BUSINESS LAW 1 FULL MODULE

In summary therefore, law is an aggregate of conglomeration of rules enforced by courts of law at a given time. Rules of law originate from acts of parliament, customary and religious practises of the people, they may also be borrowed from other countries. Law and Morality Morality consists of prescriptions of the society and is not enforceable, however, rules of law are enforceable. Wrongs in society are contraventions of either law or morality or both. However, law incorporates a significant proportion of morality and to that extent morality is enforceable. However, such rules/contraventions are contraventions of law for example murder, rape theft by servant or agent. Purposes or Functions of Law (i) Rules of law facilitate administration of justice. It is an instrument used by human beings to achieve justice. (ii) Law assists in the maintenance of peace and order. Law promotes peaceful co-existence, that is, prevents anarchy. (iii)Law promotes good governance. (iv)Law is a standard setting and control mechanism. (v) Provision of legal remedies, protection of rights and duties. Types and Classification of Law Rules of law may be classified as:  Written and Unwritten  National and International  Public and Private  Substantive and Procedural  Criminal and Civil