Business law is the law relating to industry, trade, and commerce. It is often alluded to as commercial or mercantile law.
As business involves various economic activities, commercial law should include all the rules that may cover almost all sorts of these activities. This law is defined as “that portion of the law that regulates and manages all of the business community’s transactions.”
Thus, business law includes all the laws related to business e.g, the law of contract, sale of goods act, negotiable instrument act, agency act, banking act, insurance act, the law of indemnity and guarantee, bailment and pledge, carriage, and transportation, etc. it also includes all those laws related to the formation and dissolution of different types of business organization such as single proprietorship business, partnership business or joint-stock company and so on.
Characteristics of Nepalese Business Law
- Protection of economic rights
- Regulation and systematization of business law
- Commencement and development of business
- Enforcement of business contracts
- Delivery of justice
- Social responsibility
- Reward to the inventor and service to the society
- Protect right of consumers
- Settle business disputes
- Represent economic policy of government
- Create favourable business environment
- Develop skill and create employement