BUSINESS LAW

DR . SOMAIA KHAWASEK
•introduction
•Law is a system of rules created and enforced through social or governmental
institutions to regulate behavior

its a body of rules of action or conduct prescribed by controlling authority and

having binding legal force. That which must be obeyed and followed by citizens
subject to sanctions or legal consequences.
•Law's scope can be divided into two domains .
•first : Public law concerns government and society, including constitutional law,
administrative law, and criminal law .
•second :Private law deals with legal disputes between individuals and/or
organizations in areas such as contracts, property, torts/delicts and commercial law
DEFENITIONS :

• definition of law

• Law is the group of conducting abiding rules that dominate the behavior of
people living in a society. Wherever there is people coming together in
community there is law to set limits to rights and obligations for every one
of them.

• Wherever there are people there is law and wherever there is law there are people.
INTRODUCTION

Definition of BUSINESS LAW :

Business law is a broad area that deals with many different aspects of doing business.
This area of the law governs such things as business formation and licensing,
negotiations, contracts, business operations, and compliance with regulatory and legal
provisions. Also known as commercial law, business law applies to companies and
individuals involved in any type of commerce including trade, purchasing, franchising,
merchandising and sales.
Function of law
* keeping the peace
* Shaping moral standards ( discourage drugs and alcohol)
* Promoting social justice. ( discrimination in employment)
* Maximizing individual freedom ( right of the freedom of speech , religion,
etc…)
* Facilitating planning
*Maintaining order is necessary for a civilized society.
*Protecting liberties and rights
FUNCTION OF BUSINESS LAW

• Contract law includes drafting, rights assignment, work delegation,

transactions, agreements, breach of contract, and remedies for a breach.
• Business organization laws define major business entities, such as
partnerships, limited liability companies, sole proprietorships, and
corporation.
• Property law governs personal and real property.
• Negotiable instruments law includes governance of secured transactions
and bankruptcy.
• What business law means?

• Business Law is also known as Commercial law or

corporate law, is the body of law that applies to the
rights, relations, and conduct of persons and
businesses engaged in commerce, merchandising,
trade, and sales.
• commercial law

• The legislator has established the civil law to organize the relations that arises between people in the
society.
• Then he distinguished the commercial activities of traders with an independent legislation.

• The commercial law is the group of legal regulations governing the commercial activity.
• commercial laws allow businesses to plan their activities, allocate their productive resources, and assess
the risks they take . Also it protect the rights of merchants and customers , and organizing the
investements of foreigns
The law of contract
DEFINITION OF CONTRACT
• It is a legally binding agreement between two or more parties , qualified parties, contracts are
usually written

• A contract is a legally binding agreement that defines and governs the rights and
duties between or among its parties.
• A contract is legally enforceable when it meets the requirements of applicable law. A
contract typically involves the exchange of goods, services, money, or a promise of
any of those. In the event of a breach of contract, the injured party may seek 
judicial remedies such as damages or cancellation
THE MAIN ELEMENTS OF A CONTRACT

• For the contract to be enforceable, the following four basic requirements

must be met:
 a. agreement
 b. contractual capacity
 c. consideration
 d. lawful object
a. Agreement:
to have an enforceable contract, there must be an agreement
between the parties. This requires an offer by the offeror and an
acceptance of the offer by the offeree. There must be mutual assent by
the parties
b. Contractual capacity
The parties of the contract must have contractual capacity for the
contract to be enforceable against them. Certain persons do not have
this capacity, including minors , insane persons, intoxicated persons
 Consideration (object of agreement):

according to the terms of the agreement, some advantage moves

from one party to the other. The giving of mutual advantages by the
parties is the essence of a bargain. Any advantage or benefit
moving from one party to another is known as consideration.
 Lawful object
the object of the contract must be lawful. Most contracts have
a lawful object, however, contracts that have impossible or illegal
object such as drugs , are void and will not be enforceable.