Business Law: Sources of Business Law

Law refers to a set of roles and principles that govern a contract of affairs in a given communication. It is a general role of external human action and forced by a sovereign political authority. Law is also a body of principles recognized and applied by state in the administration of justice role of human contact imposed and enforced among the members of a given state

Sources of Business Law

Business Law has different sources. They include;

·         Mercantile/Commercial Law,

·         English Law,

Mercantile/Commercial Law

Mercantile/Commercial law is one of the Sources of Business Law. It is the branch of law that comprises law concerning trade industry and commerce. It includes law relating to contracts like sale of goods partnership companies, negotiable instruments, insurance, insolvency carriage of goods and arbitration.

English Law

This is the second of the Sources of Business Law. The bulk of the Kenya commercial law is based in the English mercantile law, which is the principle source of common law of England. English Law as one of the Sources of Business Law is divided into six different subsections. They include;

·         Common Law,

·         Equity,

·         Maritime Usages,

·         Case Law,

·         Statute Law,

·         Customs and Usages.

Common Law

Common Law as one of the Sources of Business Law refers to a system of law based upon English customs usages and traditions, which were developed over centuries by the English coups. It is written and its principles are applied. Whenever disputed of similar nature arrives. This practice is known as deciding cases by precedence.

Equity

  Equity as one of the Sources of Business Law also refers to the branch of English law, that developed separately from the common law. It is based on concepts of justice developed by the judges whose judgment became precedents.

Maritime Usages

This is another of the Sources of Business Law. Maritime usages were based on customs and usages among traders developed during the 14^th and 15^th Century.

Case Law

Case Law is referred to as one of the Sources of Business Law. It is what has been added in a earlier case and is binding is a later case and is binding in a similar case.

Statute Law

Statute law as one of the Sources of Business Law is in this accordance with laws passed by parliament and they include sales of goods at companies act etc.

Customs and Usages

Customs and usages are the last but not least of the Sources of Business Law. This are habits established long ago and constantly put into practice so that they become binding to the practicing parties entering into contract.

Our article in Business Training in Kenya has more information on the same.

Conclusion on the Sources of Business Law

Sources of Business Law include Mercantile Law and English Law which is later divided into six subsections and they include; Common Law, Equity, Maritime Usages, Case Law, Statute Law and Customs and Usages.