Business Law (BCOC-133) - Volume 1

Mitigation of loss means:

1. The aggrieved party must take reasonable steps to reduce loss.
2. Damages are not awarded for avoidable loss.
3. The burden is to act reasonably, not to take extreme steps.

Customs are a source of law because (any three):

1. They develop from long-established business practices.
2. They help fill gaps where statutes are silent.
3. When recognized by courts, they become binding in trade matters.

Sources of business law are the origins from which legal rules are derived. Understanding sources helps students know how business rules are formed and enforced.

Therefore, business law comes from both written laws and recognized practices and court interpretations.