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Sources of Business Law: Constitutions, Statutes, Common Law, Regulations Constitutions Constitutions play a key role in the sources of business law. Constitutions are the fundamental laws of a country and they contain many rules that relate to business. For example, the Constitution of India guarantees the freedom of trade. This means that any person or organization in India has the right to conduct any kind of business. Constitutions also contain many other rules that relate to business. For example, constitutions may include rules that protect competition or rules that protect consumer rights. Statutes Statutes are laws that are enacted by the legislature. Statutes are a major source of business law. There are many different types of statutes that relate to business. For example, there are statutes that regulate corporations, statutes that regulate contracts, and statutes that regulate consumer protection. Common Law Common law is the body of law that is based on court decisions. Common law is another major source of business law. Common law principles are used to resolve disputes that arise in the context of business transactions. For example, common law principles are used to determine whether a contract is valid or whether a breach of contract has occurred.