Business law

What Is a Business?
"Business" refers to everything that can employ an individual. A business can occupy the labor,
attention, and time of a person, for the purpose of earning a profit or livelihood. Engaging in a
single act that relates to a specific business isn't considered to be carrying on or engaging in the
business, but a series of acts would be considered as engaging in the business.
What Is a Law? 
A law is a recognized and enforced principle or causal link that, if violated, results in a penalty,
such as injury, pain, failure, or loss. Laws are binding rules that relate to the conduct of
individuals and businesses and are designed to prescribe obligation or duty and enforce justice. A
law is largely derived from formal or custom enactment by someone in power within the area,
such as a legislature or a ruler. Laws carry authority and power of the enactor, and anyone who
violates them is subject to penalties
Some examples of the term “law” include:
 Business owners must follow all regulations and laws to avoid fines.
 Vacationers and visitors to other countries should understand and respect local laws.
 Although John wasn't a lawyer, he knew that the tenant was violating a law and called the
police
In a layman's language, law can be described as' a system of rules and regulations which a
country or society recognizes as binding on its citizens, which the authorities may enforce, and
violation of which attracts punitive action. These laws are generally contained in the
constitutions, legislations, judicial decisions etc.
Some definitions of law:
1. Aristotle defined law 'as an embodiment of reasons whether in individual or the community'.
2. Jereny Benthan defined law as a collection of signs declarative of a volition conceived or
adopted by the sovereign'
3. Jurist John Austin defined law as a body of rules determined and enforced by a sovereign
political
Authority.
4. Rosese Pound defined law as an organised and critically controlled body of knowledge both of
legal institutions and legal precepts and of the legal order, that is, of the legal ordering of the
society.
5. Joseph Raz says law consists of authoritative positivist considerations enforceable by the
courts.
6. Holland defined law as a rule of external human action enforced by the sovereign political
authority.
Therefore, law is the principles and regulations established in a community by some authority
and applicable to its people, whether in the form of legislation or of custom and policies
recognized and enforced by judicial decision.

Business Law and Legal Definition

Business law which is also referred to as mercantile or commercial law, is the group of rules that
governs the dealings between individuals or companies involved in commercial matters. These
laws can be enacted by:
 International or national legislation
 Agreement
 Convention
This branch of law relates to the liabilities, duties, and legal rights of individuals or businesses
involved in transactions that relate to merchandising, sales, commerce, and trade. Business law
includes private and public laws as part of civil laws.
Business law may govern legal aspects such as:
 Insurance (accident, life, marine, or fire)
 Relationship between principal and agent
 Banking
 Indemnity and guarantee
 Carriage by land or sea
 Partnership
Definition
A legal system is a procedure or process for interpreting and enforcing the law.
The purpose of law
The law serves many purposes. Four principal ones are establishing standards, maintaining order,
resolving disputes, and protecting liberties and rights.
Establishing Standards
The law is a guidepost for minimally acceptable behavior in society. Some activities, for
instance, are crimes because society (through a legislative body) has determined that it will not
tolerate certain behaviors that injure or damage persons or their property. For example, under a
typical state law, it is a crime to cause physical injury to another person without justification—
doing so generally constitutes the crime of assault.
Maintaining Order
This is an offshoot of establishing standards. Some semblance of order is necessary in a civil
society and is therefore reflected in law. The law—when enforced—provides order consistent
with society’s guidelines. Wildlife management laws, for example, (such as West
Virginia’s prohibition against using ferrets for hunting,) were first passed in an effort to conserve
game that had nearly been hunted into extinction during the nineteenth century. Such laws reflect
the value society places on protecting wildlife for future generations to enjoy.
Resolving Disputes
Disputes are unavoidable in a society comprised of persons with different needs, wants, values,
and views. The law provides a formal means for resolving disputes—the court system.
Protecting Liberties and Rights
The constitutions and statutes of the United States and its states provide for various liberties and
rights. One function of the law is to protect these various liberties and rights from violations or
unreasonable intrusions by persons, organizations, or government. For example, subject to
certain exceptions, the First Amendment to the Constitution prohibits the government from
making a law that prohibits the freedom of speech. Someone who believes that his free speech
rights have been prohibited by the government may pursue a remedy by bringing a case in the
courts.

Origins/ Evolution of Law

The establishment of a system of laws was not invented by the founding fathers of the United
States.
The evolution of law began before history was recorded with laws built up one by one as
disputes were settled.
In fact, the development of rules in society predates both courts and the written law. For
thousands of years, customary and private legal systems alone ordered human activities. The
power of customary law is found in the fact that it is reflected in the conduct of people toward
one another.
The further a society moves away from customary and private law systems, the greater the need
for laws coercively enforced by the state. 
 
The law is essentially discovered, not made. Law is a systemic discovery process involving the
historical experiences of successive generations. Law reflects and embodies the experiences of
all men who have ever lived.