Q1. Discuss the nature and significance of business law?
Ans:-The term law is used in many senses: you may speak of the law of physics,mathematics, science, or the laws of the football or health. In its widest sense, law means anyrule of conduct, standard or pattern, to which actions are required to conform; if notconformed, sanctions are imposed. When we speak of the law of a State, we use the termlaw in a special and strict senseSignificance of law1.Law is a body of rules:-These rules prescribe the conduct, standard or pattern to which actions of the persons in thestate are required to conform. However, all rules of conduct do not become law in the strictsense. We resort to various kinds of rules to guide our lives. For example, our conduct maybe guided by a
rule such as “do not be arrogant” or “do not be disrespectful to
elders or women”. These are
ethical or moral rules by which our daily lives are guided. If we do not follow them, we maylose our friends and their respect, but no legal action can be taken against us.2.Law is for the guidance or conduct of persons :
both human and artificial. The law is not made just for the sake of making it. The rulesembodied in the law are made, so as to ensure that actions of the persons in the societyconform to some predetermined standard or pattern. This is necessary so as to ensurecontinuance of the society. No doubt, if citizens are self
enlightened or self
controlleddisputes may be minimized, but will not be eliminated. Rules are, therefore, drawn up toensure 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, andcertain consequences ensue.3.Law is imposed :- Law is imposed on the members to bring about an order in the group,enabling it to continue and prosper. It is not something which may or may not be obeyed atthe sweet will of the members of society. If you cannot impose a rule it is better not to haveit. Thus, law is made obligatory on the members of the society.4.Law is enforced by the executive :-Obviously, unless a law is enforced it ceases to be a law and those persons subject to it willregard it as dead.For example if A steals Bs bicycle, he may be prosecuted by a court and may be punished.Also, the court may order the restitution of the bicycle to its rightful owner i.e., B. If thegovernment passes many laws but does not attempt to enforce them, the citizens lose theirrespect for government and law, and society is greatly weakened. The force used is known assanction which the state administers to secure obedience to its laws.5.The state :- A state is a territorial division, with people there in subject to a uniform systemof law administered by some authority of the state. Thus, law presupposes a state.6.Content of law :-The law is a living thing and changes throughout the course of history.Law responds to public opinion and changes accordingly. Law can never be static. Therefore,amendments are made in different laws from time to time. For example, the Monopolistic andRestrictive Trade Practices Act,1969, has been subjected to many amendments since itsinception in 1969.7.Two basic ideas involved in law :-The two basic ideas involved in any law are:(i) to maintain some form of social order in a group and