BUSINESS LAW

BUSINESS LAW

GROUPNAME I.D.NO.

DAIZY PATEL P289

SURBHI AGARWAL A210

PAYAL PATEL P290

DISHA PATEL P288

ASHIMA GAMBHIR G143

YUKTA CHACAHAN C102

INTRODUCTION TO LAW

Law provides rules

It tells us what we can and cannot be done

This is true in our personal lives (e.g. criminal law) & in our business lives (e.g. contract law)

Therefore, it is important for a business person to know the rules which apply to them

WHAT IS LAW?

Aristotle:

• “The rule of law is better than the rule of any individual.”

Plato:

• “Law is a form of social control.”

Blackstone:

• “Rule of civil conduct prescribed by state.”

The Definition:

• A rule of conduct or procedure established by custom, agreement, or authority.

• The body of rules and principles governing the affairs of a community and enforced by a political authority; a legal system.

Purpose Of Law…Equality Fairness Liberty

Justice According to some legal experts, the

purpose of law is to prevent injustice.

NATIONAL AND INTERNATIONAL LAW

National Law:

•varies from country to country

International Law:

•Regulates affairs between sovereign nations in everything from trade to the environment to military action•Written and unwritten laws•Treaties•International Organizations•Choice of Language, Law and Forum

International Law• Providing a constitution for public international law, the

United Nations system was agreed during World War II.

International law can refer to three

things: •public international law, •private international law or conflict of laws &•law of supranational organisations.

Legal system in government law

• India • Based on common legal system; separate personal law codes • apply to Muslims, Christians & Hindu, but other law is common

• UK • Primarily common legal system, with early Roman & some • modern continental influences

• France • Based on civil legal system – Napoleonic code• Germany • Primarily civil legal system with Roman & German law traditions

• USA • Federal court system based on common law; State of Louisiana• based on civil legal system – Napoleonic code

• Russia • Based on civil legal system• Brazil • Based on Portuguese civil legal system• Pakistan • Largely based on common legal system; but incorporate

• some Islamic law also

• Afghanistan • Based on Islamic legal system• China • Based on civil legal system; derived from Soviet & continental

• civil code legal principles

Civil LawCivil law deals with the relationships

between individual citizens

Its purpose is to settle arguments

between individuals

It helps people to find remedies - it doesn’t really punish people

Civil Law includes all Private Law & some Public Law

Stages of a civil case

Criminal LawCriminal Law deals

with rules created by the State which forbid

certain behaviour

These are “crimes”

Criminal Law punishes people - it

does not provide remedies

Criminal Law is usually what people think of

when they think about “The Law”

Criminal Law is part of Public

Law

Stages of a Criminal case

Investigation

•is a preliminary stage conducted by the police and usually starts after recording of FIR in the police station.

Inquiry and trial

•are two stages in a criminal proceeding before a court. Trial starts after the charge has been framed and the stage preceding it is called inquiry.

Arrest:•The Code provides a two-fold classification of the offences mentioned in the Indian Penal Code, having regard to their nature and seriousness viz., bailable & non- bailable and the other is cognizable and non-cognizable.

PROPERTY LAW• Property law governs

valuable things that people call 'theirs'. Real property, sometimes called 'real estate' refers to ownership of land and things attached to it.

• Personal property, refers to everything else; movable objects, such as computers, cars, jewelry or intangible rights, such as stocks and shares.

HIRE PURCHASE

• HP can be defined as a contractual arrangement under which the owner lets his goods on hire to the hirer and offers an option to purchase the goods in accordance with the terms of contract.• Contents of HP Agreement

• Price of goods• Cash price at which hirer may buy the goods• Date of commencement of installments of HP• Amt to be paid in installments• Name of the person and date on which each instalment payable

LEASE

• Lease of immovable property is a transfer of a right to enjoy the possession for a limited period of time but not ownership.• Essential features of Lease

• Parties – competent to contract, two parties, one cannot give property on lease oneself• Subject Matter – should be an immovable property• Partial transfer of IP • Period of Lease – date of commencement and termination must be definite, certain and fixed. Lease can be in perpetuity in India but without mentioning of duration or term it is void.• Consideration or Rent

EXCHANGE•When two persons mutually transfer the owenership of one thing for the ownership of another, neither thing nor both things being money only, the transaction is called an exchange.•Essentials of a Valid Exchange•Presence of two parties•Ownership of property must be exclusive ownership•Mutual transfer•Transfer of prpoerty includes movable and immovable but not intangible•Consideration for tansfer is not price•All formalities of transfer to be followed – stamp duty etc.

GIFT•Transfer of ownership of an existing movable property voluantarily and grauitously i.e., without any consideration by the donor to the donee.•Essential of Gift•Two parties – Donor & Donee•Intention to Donate•Subject Matter – should be tangible•Absence of consideration•Voluntary•Transfer of ownership•Acceptance•Delivery

CONCLUSIONSet of principles to satisfy the need of

the society.

Rules prohibiting

violence

Rules to protect the institutions of life, property

They are made with the help of legislations, Judges, administrators,

customs

Law as a system of rules

Social engineering

Process of balancing conflicting interests- It looks at the maximum

happiness and minimum of pain

Human beings are controlled

Law is enforced by the state

It provides uniformity

Law as a species of rule and is set out to distinguish legal rule from a non legal rule

We may have to discover a relationship between law and morality.

Law as a command of sovereign

Law can be defined on its actual functioning and operational basis

Man’s right

Moral law and legal law prescribes how men should behave

BUSINESS LAW

THANK YOU