Meaning and Definition of Business Law

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Concept of Business Law

Meaning and Definition of Business Law

With the evolution of human life and civilization, people started communal living, which led them to feel various needs for livelihood. When he becomes more civilized and modern his/her needs and necessities grow up in a larger way that he cannot address them himself and he becomes dependent. It means to say that an individual cannot himself manage the means of livelihood by himself. Rather, he is compelled to receive help for livelihood from others. There is a give and take of the tools of livelihood between individuals. While doing so in every step of life, he has made promises and agreements. Over the course of time, human desires and needs rapidly grew up. To address those needs, there was the emergence of trade and commerce. The new occupation, profession, and growing needs of human beings caused to create the new forms of law which law is business law. Broadly speaking, the collection of the laws related to the industry, trade, and commerce is the business law or the law of entrepreneurs.

Before the rise of trade and industry, human civilization has come through the hunting age, pastoral age, and agricultural age. The real ‘beginning of industry was in the 14th  century when people started making handicrafts and later there was the use of machines by replacing muscle work to produce goods. The modern development of industry and commerce is the outcome of many ups and downs in the field of trade which has come through multiple rises and falls. This is not a new phenomenon but it has passed many centuries.
While studying ancient times, the medieval period, and the modern age, we come to know that the change that came in the consciousness level of the individual gave concrete shape to the modern world of business. The business world has a certain and special nature. Therefore, there emerged simplicities, complexities, and newness. These things have led the entrepreneurs to the apex of success. The world has turned to be a global village due to rapid commercial polarization, globalization, modernization, and unexpected breakthrough in the field of communication and transportation. To run a business firm, conduct commercial activities, to manage and regulate it, entrepreneurs felt the need for a law that gave birth to business law. Consequently, in the modern world, there are contemporary business laws being formed and implemented. The rapid growth of the business world leads to new and modern business laws. Further, business law gives a certain form to business activities. Nobody can imagine establishing and developing trade and industry in the absence of business law,

Meaning of Business

Business is a profit-oriented economic activity. In general words, business is the state of being busy. But all types of busy jobs are not business. To be a business, there is the need for investment and risk-bearing capacity and the hidden motif is always profit-centered. The term business also refers to those human activities that involve production, selling, and buying of commodities that should have regularity and continuity. Profit, risk, continuity, and production are strongly related to business.


Definitions

“Business may be defined as human activity directed toward producing or acquitting wealth through buying and selling goods.”          – L.H.Haney

”Business may be defined as an activity in which different persons exchange something of value whether goods or services for mutual gain or benefit. ”                               –Peterson and Plowman



  Business is related to economic activities in which services and goods are exchanged regularly with the aim of receiving money or profit. There are many types of business, for instance, industry, trade, and service. According to the type of business its functions are to be performed and nature is determined.

Meaning of Business Law

Business law is known as mercantile or commercial law. In other words, mercantile and commercial laws are synonymous with business law. The group of laws, acts, regulations related to trade and industry are business law. Business law has its own entity and has importance in the business world. There are many acts and rules in the country but all of them are not business laws. Laws concerning business trade, industry, and entrepreneurship are only business laws. In the lack of business law business and industrial activities are stopped and it is difficult to run and manage them. Therefore, business law is to promote, manages, and regulates trade and industry. To create a business environment business law plays a decisive role. Generally, business law comprises contract law, Company Law, Private Registration Firm Law, Partnership Law, Law of Arbitration, Banking Law, Bonus Law, Insurance Law, Trademark Law, Taxation Law, etc.
About business law the following definitions have been regarded as very important:

Definitions

 The term mercantile Law may be  defined as that branch of law which comprises laws  concerning to trade, industry, and commerce.”               – M.C. Kuchhal

“Mercantile law is also used to denote the aggregate body of those rules which are connected with trade, industry, and commerce.” –                               N. D. Kapoor

“Mercantile law may be defined as the branch of law which deals with  rights and obligations of mercantile persons arising out of mercantile transactions in respect of the mercantile property.”                                     – M.C.Shukla

“Commercial or mercantile law may be defined as that part of the law which regulates the transactions of the mercantile community.” 

                                          – Arun Kumar Sen and Jitendra Kumar Mitra

  “Business law is a wide term and embraces all legal principles concerning business transactions. The most important feature of such business transactions. The most important feature of such as a business transaction is the existence of a valid agreement, express or implied between the parties concerned” 
                                                               – Dr. Manmohan Prasad


 In short, business law regulates; guides, and manages economic transactions, industry, and trademarks of the production. It has only one relation with trade, industry, and commercial sector. This law has given directives and demarcation to business firms, business houses, institutions, companies, and organizations and their executive member’s rights, position, and power. This law largely involves the domestic and international business sectors. It focuses on business honesty and ethics. Entrepreneurs must be familiar with business law that brings benefits to them.

Industries are established, run, and closed under the directive principles of business law. In addition to it, business law regulates and manages the business sector well. It is an inevitable tool for business entrepreneurs. Business is impossible to imagine if there is no business law

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