The term business comprises broad activities of human beings in the society. It is an act or activities of the human being in the society. It is an act or activities for livelihood or earning wealth. Human activities may be in various forms including enterprise, profession, occupation, service, export import, selling buying etc. Any kinds of human activities which are intended to earn money or to increase wealth composed under the business. L.H Haney has composed business as human activity directed towards producing or acquiring wealth by buying or selling goods. According to Peterson Business is an activity in which different person exchange something of value whether goods or services for actual gain or benefits.
Law is that valid instrument which is enforcing for controlling and regulating the human conduct or behavior in society. Everyone has to abide it as prescribed way. Business being an activity of human being must be congruence with the legal provisions.
The term Business law is a combination of two different terms business and law. The term business caries certain meaning and the same is true in respect of the term law. When these two are used conjointly for referring distinct meaning, it connotes the different meaning from its prior separate form. The term business law denotes that portion of law which is relating to the business activities. It is concerning with the establishment, operation, development, expansion and winding up of any business activities, facilitates and immunity of business person whether natural or artificial. It regulates the relation between public and private sector, and it creates, maintains and promotes the conducive environment for business.
In the ancient society, business activities were conducted on the basis of usage, custom, religious norm and mutual understanding. Due to increase of business activities, several new problems came into existence and businessman themselves started to formulate several rules and policies for conducting business activities and settling disputes.
Definition of Business Law
Business law may be defined as branch law which comprises laws concerning to trade industry and commerce.
Business law may be defined as branch law which deals with the rights and obligations of mercantile persons arising out of mercantile transaction in respect of mercantile property.
Business law provides legitimacy security control and incentives to business activities. It also protects rights and interests of consumers, labour, business and society.
Business law is that portion of legal system which guarantees and orderly conduct of business affairs and their settlements of legitimate disputes in just manner.