PPT - Nature of Contract | Business Law - B Com PDF Download

 Page 1


Corporate & Business Law
THE INDIAN CONTRACT ACT, 
1872
Page 2


Corporate & Business Law
THE INDIAN CONTRACT ACT, 
1872
WHAT IS LAW? 
?
Law consists of rules that regulate the 
conduct of individuals, businesses, and 
other organizations within society.  
?
Law means any rule of conduct, standard 
or pattern, to which actions are required 
to conform.
Page 3


Corporate & Business Law
THE INDIAN CONTRACT ACT, 
1872
WHAT IS LAW? 
?
Law consists of rules that regulate the 
conduct of individuals, businesses, and 
other organizations within society.  
?
Law means any rule of conduct, standard 
or pattern, to which actions are required 
to conform.
OBJECT OF LAW
?
Object of law is the creation and protection of legal rights to 
maintain order in the society.
?
Keeping the peace.
?
Shaping moral standards.
?
Promoting social justice 
?
Maintaining the status quo 
?
Facilitating orderly change
?
Maximizing individual freedom
Page 4


Corporate & Business Law
THE INDIAN CONTRACT ACT, 
1872
WHAT IS LAW? 
?
Law consists of rules that regulate the 
conduct of individuals, businesses, and 
other organizations within society.  
?
Law means any rule of conduct, standard 
or pattern, to which actions are required 
to conform.
OBJECT OF LAW
?
Object of law is the creation and protection of legal rights to 
maintain order in the society.
?
Keeping the peace.
?
Shaping moral standards.
?
Promoting social justice 
?
Maintaining the status quo 
?
Facilitating orderly change
?
Maximizing individual freedom
IGNORTIA JURIS NOT EXCUSANT
?
Ignorance of law is - NO EXCUSE
   Every member of the society is expected 
that his actions conform to a set pattern or 
standard as reflected in legal rules.
   For this purpose he is presumed to know 
the legal rules. He cannot take the plea 
that he did not know them.
Page 5


Corporate & Business Law
THE INDIAN CONTRACT ACT, 
1872
WHAT IS LAW? 
?
Law consists of rules that regulate the 
conduct of individuals, businesses, and 
other organizations within society.  
?
Law means any rule of conduct, standard 
or pattern, to which actions are required 
to conform.
OBJECT OF LAW
?
Object of law is the creation and protection of legal rights to 
maintain order in the society.
?
Keeping the peace.
?
Shaping moral standards.
?
Promoting social justice 
?
Maintaining the status quo 
?
Facilitating orderly change
?
Maximizing individual freedom
IGNORTIA JURIS NOT EXCUSANT
?
Ignorance of law is - NO EXCUSE
   Every member of the society is expected 
that his actions conform to a set pattern or 
standard as reflected in legal rules.
   For this purpose he is presumed to know 
the legal rules. He cannot take the plea 
that he did not know them.
Business Laws
?
Business law is also termed as commercial Law 
and mercantile law.
?
Business law is generally used to denote that 
portion of law which deals with rights and 
obligations arising out of transactions between 
mercantile persons.
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