Answer:
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 not universal. 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.