Meaning of law
It is the rule of conduct recognized and enforced by the conduct of people with view to securing justice and social security. It operates and regulates the actions of persons in respect to one another and in respect to the entire social group or society. The concept of law depends legally on the social values, accepted norms of a particular society. law of ignorance is no excuse
-Law is a rule of conduct of a person and it regulates the external activities of a person.
- It is enforced by the country for the rule of conduct of person
-It is enforced for maintaining peace, security and justice in the country.
- law without justice and justice without law is meaningless.
- law is made for all and followed by every people of state.
- law always treats all equally.
nature of law
- justice is the ultimate aim of law
- law intends peaceful and harmonious relation between the members of society
- law is pervasive. it is generally known and accepted that every person is presumed to know the law. ignorance of law is no excuse.
- law regulates human activities in 3 ways. 1.prohibitory (no murder, no steal), 2.mandatory (tax), 3.permission (purchase of land)
source of law
the source of law where the rules of law originate is wider.
1. legislation ( prime source, law made by parliament is legislation, it is the process of making law by parliament)
2. precedent ( it means the earlier decisions of the court that is taken as a rule for the case of similar nature that comes later. so precedent laid down by the court is another source of law)
3. custom ( it is particular way of behavior among member of group/society that is accepted by the particular society. this kind of source is the pattern of behavior accepted by the particular society.
4 agreements ( agreements made buy persons to act in certain way also are equally enforceable in the court)
5. English mercantile law ( primary source, it constitutes the foundation on which the supreme structure of the India mercantile law has been built. English laws are based on custom and usage of merchants in England)
Classification of law
1. Substantive law
It defines legal rights and obligations of people in certain circumstances. 2 types = 1.Public law ( deals with govt. rights and powers in its relation to individuals or groups) 2. private law ( governs individual or groups in their relation with one another, e.g. sales, agreements)
2. procedural law
the method by which one may obtain remedy in court..
meaning of legal environment in business
Environment created by law to regulate the economic, social, religious and political aspects of human life in the country is called legal environment. It is the legal framework that affects business as a whole. It is concerned with the study of legal insititutions and process that affects the business activities and they are enforced by state no only to exploit people and to make their life hard in their business activities but also to provide them different facilities like peace and security in their day to day business activities.
Importance of legal environment
- business law create conducive environment for the overall development of business and industries in the country
- it protect custome from unfair business practices.
- It protect businessman fro unfair custorme practices if any.
- law is rule for all, it establish good relationship among the members of society.
It is the rule of conduct recognized and enforced by the conduct of people with view to securing justice and social security. It operates and regulates the actions of persons in respect to one another and in respect to the entire social group or society. The concept of law depends legally on the social values, accepted norms of a particular society. law of ignorance is no excuse
-Law is a rule of conduct of a person and it regulates the external activities of a person.
- It is enforced by the country for the rule of conduct of person
-It is enforced for maintaining peace, security and justice in the country.
- law without justice and justice without law is meaningless.
- law is made for all and followed by every people of state.
- law always treats all equally.
nature of law
- justice is the ultimate aim of law
- law intends peaceful and harmonious relation between the members of society
- law is pervasive. it is generally known and accepted that every person is presumed to know the law. ignorance of law is no excuse.
- law regulates human activities in 3 ways. 1.prohibitory (no murder, no steal), 2.mandatory (tax), 3.permission (purchase of land)
source of law
the source of law where the rules of law originate is wider.
1. legislation ( prime source, law made by parliament is legislation, it is the process of making law by parliament)
2. precedent ( it means the earlier decisions of the court that is taken as a rule for the case of similar nature that comes later. so precedent laid down by the court is another source of law)
3. custom ( it is particular way of behavior among member of group/society that is accepted by the particular society. this kind of source is the pattern of behavior accepted by the particular society.
4 agreements ( agreements made buy persons to act in certain way also are equally enforceable in the court)
5. English mercantile law ( primary source, it constitutes the foundation on which the supreme structure of the India mercantile law has been built. English laws are based on custom and usage of merchants in England)
Classification of law
1. Substantive law
It defines legal rights and obligations of people in certain circumstances. 2 types = 1.Public law ( deals with govt. rights and powers in its relation to individuals or groups) 2. private law ( governs individual or groups in their relation with one another, e.g. sales, agreements)
2. procedural law
the method by which one may obtain remedy in court..
meaning of legal environment in business
Environment created by law to regulate the economic, social, religious and political aspects of human life in the country is called legal environment. It is the legal framework that affects business as a whole. It is concerned with the study of legal insititutions and process that affects the business activities and they are enforced by state no only to exploit people and to make their life hard in their business activities but also to provide them different facilities like peace and security in their day to day business activities.
Importance of legal environment
- business law create conducive environment for the overall development of business and industries in the country
- it protect custome from unfair business practices.
- It protect businessman fro unfair custorme practices if any.
- law is rule for all, it establish good relationship among the members of society.
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