According to the oxford English Dictionary the word ‘Law’ means “rule made by authority for the proper regulation of a community or society or for correct conduct in life”. In the words of Woodrow Wilson, “Law is that portion and the established habit and thought of mankind which has gained distinct and formal regulation in the shape of uniform rules backed by the authority and power of the Government.”
Law is the rule of conduct and ethics that guide all people. Without Law there can be no public order and policy. These can lead to chaos, malpractices, injustice, immorals and inequitable administration of justice.
The term ‘Mercantile Law’ or ‘Business Law’ may be defined as that branch of law which comprises laws concerning trade, industry and commerce. It is an ever growing branch of law with the changing circumstances of trade and commerce.
With the increasing complexities of the modern business world the scope of Mercantile Law has enormously widened. It is generally understood to include the laws relating to contracts, Sale of goods, Partnership, Companies, negotiable Instruments sale of goods, Sale of goods and Arbitration.
The term ‘Labor Law’ can be defined as that branch of law which comprises laws concerning the working conditions, wage level, working environment, job securities of the employees of any business organization. It is an ever growing branch of law with the changing circumstances of business organization to facilitate the employees of any business organization.