Description
Business Law, also known as Commercial Law, is the body of law that governs business and commercial transactions. It covers a broad range of topics that regulate how businesses interact with individuals, other businesses, and the government.
📘 Key Areas of Business Law:
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Contract Law
Governs legally binding agreements between parties. It includes formation, enforcement, and remedies for breach of contracts. -
Company Law / Corporate Law
Regulates the formation, governance, and dissolution of companies. It covers shareholder rights, director duties, and corporate structures. -
Employment Law
Deals with the relationship between employers and employees. It includes labor rights, wages, working conditions, and termination policies. -
Consumer Protection Law
Ensures the rights of consumers are protected. It prohibits unfair trade practices and ensures product safety. -
Intellectual Property Law
Protects creations of the mind such as inventions, literary and artistic works, symbols, names, and images used in commerce. -
Taxation Law
Covers laws related to business taxes, including income tax, GST, corporate tax, and tax planning. -
Environmental Law
Regulates the impact of business operations on the environment, including pollution control and waste management. -
Negotiable Instruments Act
Governs promissory notes, cheques, bills of exchange, and their legal enforcement. -
Banking and Finance Law
Involves the regulation of financial institutions, loans, investments, and securities. -
Sale of Goods Act
Defines laws related to buying and selling of goods, including terms of sale, warranties, and remedies.
🏛️ Purpose of Business Law:
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To provide a legal framework for conducting business.
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To ensure fair competition and ethical practices.
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To protect the rights and obligations of businesses and individuals.
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To resolve disputes efficiently and fairly.
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To encourage business growth and economic development.
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