LEGAL ASPECTS OF BUSINESS

THE IMPORTANCE OF LAW Defending us from evil Promoting the common good Resolving disputes over limited resources Encouraging people to do the right thing

HISTORY Ancient India represented a distinct tradition

of law, and had a historically independent school of legal theory and practice. The Arthashastra, dating from 400 BC and the Manusmriti, from 100 AD.

With the advent of the British Raj, there was a break in tradition, and Hindu and Islamic law were abolished in favour of British common law. As a result, the present judicial system of the country derives largely from the British system and has few, if any, connections to Indian legal institutions of the pre-British era.

CLASSIFICATIONS Criminal law: Offenses against society or

State Constitutional law: Structure of

administration in the country, Fundamental Rights, Administration, Federalism.

Contract law: Indian Contract Act, 1872. Governs entrance into contract, and effects of breach of contract. Indian Contract law is popularly known as mercantile law of India.

Labour law: Distinction between people who work in "organized" sectors and people working in "unorganized sectors". Provides for protection of those working under these.

Company law: Companies Act, 2013, regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company.

Tort law: Looks after the breach of some duty independent of contract which has caused damage to the plaintiff, in turn giving rise to civil cause of action and for which remedy is available.

Property law: The Transfer of Property Act 1882. It contains specific provisions regarding what constitutes transfer and the conditions attached to it.

Tax law: Indian tax law involves several different taxes levied by the Government. Ex. Income Tax, Customs and excise duties, Sales tax is levied under VAT legislation at the state level.

Trust law: Indian Trusts Act of 1882, Relates to trusteeship and its Beneficiaries.

Family law: Also known as Personal Law. Initially made to create provisions for specific laws for specific religions. Of late, there has been a constant effort to bring all Family laws under uniformity among various religions. Concerns custody and guardianship laws, adoption laws, succession law, and laws concerning domestic violence and child marriage.