Sources of Business Law

By
Dr Alice Mani
INTRODUCTION

●Man’s Interests are Bound to

Conflict With Another
●Control
●Most Effective
●As Old as Mankind
Meaning of Law

●Rule Of Human Conduct

Devised By The Legislature
And Enforced By The
Judiciary
Definition of Law

Gray “ the state or of any

recognised body of men composed
of the rules which the courts, that
is, the judicial organs of that body
lay down for the determination of
their legal rights and duties
Features of Law

●Set Pattern
●Consequences
Knowledge of Law

Ignorantia juris non Excusat

Sources of Business Law

●The Common Law

●Equity
●The Law Merchant
●The Statute Law, and
●Case Law
The Common Law

● English Community
● Acquired the Name
● Common Law
● Became Legal Principles
Equity

● Dissatisfied Suitors
● Present Petitions to King
● Court of Chancery
● Reliefs Granted by Chancery were Known
as Equitable Remedies
The Law Merchant

● Independent Body of Customs

● Commercial Transactions
● Ratified by the Court of Law
● Merchants Tribunals
The Statute Law

●Power of Parliament
●Nullify the Decisions of the
Court
Case Law

●Power of Court of Law

●Decisions of the Supreme
Court of India