Business law, also known as commercial law, is a legal framework that governs the rights, responsibilities, and conduct of businesses and individuals in their commercial interactions. It encompasses various aspects such as contracts, intellectual property, employment law, corporate governance, and more, ensuring that businesses operate within the bounds of the law and promoting fair and ethical business practices. Understanding business law is crucial for entrepreneurs, business owners, and professionals to navigate the complex legal landscape of commerce effectively.

1. Business Law
UG 1st year

2. Meaning and Definition:
 Enforceable rule of conduct that govern commercial
relationships.
 Business Law is the body of law that governs business and
commercial transactions.
“ Business law lays down the rights, duties and obligations
owned by the parties to a contract. It will define the areas of
law relevant to the world of business, and the rights of people
who engaged with in.”

3.  The word ‘Law’ has been derived from the Teutonic word
‘Lag’ which means ‘definite’.
“Law can be definite rule of conduct and human relations.
It also mean a uniform rule of conduct, which is
applicable equally to all the people of the state. Law
prescribes all regulates general conditions of human
activity in the state”.
Law relating to business, commercial activity and trade or
commerce.

4. Objectives:
 To advise and assist the management for taking appropriate prompt
decision.
 To carry business in legal ways.
 Clarify rights and power.
 Covers rules that apply to business situations and transaction.
 Concerned civil law, especially contracts.
 To protect and preserve rights of shareholders.