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.