Management Notes

Reference Notes for Management

Concept of Business Law – Meaning, Characteristics, Sources, Changing Dimensions & Constitutional Provisions | Business Law

Concept of Business Law

Meaning of Business law

It is a branch of civil law or private law that makes specific rules for business transactions. Accordingly, business law is the law that governs business activities and provides various provisions for the commercial world. It is the body of legal rules and regulations that govern business transactions and conduct, also known as commercial law or mercantile law.

It is an area of law that deals with the rights, obligations, and responsibilities of individuals and entities engaged in commercial activities. The main purpose of business law is to provide a legal framework that promotes fair and ethical business practices, protects the interests of parties involved in business transactions, and ensures the stability and predictability of the business environment. A wide variety of legal principles and rules govern various aspects of business operations.

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