Business Law Chapter 6

This work presents the lecture notes on all the relevant Business Law topics as indicated

in the course outline and which the students, subjects to this course, are intended to learn

over the stretch of the respective semesters and it is intended to aid students to avail

themselves of the guidelines to this course, usefulness of which it is assumed, would help

them create a definite scope on what they have to learn when they do their library

materials exploration. In no way is this work destined to be an exhaustive and all-in-one

facility for every matter in Business Law required of students to gain knowledge of in

this course. Students are called upon to refer to the Library Materials cited by the

Instructors in the class as well as those provided in the course outline for a better

understanding and an ever lasting, well packed satisfaction.

Kisilwa, Zaharani

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These Lecture notes have been prepared by: Kisilwa, Zaharani, Business Law Instructor

at the Institute of Accountancy Arusha 2007

According to the course outline, the first part of our course will deal with the

conceptualization of the term law reduced in the words Introduction to General

Principles of Law in which case the following elements will be discussed;

/0 Definition and nature of law

/ Genesis and development of law

/1 Classification of law

/ Sources of law

/ Law and business

1.1 DEFINITION AND NATURE OF LAW

In