Law: Meaning, Nature and Characteristics
Business law: Meaning and Characteristics and Sources of Nepalese Business Law
Law is a collection of rules imposed by authority. It is a body of a rule of conduct. This is the way that a court uses to make a decision. Law can be either public or private law. Public law concern the public as a whole and this is divided into three class constitution law, administrative law, and criminal law. Similarly, private law concerns to the individual. Law is the result of continuous effort through a workable set of rules in the society. It is not pure science based upon unchanging and universal truth. It affects the every activity of the individual. The nature of law are as follows:
Business law is a branch of civil law or private law which makes certain rules for business transactions. Thus, the law which deals with business activities of people and provides various provisions for commercial world is known as business law. Business law is that sort of law that is made for regulating business transactions which consists of set of rules or principles which regulates and controls transactions of business community. This law also consists of all the rules that are related to the establishment, operation and dissolution of a business. It provides legitimacy, peace and security to the business community i.e. producers, suppliers, workers, and consumers. It regulates the commercial transactions or operation of an industry directly or indirectly through the different rules or policies. It is involved in making, shaping and enhancing the business activities. It establishes the business ethics of a business entity and its social responsibilities. It guides in the area of establishment and operation of a company and provides the provisions to carry out its internal management. It protects the industrial interests and the national interests. It creates the various institutions to provide incentives and facilities to the investors or the business communities. It tells us what kinds of business in what manner can be carried out in a given country. It creates the various organs to hear and decide disputes rose in the business community by which the rights and interests are enforced and duties or liabilities are imposed. It guarantees the justice or remedies to all involving in the business dealings.
As per the increase of human activities, the need for law increases day by day. the classification of law is based on the different aspects of human activities. Thus, the classification of law carries all the activities of human being.It classifies law into various areas such as on the basis of territorial limits of operations( National law and International law), on the basis of nature of law (Substantive law and procedural law) , on the basis of a subject matter of law ( Public and private law),on the basis of an individual's duty to towards society ( Criminal and civil law).
Sources of law mean the origin of law that defines any premises of legal a legal reasoning. when the rules that come with the binding sources, it has to be followed by each and every person whether they like or dislike. The source of law like Legislation, Precedent, Customs or usages, Agreements or conventions are the example of a binding source of law. The another source of law is persuasive sources of law which defines no legal force but it may be taken as a source while deciding the case by courts or enacting the law by parliament. A decision of foreing courts, The principles of foreign law, An opinion of experts/Jurist, Textbooks, journal, preodicals and rules of morality and religious books are the example of persuasive sources of law.
By the sell good to the people or contract of sale of goods, there are two types of conditions and warranties given to the buyer such as express conditions and warranties and implied conditions and warranties .Express condition and warranties are those which represent expressly whereas implied condition and warranties are presumed by law into each and every contract. In the implied condition in a contract of sale, such factor considers like Condition as to title to goods sold, A condition in sale by sample, A condition in sale by description, Condition as to quality or fitness, condition as to merchantability, Condition implied by custom or usage of trade and Condition as to wholesomeness of goods sold whereas, in implied warranties such factor considers like Warranty for quiet possession, Warranty against encumbrances, Warranty as to disclose the dangerous nature of goods, Warranty as to quality.
The basic rule of law is that you cannot sell what you do not own. That means, of course, that you cannot buy from a non-owner either.There is always a loser when goods are sold by a person who does not have the authority to sell. It is either the original owner, who loses his property, or, more often, the good faith buyer, who loses his money when the items are returned. In some cases Exceptions to the General Rules are applied such as Sale by a person having title by estoppel, Sale by a mercantile agent, Such possession obtained with the consent of the owner, The sale is executed before the invalidation of contract, Sale by seller in possession after sale, Sale by buyer in possession before sale etc. The law also describes what is the right of an unpaid seller. In the law, the right of unpaid seller should be accepted in such condition like When the whole of the price has not been paid or tendered, When the price was paid through a negotiable instrument which was dishonored by the concerned person therein, When the goods are sold on credit, the buyer fails to pay on the due date of payment.