Introduction to law

X in consideration of Rs. 5,00,000 from Y agree to

murder Z while borrows the money from K, who
knowingly lends money to Y.

Can K recover this money???

Business law and commercial law are the two
laws that deal with the business and
commercial transactions. It encompasses
the formation of business management,
commerce and consumer transaction. The
commercial law consists of debtor Law,
creditor law, sales and secured transaction. It
also has the regulations and rules for the
land cargo, sea cargo, merchant shipping,
marine and accident insurance.
 Sources of Law

a) Common Law of England:

It is unmodified law consisting of customs,

usages and traditions developed over a long
period of time by the English Courts. The
Common Law used to be applied to disputes of a
similar nature.
(b) Equity:

It is nothing but the application of principles of

natural justice and good conscience. In the
beginning, Equity used to be administered by the
Court of Chancery, while the King's Court
administered the Common Law
(c) Law Merchant:
It will be no exaggeration to say that English Commercial
Law is nothing but Law Merchant itself. The law Merchant
was based on customs and usages prevalent among
merchants and traders. In the beginning, Law Merchant
was administered by tribunals consisting, mainly, of the
merchants. Gradually, it came to be recognised by the
Common Law Courts also.
(d) Statute Law:

It is the law passed by the Parliament. These laws are

superior to Common Law and Equity as Parliament is
supreme. It is remarked about British Parliament that it is
all powerful in as much as it can do everything except
making a man a woman or a woman a man.
(e)Indian Statute Law:

Unlike English Commercial Law, most of our Commercial Law

is codified in the form of Acts passed by the Parliament and
State Legislatures. The Indian Contract Act. 1872, the Sale of
Goods Act, 1930, and the Partnership Act, 1932 are examples of
the Statute Laws passed by our Parliament. These laws have
brought about uniformity all over the country.
(e)Precedents or Judicial Decisions:

This is based on the doctrine of equity that decision in

an earlier case should be equally applicable to a similar
case in future unless, of course, the circumstances have
changed.