BUSINESS LAW

SIR JL TOLEDO
 Meaning and Characteristics of Law 
•  Introduction
The term “Law’ denotes different kinds of rules and Principles. Law is an instrument
which regulates human conduct/behavior. Law means Justice, Morality, Reason, Order,
and Righteous from the view point of the society. Law means Statutes, Acts, Rules,
Regulations, Orders, and Ordinances from point of view of legislature. Law means
Rules of court, Decrees, Judgment, Orders of courts, and Injunctions from the point of
view of Judges. Therefore, Law is a broader term which includes Acts, Statutes, Rules,
Regulations, Orders, Ordinances, Justice, Morality, Reason, Righteous, Rules of court,
Decrees, Judgment, Orders of courts, Injunctions, Tort, Jurisprudence, Legal theory, etc.
 MEANING OF LAW
• Generally the term law is used to mean three things:
• First it is used to mean “legal order”. It represents the regime of adjusting relations, and
ordering conduct by the systematic application of the force of organized political society.
• Secondly, law means the whole body of legal Percepts which exists in a politically
organized society.
• Thirdly, law is used to mean all official control in a politically organized society. This
lead to actual administration of Justice as contrasted with the authoritive material for the
Guidance of Judicial action. Law in its narrowest or strict sense is the civil law or the law
of the land.
 Necessity and functions of the law 
• Ever since the down of Human civilization, mankind has had some sort of
rule or that they used to Govern itself in society ,laws set the standard in
which we should live in if we want to be part of society. Law set up rules
and regulations for society so that we can freedom, gives Justice to those
who were wronged, and it set up that it protects us from our own
Government. Most importantly the law also provides a mechanism to
resolve disputes arising from those duties and rights and allows parties to
enforce promises in a court of law.
 Role of law in Business
• The rule of law plays an important role in the business world when set
setting a business it is the laws that determine what type of business it is
to became, and the structure is to be formed. Also the law sets up a
reasonable expectation on how the business should operate in order to
protect the business owner’s interest of the Customer of that business. The
rule of law not only allows people to understand what is expected of them
in their personal capacities but also set forth rules for business so that
they, too know what is expected of them in their dealing and transactions.
In short the laws for business create an honest
environment where consumers and business owners
interest can be protected and we have ways to solve of
any disputes arise. If these laws are in any ways are
violated it sets up Guidelines for punishment
 Sources of Law • Jurisprudence
The perceived authenticity of a source of
-it’s the origin of law. It’s law may rely on a choice of jurisprudence
may sometimes refer to analysis. Over decades and centuries,
the sovereign or to the seat principles of law have been derived from
of power from which the customs. 
law derives its validity.
 Interpretation of Law
• How should we interpret legal instruments? 
• How do we identify the law they create? 

• The standard picture of interpretation is focused on language, using

various linguistic conventions to discover a document’s meaning or
a drafter’s intent. Those who see language as less determinate take
a more skeptical view, urging judges to make interpretive choices
on policy grounds. Yet both approaches neglect the most important
resource available: the already applicable rules of law.
Legal interpretation is neither a subfield of linguistics
nor an exercise in policymaking. Rather, it is deeply
shaped by preexisting legal rules. These rules tell us
what legal materials to read and how to read them.
Like other parts of the law, what we call “the law of
interpretation” has a claim to guide the actions of
judges, officials, and private interpreters — even if it
isn’t ideal. We argue that legal interpretive rules are
conceptually possible, normatively sensible, and
actually part of our legal system.
Overview of the Law on Obligations and
Contracts
Business law obligation and contract requires parties involved in a legal
and contractual agreement to to uphold their end of the contract. It refers
to what is legally required of each of the parties involved in a contractual
agreement. The law requires individuals who enter into legal agreements
to uphold their end of the contract. In business contracts and other types
of contracts, one party has the right to pursue legal action against the
other if he or she breaches the agreement.
 What Are Contract Obligations?

• When contractors enter into a legal agreement, they must fulfill the promises they
make in the agreement. Anyone unable to perform the duties required of them in a
contract should not sign or enter into an agreement.
• All contracts have a few basic elements, including:
• Offer
• Acceptance
• Consideration
• Capacity.
The consideration of a contract refers to what is exchanged, and this is
where obligation comes into play. Contract capacity is the ability of
either side of the contract to understand the seriousness of the agreement
and to carry out his or her obligations. Contracts should not only cover
the basics of what is being exchanged but also the where and the how.
The terms and conditions of a contract are an important part of the legal
agreement that shouldn't be overlooked. Contract terms control how the
obligations will be fulfilled, such as:

Where and when the transfer will take place

When a party doesn't follow through on his or her obligations in the
contract, this is called breach of contract. If a breach of contract takes
place, the injured party (or the party that didn't breach) has a right to
pursue suit and may have a right to collect damages.
 Contract Obligation Examples
• The obligations of a contract depend on the type of contract formed and
what is being exchanged. Contracts such as lease agreements are going
to have very different obligations from sales contracts. Although,
almost all agreement types have these basic contractual obligations:
• Payment
• Delivery
• Quality.
There are several obligations that are assumed for all
contracts under general contract law. These include:

The obligation to be fair and honest

The obligation to avoid using coercion or force.
 Is It Possible to Transfer Contract
Obligations?
• In certain situations, the obligations of a
party under contract may be transferred to
another. When one party outsources its
contract obligations, this is called contract
delegation.
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