Meaning of Business Law
Business Law, also called commercial law or mercantile law, the body of rules, whether by convention, agreement, or national or international legislation, governing the dealing between persons in commercial matters. Law being a wider subject touches all walks of our life. There are various branches of law concerning specific aspects e.g. civil, criminal, administrative, constitutional, business, labour laws etc.
Definition of Law
Law is defined by different authors in different ways. The various definitions of law are as follows:
- The body of principles recognized and applied by the state for the administration of justice.___Salmond.
- A rule of external human action enforced by a sovereign political authority.___Holland
- A rule of conduct imposed and enforced by the sovereign.___Austin.
Features of Law
- Law is a body of rules.
- External acts of human beings are governed by rules.
- Law presupposes existence of state or sovereign political authority for enforcing rules.
- Law is generally imposed by some authority.
- Law can be enforced in a court of law.
Branches of the Law
1. Civil Law: Any dispute that is related to contractual agreements and such can be classified under civil law. In other words, any dispute that does not involve criminal charges falls under this category.
2. Criminal Law: Any dispute that concern a crime committed against public authority or other citizens falls under it. Along with civil law, this is one of the broad classifications under which an offense can be placed. Murder, theft, driving under the influence and other such violations fall under it, and are handled by a criminal defense lawyer.
3. Property Law: Ownership and disputes regarding property ownership will be dealt with under the property law statues. It is important to understand the difference between movable and immovable refers to real estate and land. This branch deals with the issues regarding immovable property.
4. Income tax Law: This branch deals with the income tax and other tax-related disputes between individuals or companies and the federal government. These require a great deal of expertise to be adhered to, and there are many specialists who provide this expertise.
5. Labor Law: This one deals with the terms and conditions and disputes regarding employment of labor. This is a set of ruling and regulations that govern the relationship and terms between an employer and employee. Through this falls under civil category, it is highly vast and extensive in nature.
6. Minor Law: A minor is a person who is below 18 years of age, and there are several rules and regulations set in place for the protection of minors. Exploiting a minor is a grave offense, and there are many platforms from which disputes can occur. Most cases that minors are involved in are with regard to property issues.
7. Environment Law: This is a set of treaties,agreements,rules and statutes that aim to protect the environment. Anyone who offends these laws is subject to judgment through the system that is set in place. Due to its general nature, this one does not fall under the criminal category.
8. Administration Law: This is a body that deal with the activities and governing capacities of the administrative bodies of the government.
9. Constitutional Law: The deals with the study and the practice of the principles set forth by the US Constitution. Any violation that disregards Constitutional policies is scrutinized by specialists in this branch and governance.
10. Press Law: The press and media enjoys the benefits of freedom of speech, but there are certain rules and regulations to be adhered to here as well. This deals with the liberties and power enjoyed by the media, and it also governs the copyrighting issue of intellectual property rights.
11. Sale of goods Law: This is the set of legal rules regarding the sale and purchase of goods. There needs to be a proper system in place to enable the smooth transaction of goods and services, and the sale of goods law is the set of regulations one refers to if any disputes arise.