What is Law?

• A body of rules of conduct of binding legal force and effect, prescribed, recognized, and enforced by
controlling authority.

• A bunch of rules established by a governing authority to establish and maintain peace and order.

• Law signifies a general rule of action, and is applied indiscriminately to everybody.

 Characteristics of Law -

• Uniformity
• Conformity with Principles of justice
• Impartiality
• Law is remedies
• Body of rules and principles
• Rule of Conduct or procedure
• Law is territorial
 What is the purpose of Law?

• The primary purpose of law is to protect life and property.

• Law is an instrument of the society which performs various functions by which
they achieve their objectives.
• The key purpose of law is Justice, Stability and Peaceful change.
• Justice - Equality and impartiality which has to be achieved by law as its primary
function.
• Stability – Uniformity and certainty.
• Peaceful change - Law must be flexible as well as stable.
• National Sources –
• Legislation It is the law making authority. It includes Judge made rules of law and even particular rules
of law or the rights created at law between the parties of contract.
Legislation is that source of law which consists in the declaration of rules by a competent
authority.
Kinds of Legislation –
1) Supreme Legislation -Supreme legislation is that which proceeds from the sovereign
power in the State. It cannot be repealed, annulled or controlled by any
other legislative authority. The Constitution of India is the supreme authority in regards to
all matters relating to the executive, legislature and judiciary. Supreme legislation is
that legislation which derives its power straight from the constitution. It cannot be
challenged by any other legislative power.
2) Delegated/Subordinate Legislation -Subordinate legislation is that which proceeds from
any authority other than the sovereign power. Delegated legislation (sometimes referred
as secondary legislation or subordinate legislation or subsidiary legislation) is a process by
which the executive authority is given powers by primary legislation to make laws in order
to implement and administer the requirements of that primary legislation.

• Judicial Precedent/ The Judge made Laws A Precedent is a statement of law found in a judicial decision of the Superior Court, which
is to be followed by the same Court in future and also by the subordinate Courts in a
similar case.

• Customs A custom is a habitual course of conduct which is observed uniformly and voluntarily by
the people concerned.
Eg – Hindu Marriage Act, Muslim Laws.
 Constitutional Law

• The Constitution of India is the supreme law of India.

• It lays down the framework defining fundamental political principles, establishes
the structure, procedures, powers and duties of government institutions and sets
out fundamental rights, directive principles and the duties of citizens.
• The constitution was enforced with effect from January 26, 1950
 MERCANTILE OR BUSINESS LAW

• Law which comprises of laws concerning with – trade, industry and

commerce.
• Includes Indian Contract Act 1872, Partnership Act 1932, Companies
Act 2013, Negotiable Instruments Act 1881, Sale of Goods Act, 1930,
Arbitration and Conciliation Laws, etc.
 THE INDIAN CONTRACT ACT, 1872

• Came into force on 1st September 1872.

 What is a Contract?

• Section 2(h) - An agreement enforceable by law is a contract.

• Agreement – Section 2(e) – Every promise or set of promises, forming
the consideration for each other, is an agreement.
• Enforceable by law means allowed by law.
• Promise – When a person to whom proposal is made gives his assent
(consent), a proposal is said to be accepted. When such proposal is
accepted it becomes a Promise.
• An agreement therefore comes into existence only when one party makes a
proposal or offer to the other party and that other party signifies his assent
(consent).
 CONTRACT

AGREEMENT ENFORCEABLE BY LAW

PROMISE CONSIDERATION ALLOWED BY LAW

OFFER ACCEPTANCE
• OFFER / PROPOSAL - When one person signifies to another his willingness
to do or to abstain from doing anything, with a view to obtaining the
assent of that other to such act or abstinence, he is said to make a
proposal.
• ACCEPTANCE - When the person to whom the proposal is made signifies
his assent thereto, the proposal is said to be accepted.
• PROMISE - A proposal, when accepted, becomes a promise.
• The person making the proposal is called the “promisor/ offeror”, and the
person accepting the proposal is called the “promisee/ offeree”.