This is a new and unique topic which I am explaining today which is called as sources of business law. Usually we have four different classifications of sources of business law which have been taken into consideration under still working as a law. Such classification of law is explained below one after the other.

First one is called as the English merchantile law the English merchantile law is the law which is adopted from the British and the law in England there are four types of English merchantile law which is law merchant, common law, equity and statute law. 

Long merchant is the laws which considers the customs and usages and the common law is the law which we call as a judge Mel or where the judge made decisions are considered as the law or equity is also similar to common law but the judgement decisions are termed as precedents. Statute laws are the laws which are passed in the parliament and the are signed by the president and confirmed as an act under the statute.

Next classification is the statute law is natural law was also underway English watching Payal now but this statute law can be broadly explained which are the acts of the parliament where the bill will be passed in the parliament and the president approve it.

Judicial decisions is the third source of business law where the decisions which are made by the judges while giving judgement to some cases are considered and framed as law and the judicial decisions are converted as laws. 

Customs and usages: this is a fourth classification in the sources of business law where the customs and practices in law used again and again repeatedly. Send loss can be broadly classified into four types the first one is based on principle justice and public utility which means the laws are based on the principle justice as well as the utility of the public the second classification under the customs and usages is the rational expectations and the third one is observance over a long period of time and the last one is the interest of the society.

Which are the most major classifications of sources of business law which are adopted and are still considered as a law under b IPC sections in our constitution and all the laws are being considered while giving the judgement on any case by the judges.