MEANING & NEED OF LAW

In Man’s association with people in different capacities, he is expected to observe a code of conduct or a set of rules. The objective of these rules is to make human association possible & conducive for the welfare of the state & its people.

LAW IS A GENERAL TERM:

To a Citizen : rules to obey

To a Lawyer: vocation

To a Legislator: rules which he has created

To a Judge: guiding principles to apply to decision.

Since it is not possible to give a single accurate definition, the term law is preceded by an adjective, e.g. Civil Law, Criminal Law, and Mercantile Law. Law includes all the rules and principles which regulate our relationships with other individuals and with the State.

The state regulates the conduct of its people by a set of rules.

If recognised by the State and enforced by it on people, such rules of conduct are termed as Law.

IS LAW STATIC?

Law is not static. As circumstances & conditions in a society change, laws are changed to fit the requirements of the society. As such, law prevailing in a society at any point in time must conform with the general sentiments, customs & aspirations of its people.

OBJECT OF LAW

The object of law is order; the result of order is that men are enabled to look ahead with some sort of security as to the future.

In the Indian context, it is to establish Socio-Economic Justice and remove the existing imbalance in the socio-economic structure.

NEED FOR THE KNOWLEDGE OF LAW

IGNORENTIA JURIS NON EXCUSAT

(IGNORANCE OF LAW IS NOT AN EXCUSE)

A businessman should be aware of legal principles to help him in avoiding conflict with the persons with whom he comes into a business contact.

SOURCES  OF LAW
(Concerning Mercantile Law)

THE ENGLISH MERCANTILE LAW

Customs, usage and tradition

Decisions of Judges in similar situations

Act of parliament

Laws prevailing among traders

Roman law…..

LAW ENACTED BY PARLIAMENT OR STATE LEGISLATURE

PRECEDENTS SET BY PREVIOUS JUDICIAL DECISIONS

CUSTOMS AND USAGE