Law is a set of rules, regulations, principles, guidelines & theories governing an activity and Business Law are those laws which govern a trade, profession or business. So basically, Business Law governs Trade & Commerce. It is also called as Mercantile Law. One of the oldest legislations of Mercantile was Indian Contract Act which was enacted in the year 1872.Ethics is a branch of philosophy that involves recommending concepts of right and wrong conduct. It sets ethical standards Ethics is a social science and it is subjective in nature.

This paper is divided into 2 Parts. In part 1, you will be gaining knowledge on Fundamentals of Laws and in Part B, you will be learning Fundamentals of Ethics. At CMA Foundation level, students are expected to have a basic and elementary knowledge on various Statutory enactments relating to Indian Business and at later stages you will be introduced to Laws at an advanced level. Study of Ethics helps you to cultivate inner peace, making your life more successful at a personal level and since you will also be applying Ethics in Business, you will be able to cultivate the art of managing business with the right moral standards.