Generally speaking, business law refers to the rules governing commercial interactions between persons or other certified companies. These rules may come from statutes, common law decisions, or agreements entered into by international conventions or treaties. Most business laws govern either the behaviour of companies (e.g. bankruptcy and taxation.B) or rules governing transactions between different companies. Many people use the terms contract and agreement interchangeable, but they are not exactly the same thing. Black`s Law Dictionary defines an agreement as “a mutual understanding between. The parties to their rights and obligations relating to them. He defines a contract as “an agreement between. Parties that create obligations that can be implemented. The Sale of Goods Act, 1930 – Initially, the sale of goods was governed by Chapter VII of the Indian Contracts Act, 1872, but with the increase in commercial transactions in the country, there was a need for laws to regulate these transactions, so that in 1930, the purchasing laws that set the basic laws for the sale of contracts came into force. A bit like the Indian Contracts Act, since this act also has its source in English common law. As the sale of good acts is derived from the Indian Contracts Act, it also contains essential contracts included in section 10 of the Indian Contracts Act. .