Prepared by: LC00016000024

Semester 4
 the system of rules of a particular country, group,
or area of activity
 Business law, also called commercial law or mercantile
law, the body of rules, whether by convention,
agreement, or national or international legislation,
governing the dealings between persons in
commercial matters.
 U l t i m a t e o b j e c t i ve s o f l aw i s t o f u l f i l l t h e
n e ce s s i t i e s o r n e e d s o f t h e s o c i e t y.
 N e e d s o f t h e s o c i e t y a re d e t e r m i n e d b y t h e
m e m b e r o f s o c i e t y.
 T h e y m a ke l aw t o f u l f i l l t h e s e n e e d s
 L aw g u i d e s , co n t ro l a n d re g u l a t e s o c i e t y
for that purpose
 Na t u r e o f L aw i s re l a t e d t o i t s u l t i m a t e
o b j e c t i ve s .
 O n t h e b a s i s o f d e f i n i t i o n o f L a w, t h e n a t u r e
of law can be mentioned as follows:
a) Enactment of law
b) Represents will of the society
c) Rigidity
d) Equality
e) Changeable
f) Legal force
g) Supreme
h) Justice
i) Court
a) Enactment o f l a w : - L aw i s m a d e b y
s ove re i g n . I n d e m o c ra c y, s ove re i g n t y
re s i d e s o n t h e l e g i s l a t u re a n d i t m a ke s
l aw.
b ) Re p r e s e n t s w i l l o f th e s o c i e t y : - l aw
re p re s e n t s co n ce r n s , i n te r e s t a n d w i l l o f
t h e s o c i e t y. L aw i s b a s e d o n t h e co m m o n
i n t e r e s t o f t h e s o c i e t y.
c ) R i g i d i t y : - l aw i s r i g i d . It c a n n o t b e
c h a n ge d a cco rd i n g t o t h e w i l l o r d e s i r e o f
s o m e i n d i v i d u a l o r g ro u p o f i n d i v i d u a l .
d ) E q u a l i t y : - It t r e a t s a l l p e o p l e a l i k e . It m e a n s
e v e r y b o d y i s e q u a l i n t h e e ye o f l a w. It a p p l i e s
to ever ybody without discrimination.
e ) C h a n g e a b l e : - It i s c h a n ge a b l e . It c a n b e
c h a n g e d b y f o l l o w i n g c e r t a i n p r o c e d u r e s . It
c h a n g e s a c c o r d i n g t o t h e n e e d s o f t h e s o c i e t y.
f ) Legal force :- there is sanction behind the
l a w. T h e p e r s o n w h o b r e a c h e s l a w w i l l b e
punished.
g) Supreme :- It is supreme . No body is above
it.
h ) J u s t i c e : - L aw i s co - re l a t e d w i t h j u s t i ce .
T h e m a i n o b j e c t i ve o f l aw i s to e s t a b l i s h
j u s t i ce . L aw w i t h o u t j u s t i ce a n d j u s t i ce
w i t h o u t l aw i s m e a n i n g l e s s .
i ) Co u r t : - Co u r t a d m i n i s t e r s l aw. I f a p e r s o n
acts against l aw, he/she will ge t
p u n i s h m e n t a cco rd i n g t o t h e d e c i s i o n o f
t h e co u r t .
THE END!!!!