Define law and highlight the importance of law in the business.

Available from: Monday, 20 February 2012, 01:20 PM

Due date: Monday, 27 February 2012, 10:00 AM
Last edited: Sunday, 26 February 2012, 07:01 PM (279 words)
Law, in its most general form, may be said as a set of rules which acts as an agent of
enforcement of will by an authoritarian figure, i.e. a character possessing power (that character
may be a person, a parliament, a senate, a nation, a society, etc).
Definition of law varies from discipline to discipline. In physics, law is the set of rules that
govern the universe; in religion, law may be the will of God.
Thus, law appears to be abstract in itself. That is why, there are more "specifics" in law rather
than the "general" note. For example, we say, "Law of the State", "Law of gravity", "Law of the
game", "the University's Code of Conduct", etc.
Hence, we could say that law is an abstract term bearing many ramifications.
Most of the times, law, if enforced properly, acts as a control mechanism that helps maintain
peace and harmony.
It is evident that law, therefore, is important to a state. It also carries immense importance in
business.
Of course, laws of the state are supreme and cannot be over-ridden by any business undergoing
in that country.
Importance of law in business can be summed up in the following points.
- It teaches business ethics and codes.
- It helps aspiring business entrepreneurs to run an authenticated business properly.
- It helps in maintaining a healthy competitive market.
- It ensures taxation which regulates income flow of the government.

Quite simply, in this selfish and greedy business world, everyone tries to gain an unfair
advantage over the others; business law attempts to alleviate such acts of maliciousness.