Business Law

Essay by andyhcgUniversity, Bachelor'sB, October 2010

download word file, 14 pages 0.0


International trade has existed since times immemorial and can be dated as long back as 2000 B. C. With the increasing complexities and volumes in international trade, an urgent need for a uniform code for regulating these transactions was keenly felt in present day economy where domestic and foreign politics play their influencing role in conducting transnational business. International Law for business aims at providing the regulations required for execution of international transactions involving more than one nation. Every country has its own set of laws for regulating business. Therefore, it is apparent that every international business transaction has to comply with provisions of both domestic as well as international law.

Table of contents

Abstract i

Table of contents ii

Introduction 1

Doctrine of Precedent 1

The Concept of Incorporation 2

Bill of Exchange 3

Property Ownership 4

Romalpa Clauses 4

The Principles of Utmost Good Faith & Duty of Disclosure in Insurance Law 5

Trade Practises Act 1974 (Cwlth) 6

Conclusion 8

References 9



Business Law is defined as a set of rules established by a government to regulate the conduct of individuals and groups in a society involved in international trade.

It is the duty of citizens to obey these rules and those who violate them are liable for punitive action. One of the major reasons for the development of law was to give protection to individuals, to society, and to property. Law is not limited to regulating relationships between individuals or between individuals and their society, but also be used as a positive force to promote worthwhile social goals. Therefore, it is imperative to know what Business Law is, to deal mercantile transactions with mercantile people, and predict what the law will be in the conduct of businesses both at the national and international...