Importance of Business Law:
Law without sanction is ineffective and sanction with out law is tyranny.
Hence, law must always have a force of sanction to become effective. In a
democratic country like India, welfare of the people and social justice are
said to be the aim of the Constitution. The law does not mean the
command of a superior, namely the sovereign power. On the other hand,
sovereign power is now vested with the Parliament, a reprehensive of the
people, Courts of law, can not question the validity of the proceedings of
the Parliament as decided in Indira Gandhi vs Raj Narin in 1975.
And mercantile law is that branch of law which is applicable to mercantile
transactions. It comprehends transaction like general contracts and special
contracts such as indemnity and guarantee, bailment and agency, sale of
goods, partnership, negotiable instruments etc. which is quite essential for
anyone who desires to have a basic knowledge in respect of commercial
transitions. Any person irrespective of his creed and cast, whatever be his
means of livelihood, without knowing the fundamentals of the so called
‘business law’, he will find very difficult to cope with the world affairs.
The business law studies are very important, as it helps the individual in
realizing the business ethics, he or she must follow, in order to run a proper
and authenticated business. This must be in accordance with the laws and
regulations prevailing in the society. The business case law studies are
offered to those individuals, who want to setup a proper business, with an
authenticated business license and registration. This makes business case
laws studies very important. It has been proven, that most clients are
comfortable in doing businesses, provided they have a government license
in hand, and an approval stamp for their business.
The business case law study teaches the business, the proper manner in
which the business is to be initiated. The business processes have several
law issues such as copyright issues, lawful marketing of business,
registration fees etc. The business case law studies focuses on each
business activity. There are several relief and packages that are offered by
the business and only taking business case law studies, would enable a
person to learn about methods to get government facilities.