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MODULE-1

DEFINITION OF LAW Law may be defined as the rules of conduct recognized and enforced by the state to maintain peace and order in the society. According to seamed Law is the body of principles recognized and applied by the state in the administration of justice. where ever the govt thinks that it is essential to regulate particular area, there the matter will be referred to parliamentary communities who will make a detected study on the matter and submit a repeat to the parliament. After the debate and approval in both the hones, president of India will finally approve it. At this point act comes into existence and the govt. through its departments will enforce it.

PLAINTIFF AND DEFENDANT are the two


pasties in any case. Plaintiff is the person who irritates it and defendant is one on whom the case is irritated. NEED FOR LAW-there is will known massive known as igirortia juices non excused while means that ignorance of law is no excuse thus. A person cannot escape liability on the grounds of ignorance's of law. However this dose not means that every member in the society must learn every branch of law. The requirement is that he must know something about rules and regulations by whiles he is governed and the general principles of the law of the land.

BRANCHES OF LAW

1. curial law 2.criminal law 3.constitutional law 4. international law 5. industrial law 6.mucacitite law or business law 0r commercial law. BUSINESS LAW That branch of law while governs and regulates trade and .

SCOPE OF BUSINESS LAW with the increasing complexities of the modern business world, the scope of mercantile has enormously widened. It generally includes the law relating contracts, sale of goods, partnership. ,cone pains, negotiable instruments, insurances, insolvency , arbitration, M R T P and competition, foreign exchange regulators and management intellectual , environmental prolusion etc

sources of mercantile law

1.English mercantile law English mercantile law constitutes the foundation on while the seeped structure of Indian mercantile law has been bite our sale of goods act for instance, has been taken from the English sale of goods act, 2. precedents The past judicial decision of counts, referred to as precedents, are an impeccant sources of law. They are generally followed by counts in deciding similar case before them. In India the supermen count is the highest count, and its decisions have binding force on all the count, subordinate to it that is on the high counts ,distrust counts and others subordinate counts .

STRTUTORY LAW Legislation or statutory is the most important source of law. legislation is the making of law. in index the central and state legislation posses law making power and hence enacted number of legislations that covers various aspects of business. 4.CUSTOMS AND USAGES The custom and usages of particular trades an important sources of India mercantile law custom is simple worlds, means a usage or proactive common to many or to and particular place it is a long established practice coincided as un with there law.

THE CONSTITUTION OF INDIA AND ECONOMICE PRINCIPLES DEFNETION constitution is the fundamental law of the country while the govt of that country is based it lays down the frame work and principle functions of various organs of the govt as well as the modesties of interaction between the govt and its citizens while the emption of U K almost all on deueonatie countries possess a with there constitutions. India also possess an elaborate with their constitutions while was enacted by a constitutional associable specifically sate for the propose.

MAIN FEATURES -. 1.concretions of rigidity and flexibility 2.largest writhe loans 3. parliamentary system of govt 4.fundamental rights 5. directive principle of state policy 6.fundamental duties 7. A secular socialist state 8.universal a duet franchise 8. single citizenship 9. independent judiciary 10. provisions for minorities

CONSTITUTIONS IS DIVIDED INTO THREE PACTS -1. preamble 2. fundamental rights 3. directives principles of state policy PREAMBLE It is the pact of it out times its aims and objectives. It is an introduction to the statute and many a times very helpful to understand the policy and legislation intern though in an ordinary state not much importance is attached to preamble but in a constitutional statute much importance is attached.

Preamble to the Indian constitutions declares that we the people of India having solemnly resolved to constitute ourselves into so societies secular democratizes republic and to same all citizens. Justice, social , economic and political , liberty of thought expression , factice and worship. Equality of statues and opportunity , and to promote among them all frat unity assuming the dignity of the individual and the unity and integrity of the nation.

FUNDAMENTAL RIGHTS the constitutions of India guarantor to the citizens of India certain rights known as fundamental or constitutional rights these rights an contained in pact III of the cost and an conceived with the freedom of an individual and are essential for the development of human personality and human happiness. Article 12 to 35 deal write fundamental rights. There an six fundamental rights excluding rights to basic education the fundamental rights are freedoms guaranteed but . It means judicially enforceable .the fundamental rights are different forms legal rights the legal rights are protected and enforced by ordinary law,

Or the country fundamental rights is protected and garneted by these fundamental rights are 1. Right to equality 2. Right to freedom 3. Right against exploitation 4. Right to freedom of religion 5. Right to cultural and educational rights 6. Right constitutional remedies

Directive principles of state policy


Contained in pact IV of the set out the aims and objectives to be taken up by the state in the govern aver of the country. These are the ideals while the union and state govt must keep in while fundamentally the policy or pass a law. They provide the social and economic bases to the .Article 36 to 51 deal with the D P and classified into two heads. 1. ECONOMIC OR SOCIALIST- They aim at providing social and economic justice. They regain the state

A. To provide adequate means of livelihood to all citizen b. To present concentration of weather and ensure equitable dies of weather. c. To sews equal pay for equal work means as well as woman. d. To ensure ducat standard of living for all . 2. LIBERAL PRINICPLE AND THEY AIM AT LIBERAL THINKING a. free and up to the age of 14 years. b. separation of Judi vary and exertive. C. Organizations of agriculture along scientific lines. d. Participations of toots in the management of inductive e. Safe guarding the forts and wildlife of the country.

1. ARTICLE 246 0F COUNTYR OF INDIA READ WITH SCHEDULE 7TH


INDIA IS UNION OF STATES our country generally fell ones pattern. The structure of govt is nature central govt has certain power with respect to whole country. India is divided into various states and union territories and each state and U T has certain prows in respect to that particular state. TAXATION UNDER COUNTRY In the basic schema of taxation in India it is recognized that

1. Central govt will get tax revenue from invoice tax excise and customer 2. State govt will get tax revenue from sales tax excise high and tax on agriculture income 3. municipalities will get tax revenue from coterie and go use property tax. Income tax central excise and customs are administered buy central govt. as regards sales tax central sales tax is lived by central govt. while state sales tax is lived by individual state govt.

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