Law plays a crucial and significant role in business as in order to maintain proper law and order in our country it is important to have binded law for every sector and business in our country is important and crucial segment as every profession, employment, labor and everything else when it term to earning money is connected to business and therefore, business laws plays crucial role in our country.
Some of the important types of business laws in our country are as follows:-
- Indian contract act, 1872: All the contracts and agreements made in our country in a business are governed under Indian contract act 1872. This act include many things of business such as agreement made between two or more than two parties which is also known as contract, all the legal compensation binded by contract, provisions regarding follow up and maintain the contract by both the parties, no force contrat, no intoxicated of either party, enforceable contract and other things related to contract comes under this act.
- Sale of goods act, 1930: When it comes to business the sales of goods act have its own important significance as the exchange of goods and services either tangible or intangible but having a said transaction in between in terms of goods and services are regulated as per the provisions laid down under sales of goods act, 1930.
- Indian partnership act, 1932: When there are two significant different entities which come together with the common purpose or goal of running a single business and elaborating and furnishing the same with their efforts, money and other essential things needed for running a business. In this particular situation the law settled for managing and organizing such types of business organization is known as partnership firm and the same is governed under Indian partnership act, 1932.
- Companies act 2013: When it comes to raising the capital in a public limited firm or working under the private limited company all the things are governed as per companies act 2013. This is something which is also a supreme business legislation which works for all the Indian corporations for their various business channels.
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