Q1. Discuss the nature and significance of business law?
The term law
is used in many senses: you may speak of thelaw of physics, mathematics, science, or the laws of the football or
health. In its widest sense, law
means any rule of conduct, standard orpattern, to which actions are required to conform; if not conformed,sanctions are imposed. When we speak of the law of a State, we use the
in a special and strict sense
Significance of law1.
Law is a body of rules:-
These rules prescribe the conduct,standard or pattern to which actions of the persons in the state arerequired to conform. However, all rules of conduct do not become law in the strict sense. We resort to various kinds of rulesto guide our lives. For example, our conduct may be guided by a
rule such as “do not be arrogant” or “do not be disrespe
elders or women”. These are ethical or moral rules by which our
daily lives are guided. If we do not follow them, we may lose ourfriends and their respect, but no legal action can be taken against us.
Law is for the guidance or conduct of persons :
both human andartificial. The law is not made just for the sake of making it. Therules embodied in the law are made, so as to ensure that actionsof the persons in the society conform to some predeterminedstandard or pattern. This is necessary so as to ensure continuance
of the society. No doubt, if citizens are self
, disputes may be minimized, but will not beeliminated. Rules are, therefore, drawn up to ensure that members of the society may live and work together in an orderly manner. Therefore, if the rules embodied in the law are broken,is used to enforce obedience, and certain consequences ensue.
Law is imposed :-
Law is imposed on the members to bring about an order in the group, enabling it to continue and prosper. It isnot something which may or may not be obeyed at the sweet will