Law is a rule of action evolved to regulate social life and to avoid conflict of interests. As a branch of knowledge, law is the body of legal principles that govern human behaviour and the observance of which is enforced in courts. It is, in other words, an instrument of social control. Business law, which is designated alternatively as ‘Commercial Law’, or ‘Mercantile Law’, is a branch of Civil Law. It is the name given to the fundamental principles of law that govern economic activities. It is a collection of legal rules contained in the various enactments, and made applicable to business transactions. While some knowledge of law is necessary for every member of the society, knowledge of mercantile law is of an absolute necessity for a member of the business community. This does not, however, mean that a businessman should become his own layer. Knowledge of mercantile law will enable him to become aware of and appreciate the legal problems arising in business. It gives him a sense of security in his business.
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