How to succeed in business by the application of business Law

BUSINESS LAW

How to succeed in business by the application of business Law
 

 Overview of Business Law

Introduction

Business law relates to the laws which regulate business transaction between two or more parties or persons. It is a law that govern the relations between traders, merchants and others who are engaged in commercial transactions.

What is Law?
 

Set of rules either made naturally or manmade. However, natural laws refers to known observation of cause and effect while manmade laws refer to what ought to be, societal thinking or thought, code of conduct which is based on values.

We shall be adopting the business law in Nigeria as our local Content. The sources of Nigerian business law:
• Customary Law
• English Law
• Local legislative law
• Law reports
• Textbooks
• Judicial precedents

Mercantile Law or Commercial Law?

Sources of Mercantile law
English law
Indian Statute law and Judicial Decision.

Definition

Proposal: When one person signifies to another his willingness to do or to abstain from doing anything with a view to obtaining the assent of that other to such act or abstinence, he is said to make a proposal.
Consideration: When, at the desire of the promisor, the promisee or any other person has done or abstained from doing or does or abstains from doing or promises to do or to abstain from doing something such Acts or abstinence or promise is called a consideration for the promise.

It must move at the desire of the promisor.
It may be act or abstinence
Need not be adequate
It must not be illegal/Immoral.
Stranger to the contract.

Agreement: Every promise and every set of promises forming the consideration for each other is an agreement.
Contract: An agreement enforceable by law is a contract. An agreement not enforceable by law is said to be void.

Note: Contract is an agreement enforceable by law.
Kinds of Contract
• Void Contract
• Executed Contract
• Executory Contract
• Implied Contract
• Quasi Contract
• Contingent Contract
• Voidable Contract
• Speciality Contract
 

Essential Elements of a Valid Contract

• Proposal and Acceptance
• Consideration
• Free Consent
• Certainty
• Enforceable by Law
• Legal relationship
• Capacity of parties to contract