Business Law BBS 3rd Year Introduction to Business Law
bbs 3rd year business law old is gold solution
Introduction To Business Law Old is Gold
Brief Answer Questions:
1. What is Law?
Law refers to system of rules and regulations established by a governing authority to regulate behavior and maintain order with in a society.
According to Salmond, 'Law is a body of principles recognized and applied by the state in the administration of Justice'.
2. List out any four sources of Law.
The four sources of law are:
- legislation
- precedent
- customs
- Agreements/conventions
3. List out any four characteristics of Nepalese business law.
The four characteristics of Nepalese business law are as follow:
- Law consists of rules
- law regulates only external human activities
- law is recognized and issued by state
- Equality before law
4. Define the term precedent
Precedent is a body of principles developed by the supreme court in process of hearing and deciding the case. It is binding and must be followed by lower court.
5. What is procedural Law?
The procedural law creates and defines a mechanism or way by which rights and duties are enforced and remedies are provided by legal institutions. Thus, procedural law deals with the process of achieving the remedies when the rights and interest are jeopardized.
6. What is business law?
Business law is a branch of civil law or private law which makes certain rules for business transactions. It is also known as mercantile law or commercial law.
7. What is substantive law?
The law which creates, defines and enforce legal rights and duties is known as substantive law. For example: Every person has rights to make a profit from a legal business, notice to be given before making an arrest, etc.
8. State any two nature of law.
The two nature of law are:
- Law is binding
- Law is rule based
9. Distinguish between substantive and procedural law.
Substantive:
It creates and defies rights and duties of individual.
It tells what the rights and duties are.
Procedural:
It states the way and manner to achieve remedies when rights and duties are violated.
It tells how we can enforce them.
10. What is legislation?
Legislation is the process of enrolling, enacting or promulgating laws by a legislature, parliament or analogous governing bodies. There are two types of legislation, supreme and subordinate legislation.
11. What is custom?
Customs is the primary source of law and it is the oldest form of making law. For example : wearing of white clothes by son of the deceased father for a year is a custom not a law.
12. When a custom becomes a binding source of law?
A custom becomes a binding source of law when it is consistent, obligatory in nature, not in conflict with existing law and is in continuous practice in the society.
13. Give any two differences between civil law and criminal law.
Criminal law:
It is a body of specific rules regarding human conducts which have been issued by political authority.
Its main objective is to protect the society form the acts which are regarded as injurious by state as crime.
Civil Law:
It creates, defines and regulates an individual rights and duties against other person rights and duties.
Its main objective is to regulate the relations between the individuals in the society.
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