of business relations are procedural sources of law.
Procedural sources of business law include general sources like bylaws, laws and the constitution which are general sources; and the autonomous sources 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 by hiring a professional in business law practice where the need arises. The scope of business law includes relating 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; corporation’s law, the responsibilities of executives and business directors, taxation rifts and some consumer and property law.
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 operation, managing, selling and operations. Business is studied because it covers 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.