Business Law Study Notes for BBA Exam

By BYJU'S Exam Prep

Updated on: September 11th, 2023

Business Law Study Notes: Business law, is the group of rules, regardless of whether by convention, agreement, or public or worldwide legislation, overseeing the dealings between people in business matters. Business Law is a law specialization that is additionally referred to as Mercantile Law. This topic is a very important topic of BBA & HM Exams.

Business Law manages the laws based on which each deal among individuals and business firms are governed. It is very essential for entrepreneurs, managers, and different experts to have a fundamental understanding of business law to assist them to make better decisions. Organizations need these laws for the very reasons that people do: to characterize unsatisfactory behavior, to give assurance and stability, and to protect general society.

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Definition of Business

The term business is perceived and clarified in various ways by various individuals. As far as some might be concerned, business is a movement, for some, it is a strategy for executing, for some others, it is a technique for cash making and certain individuals contend that business is a coordinated action to accomplish still up in pre-determined objectives or goals. Dictionary meaning of business is the demonstration of trading of goods and services, trade and exchange. In light of this large number of implications of business, we might characterize business as a beneficial movement through which different components of society direct trades of the desirable things.

Nature of Business

The business might be perceived as the coordinated efforts of an enterprise to supply customers with services and products for a benefit. Organizations fluctuate in size, as estimated by the number of workers or by sales volume. Be that as it may, all organizations share similar reasons to earn profits.

The purpose of business goes beyond earning profit. There are: 

  • It is an important institution in society.  
  • Be it for the supply of goods and services 
  • Creation of job opportunities 
  • Offer of a better quality of life  
  • Contributing to the economic growth of the country. 

Business Goals

Profit – Making a profit is the primary goal of any business enterprise.

Growth – The business ought to fill every which way throughout some period of time.

Power – Business houses have huge assets at their command. These resources give enormous economic and political power

Employee satisfaction and development – Really caring about worker fulfillment and accommodating their development has been one of the targets of enlightened business enterprises.

Quality products and services – The determined nature of items earns brand loyalty, an indispensable element of accomplishment.

Market leadership – To acquire a specialty for oneself on the market, advancement is the critical element. 

Challenging – The business offers a huge degree and poses imposing difficulties.

The joy of creation – It is through business systems new thoughts and innovations are given a shape and are changed over into helpful items and services.

Service to society – Business is a piece of society and has a few commitments towards it.

Objectives of Business Law

  • Understand the job of the Government in controlling the monetary and business
  • Have sufficient experience into the idea of the law of agreement and its different fundamental components
  • Clarify the performance, release, and remedies of break of agreement;
  • Know the standards of Partnership and Sale of Goods and their related provisions
  • Portray the legitimate provisions identifying with Law of Insurance and Negotiable Instruments
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