Answer to the short answer questions /Unit-I: Introduction to Law and Business Law
We hope that from these post readers will get answers to the short answer questions of subject business law. This will cover all the questions of business law asked by Tribhuvan University and other universities in the management stream's bachelor level. All the answers are prepared for very short answer questions and it will be a series to cover the entire syllabus of Tribhuvan University.
1. What is the law?
Answer:
Law is such a thing that the state makes to handle the activities of its subjects. Law
affects everyone in society concerning their activities. It is a momentous appearance
of the enlightened society. It regulates and controls human behaviors, whether
external or internal, and imposes penalties for its infringement. So everyone
must respect the law and not disobey.
The word law
cannot be defined only in one sentence. It is because the law is wider and is
used in many disciplines such as physical, economic, business, and so on. So it
may have several meanings. A meaning or definition measured acceptable or
suitable nowadays may be set up thin tomorrow. So, the static definition of law
is not suitable in a dynamic society.
Oxford English The dictionary defines the term law as, “Rules made by the authority for the proper
regulation of a community or society for correct conduct in life.”
According to
Black’s Law Dictionary, “Law is that which must be obeyed and followed by
citizens subject to sanction or legal consequences.”
Thus, the law is
a set of rules, principles, and guidelines that are made or recognized and
enforced by the supreme and competent authority of the state. It guides the
subjects of the state to do or to abstain from doing some acts. In its breach,
the subject of law gets punishment.
2. State any two natures of law.
Answer:
The nature of the law deals with those attributes or features of law which cannot be separated
from its essence. Thus nature of law includes the following major elements that
we cannot make apart from the content and notion of law and its principles.
Law consists of
a rule or set of rules in a particular area of human action or organization.
Various rules relating to a particular or specific area called law and
different laws and a system of regulation as a whole is known as a legal
system. So the law is the vital instrument of the legal system.
Law is
formulated and implied for regulating human actions. If any rule is not
followed by human he is liable for punishment but not any other living thing
except the human being. The action of humans may be of two types as internal
and external human undertakings. Thinking of mind is internal action and the
reflection of such mental thinking in regular behavior and life is called
external behavior. Law is formulated for
controlling and regulating such external behavior and actions of humans.
3. What is substantive law?
Answer:
Substantive law
refers to the content of the law. It means the law which creates or includes or
defines rights, regulations, methods, or enforcing law, rights, duties, and
methods of obtaining remedy in their violation is known as substantive law.
Substantive law is the doctrine deals with rights, duties, privileges,
immunities of the members of the society and also recognizes them and imposes
on the members of the society as the duty to respect those rights, duties,
privileges, and immunities. It fixes punishment such as fines, imprisonment,
and damages for not obeying the rules and regulations.
4. Distinguish between substantive law and
procedural law.
Answer:
The major
differences between substantive law and procedural law are as below;
|
Substantive
law |
Procedural
law |
|
It
is a doctrine |
It
is implied part of the doctrine or practical |
|
It
deals with the rights, duties, immunities, and privileges of the members of
the law |
It
deals with process to be followed for getting rights resituated |
|
It
talks about the relationship between individuals |
It
talks about the relationship between individuals and court |
|
It
defines human conduct as a crime |
It
talks about evidence to prove crime and offenses |
|
It
is superior with comparison to procedural law |
It
is the follower of substantive law |
|
It
fixes fines and rights |
It
searches the procedure or ways to impose them |
|
It
is made by parliament |
It
is formed by other bodies like governmental departments, universities, the board
of directors in case of a company, and so on. |
5. What is the meaning of the term source of law?
Answer:
The term source
refers to the place or situation or event or incident from where anything gets
birth or emerges. So the source of law means a birth or origin place or
institution or guidelines from where the law comes or emerges. There are various
thinks of jurists and thinkers regarding sources of law. Some of them concern
with the authority from where law emerges as a source and some assume the cause
and fact that makes law as a compulsory tool. Thus we can say that the source
of law means place of origin from where the law gets birth. It includes
legislation, precedent, custom, usages, treaties, and conventions, etc.
6. What is the legislation?
Answer:
The legislation
refers to the lawmaking authority of the nation. The body of the state responsible
for making and promulgation of law is called legislation. It is made by the
collection of elected and nominated members by the public amongst themselves or
by the head of the state. They represent the voice and thoughts of people while
making the law. Legislation has an important role in shaping, developing,
directing, and controlling the laws of the nation. Fall constitution, statutes
or Acts, ordinance, administrative rules and regulations, executive orders,
etc. are always formed or enacted by legislation.
7. What is the precedent?
Answer:
Precedent is the
decision or hearing made by the supreme court of the nation. It is the
statement made by apex court regarding any case or decedent which is later on
followed by the same court or other subordinate courts as a rule while deciding
the later cases of similar nature. Thus it is considered as one of the binding
and formal sources of law.
8. When a custom becomes a binding source of law?
Answer:
Custom is the
way of living and behaving by the people or members of society. In the legal
sense custom deals with human conduct and rules established by usages and are
adopted and recognizes by the court. Any custom to be a binding source of law
should have certain qualities like certainty, consistency, reasonable, and
immemorial antiquity. It means only those customs and usages are considered as
the sources of law which have such qualities.
9. Explain any two persuasive sources of law.
Answer:
Persuasive
sources of law are not binding sources but these could be taken as the
references while deciding the case or enacting the law by legislation. These
sources may not create binding types of obligations to follow as law. Two of
these sources are as below;
The decision of
foreign courts: The decision
made by foreign courts sometimes in critical situations can be taken as a reference
to decide the cases of similar nature and making the law of own land. It may
happen in case of constitutional conflicts or the case of most advanced crimes
or business disputes.
Principles of
foreign law:
The modern doctrine followed by the law of foreign countries is also taken as
the reference while forming the laws inside the country. For example, the
English courts have played an important role to formulate the principles in English
common law and which has further influenced the legal system of all over the
globe. Nepalese legal system is highly closed to the English common law.
10. List the major types of law.
Answer:
Law can be
classified into various types based on different criteria. Major types are
listed as below;
Based on the territory, the law is classified into national law and international law, based on
the nature of law it is classified into substantive law and procedural law,
based on the subject matter of law it is classified into public law and private
law and based on individuals duty towards law it is classified into the criminal
and civil law.
11. Define business law.
Answer:
The term
business law can be defined as the branch of law which includes laws relating
to trade, industry, and commerce. It regulates the business transactions and
assists to solve disputes for creating peace and order in the business
community. It sets rules. Regulations, guidelines, privileges, provisions, and
all the essential legal inputs for the business sector of the nation. The rules
laid down by business law should be followed by the community of trade,
commerce, and business. Business law includes so many subordinate laws dealing
with verities of branches of businesses.
12. Point out the nature of business law.
Answer:
The nature of
business law can be pointed as;
- It deals with the business sector of the nation only.
- It is also made or formulated by the state.
- It is backed by punishment thus it has supreme power dealing with the trade and commercial sector.
- It is the base for making a competitive business environment and creating a sound environment for doing business.
- It contributes to an increase in the relationship between the national and international the business sector, and
- It defines and regulates the relationship between the public and private sectors.
13. Mention the importance of business law.
Answer:
Business law is
pivotal and essential to foster business communities competitively and
efficiently. It has the following importance;
- It helps to establish business, companies, and operate them smoothly.
- It regulates and helps to increase the volumes of business transactions
- It regulates the relationship between government and business persons or institutions
- It helps to create investment conducive and business doing environment.
- It helps to create opportunities for employment
- It is also one of the essentials of the economic development of the country and so on.
14. What are the sources of business law?
Answer:
Sources of
business law refers to the area of origin from where it gets its birth or
begins. Following are the major sources of business law;
- Legislation or statutory law
- Precedent
- Custom and usages
- Commercial treaties and agreements
- International conventions relating to trade and commerce
- British mercantile law
- Writings and opinions of scholars
No comments:
Please do not enter any spam link in the comment box