An Introduction to Legal Aspects of Business
By
Abhijith Chaitra Mahendra Pradeep Rajeev Sinthak Youthesh
Introduction
Law is a system of rules and guidelines which are enforced through social institutions to govern behaviour, wherever possible.
The system of rules that a particular country or community recognizes as regulating the actions of its members and may enforce by the imposition of penalties
Introduction(cond..)
Business law refers to the laws that apply to business entities, such as partnerships and corporations. It is concerned with procurement of R.M, manufacturing and producing, the sale of merchandise and commodities, brokerage, agency, shipping, bailment, insurance, commercial paper, etc.,
Purpose of Law
To protect from outside aggression or harm. To establish the rules needed for a society to live and work together To protect the fabric of society as agreed upon by the voice of the people or their representatives To ensure that justice has been served. To punish people who commit crimes. To maintain social order.
Mankind must either give themselves a law and regulate their lives by it or live no better than the wildest of the wild beasts. -Plato, the Greek Philosopher
SOURCES OF LAW
Constitution Legislation/Statute Custom
Case Law/Common Law
Natural Law English Law
Contd.
Ordinances Administrative Law Dharma Law merchant
Equity
Classification of Law
Law
Procedural law
Substantive law
Criminal Procedure
Civil procedure
Private law
Public law
Substantive Law:
these are the laws that create, define and regulate rights and obligations. It also regulates the rights and duties. E.g.: IPL
Procedural Law
It specifies the methods of enforcing rights and obligations created by the substantive law Which court to file the case in, how the judgement is enforced E.g.: Civil procedure code, 1908, the criminal procedure code. 1973.
Public and private Law
Public law deals with the rights and powers of the government. Private law is administered between private citizens.
Civil Law
Parties involved in a civil case are the plaintiff and Defendant. Plaintiff: is a person who brings a law suit Defendant: A person being sued. The law deals with the violations against an injured party. Plaintiff files suit against the defendant to recover substantial compensation.
Criminal Law.
Establishes base for the duty of people towards the society. Violating these, will resort to crime against the society. Police, prosecutor file case on behalf of the government against the accused.
Constitution of India
Supreme Law Framework of Government Powers and Functions Legal Documentation Collection of Principles Guideline for the ones in Power
Contd..
It is the longest written constitution of any sovereign country in the world 395 articles in 22 parts, 12 schedules and 116 amendments Fundamental principles , Directive principles , Political Principles and duties of citizens , Powers and Duties of the Government The Constitution was enacted by the Constituent Assembly on 26 November 1949, and came into effect on 26 January 1950.
Features of Indian Constitution
Double governments Distribution of power between the State and Central Rigid and Written Judiciary separated from Executive Supreme law of the Country
Preamble of the Constitution
Brief introductory statement that sets out the guiding purpose and principles of the Constitution of India Sets out the objectives which the legislation is intended to achieve
Purpose of Preamble
It indicates the declaration and source from which the Constitution derives its authority also states the objects, which the Constitution seeks to establish and promote. It indicates the date of its adoption.
The Fundamental Rights
Fundamental Rights are those rights and freedoms of the people of India. We as citizens enjoy certain rights given by the Indian constitutions. Right to Equality (Article 14- 18). Right to Freedom (Article 19- 22). I. Freedom of Speech and Expression II. Freedom of Assembly III. Freedom of form Associations IV. Freedom of Movement V. Freedom of Residence and Settlement VI. Freedom of Profession, Occupation, Trade and Bussiness .
The Fundamental Rights
Right Against Exploitation (Article 23- 24).
Right to freedom of Religion (Article 25- 28).
Cultural and Educational Rights (Article 29- 30).
Right to Constitutional Remedies (Article 32).
Directive Principles Of State Policy
The Directive Principles of State Policy are guidelines to the central and state governments of India, to be kept in mind while framing laws and policies. Provisions dealings with welfare (Articles 38,42,45,47) Provisions dealings with social justice (Articles 39,41,43,46) Provisions for promoting Democracy (Articles 40,44,45) Miscellaneous Provisions (Articles 48,49,50,51)
Union List , State List and Concurrent List
Law Making Process
BILL 1st reading Detailed -2nd reading
Voting
LAW
President
Rajya
sabha
Fundamental Rigths
These are negative as they prohibit the state from doing certain things. These are justifiable. They aim at establishing democracy in the country. These have legal sanctions. They promote the welfare of the individual. Can be suspended during emergency. They are automatically enforced. The courts are bound to declare a law violative of any of the fundamental rights as unconstitutional and invalid.
Directive Principles
They are positive as they require the state to do certain things. These are non justifiable. They aim at establishing social, political democracy in the country. These have moral and political sanctions They promote the welfare of community. No such provision. They are not automatically enforced. The courts cannot declare a law violative of any of the Directive principles an unconstitutional and invalid.
We are Indians, firstly and lastly. - Dr.B.R.Ambedkar
Thank You
