Business Law 1

Jun 15th, 2016
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Notes on Business Law

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BUSINESS LAWTHE KENYAN LEGAL SYSTEMTHE NATURE OF LAWThere are various definitions of law but none has been generally accepted to be the mostaccurate or complete definition of law. The following are some of the definitions:1. The law may be defined as the body of principles recognized and applied by the state inthe administration of justice.(salmond)2. A law is a rule of conduct imposed and enforced by the sovereign.(Austin).meaning ,arule enforced by a court of law in a given territory.3. Whatever law may not be.it may be roughly defined as a body of rules for theguidance of human conduct which are imposed upon and enforced among the members of agiven state. (Philip S.James)4. Law consists of a body of rules which are seen to operate as binding rules into thatcommunity by means of which sufficient compliance with the rules may be secured to enablethe set of rules to be seen binding.5. A collection of rules of a human conduct prescribed by human beings for the obedienceof human beingsPurpose of lawThe main purpose of law is for the maintenance of peace and order. It is also a device forsocial control i.e. a device for getting people to do things they would be unlikely to do if leftto personal inclination alone.The purpose of commercial or business law is to enable business students to understand thelegal principles relevant to business and acknowledge of the basic principles of law.CLASSIFICATION OF LAWIn any given state law may be classified as f

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