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Definition of law is a rule of conduct developed by the government or society over a certain
territory. Law follows certain practices and customs in order to deal with crime, business, social
relationships, property, finance, etc. The Law is controlled and enforced by the controlling
authority. Let us explore the various definitions of law by different authors in detail.
Various Definitions of Law
There are broadly five definitions of Business Law. Let’s walk through each of them briefly.
1. Natural School
In the natural school of thought, a court of justice decides all the laws. There are two main parts
of this definition. One, to actually understand a certain law, an individual must be aware of its
purpose. Two, to comprehend the true nature of law, one must consult the courts and not the
legislature.
2. Positivistic Definition of Law
John Austin’s law definition states “Law is the aggregate set of rules set by a man as politically
superior, or sovereign to men, as political subjects.” Thus, this definition defines law as a set of
rules to be followed by everyone, regardless of their stature.
Hans Kelsen created the ‘pure theory of law’. Kelsen states that law is a ‘normative science’. In
Kelson’s law definition, the law does not seek to describe what must occur, but rather only
defines certain rules to abide by.
3.Historical Law Definition
Friedrich Karl von Savigny gave the historical law definition. His law definition states the
following theories.Law is a matter of unconscious and organic growth.The nature of law is
notuniversal. Just like language, it varies with people and age.Custom not only precedes
legislation but it is superior to it. Law should always conform to the popular CONSCIOUSNESS
because of customs.
Law has its source in the common consciousness (Volkgeist) of the people.
The legislation is the last stage of lawmaking, and, therefore, the lawyer or the jurist is more
important than the legislator.
Are you aware of Principle Sources of Indian Law – Customs
4. Sociological Definition of Law
Leon Duguit states that law as “essentially and exclusively as a social fact.”
Rudolph Von Ihering’s law definition. – “The form of the guarantee of conditions of life of
society, assured by State’s power of constraint.”
This definition has three important parts. One, the law is a means of social control. Two, the law
is to serve the purposes of the society. Three, law due to its nature, is coercive.
Roscoe Pound studied the term law and thus came up with his own law definition. He considered
the law to be predominantly a tool of social engineering.
Where conflicting pulls of political philosophy, economic interests, and ethical values constantly
struggled for recognition.
Against a background of history, tradition and legal technique. Social wants are satisfied by law
acting which is acting as a social institution.
5.Realist Definition of Law
The realist law definition describes the law in terms of judicial processes. Oliver Wendell
Holmes stated – “Law is a statement of the circumstances in which public force will be brought
to bear upon through courts.”
According to Benjamin Nathan Cardozo who stated “A principle or rule of conduct so
established as to justify a prediction with reasonable certainty that it will be enforced by the
courts if its authority is challenged, is a principle or rule of law.”
As the above law definitions state, human behavior in the society is controlled with the help of
law. It aids in the cooperation between members of a society. Law also helps to avoid.
potential conflict of interest and also helps to resolve them.
Difference Between law and Regulations
When we hear that something is against the law, we generally don't question where the law
comes from. But 'the law' can mean a lot of things, from general ideas about jurisprudence all the
way down to a written ordinance. And while the words 'law' and 'regulation' are often used
interchangeably, they can refer to very distinct things.
Although the effect of laws and regulations can often be the same, it is important to understand
how they are different.
Letter of the Law
Laws are the products of written statutes, passed by either the U.S. Congress or state legislatures.
The legislatures create bills that, when passed by a vote, become statutory law.
For example, in response to the stock market crash of 1929, Congress passed the Securities and
Exchange Act of 1934 in an effort to curb securities fraud and insider trading. The Act is
codified in the United States Code as Title 15, Section 78a, and, among other things, prohibits
the disclosure of false or misleading information related to securities transactions. The Securities
and Exchange Act also created the Securities and Exchange Commission, tasked with enforcing
federal securities laws.
Rules of Regulations
Regulations, on the other hand, are standards and rules adopted by administrative agencies that
govern how laws will be enforced. So an agency like the SEC can have its own regulations for
enforcing major securities laws. For instance, while the Securities and Exchange Act prohibits
using insider or nonpublic information to make trades, the SEC can have its own rules on how it
will investigate charges of insider trading.
Like laws, regulations are codified and published so that parties are on notice regarding what is
and isn't legal. And regulations often have the same force as laws, since, without them,
regulatory agencies wouldn't be able to enforce laws.
If you need legal help with a regulatory question, you may want to talk to an experienced
government agencies and programs attorney near you.
Law and sources of law
The Law of the State or of any organised organisation of men is constituted of the rules that the
courts, which are the body’s judicial organ, set forth for the determination of legal rights and
obligations, according to John Chipman Grey, a former professor at Harvard Law School. Gray
separated law from the sources of law, despite criticism that his definition was too restrictive. He
contends that case law and other legal sources have helped to shape the development of the law
and provide the basis for its legality. Law, in its simplest form, refers to the regulations or
standards of behaviour, and sources relate to the sources of its information.
Types of sources of law
John Salmond, a legal scholar renowned for his ideologies on law in the field of jurisprudence,
classified the sources of law into mainly two categories,i.e., material sources and formal
sources.
Material sources
Material sources of law are those sources from which the law gets its content or matter, but not
its validity. There are two types of material sources which are legal sources and historical
sources.
Legal sources
Legal sources are the instruments used by the state which create legal rules. They are
authoritative in nature and followed by courts of law. These are the sources or instruments that
permit newer legal principles to be created. According to Salmond, legal sources of English law
can be further classified into four categories-
Legislation,
Precedent,
Customary law, and
Conventional law.
Historical sources
Historical sources have an impact on the evolution of legislation without affecting the
legitimacy or authority of the law. These resources indirectly affect the laws. All laws have a
historical foundation, although they may or may not have a legal foundation. This is the
difference between legal and historical sources. Examples of this type of source are judgments
rendered by foreign courts.
Formal sources
Formal sources of law are the instruments through which the state manifests its will. In general,
statutes and judicial precedents are the modern formal sources of law. Law derives its force,
authority, and validity from its formal sources.
According to Keeton, the classification given by Salmond was flawed. Keeton classified sources
of law into the following: Binding sources
Judges are bound to apply such sources of law in cases. Examples of such sources are statutes or
legislation, judicial precedents, and customs.
Persuasive sources
Persuasive sources are not binding but are taken into consideration when binding sources are
not available for deciding on a particular subject. Examples of such sources are foreign
judgments, principles of morality, equity, justice, professional opinions, etc.