Question

What do you understand by the terms ‘Law’ in general and ‘Business law in particular’? ​

Answer 1

Answer:

Law :  A certain set of rules that must be followed by the people within a certain community which influence the way those people behave.

Business Law: : Laws that applied when people are engaging in  commerce, merchandising, trade, and sales.

Business laws only affect people's behavior within the realm of business, while laws will affect all people in general. Business laws tend to be stricter in countries which implement free market system. These laws were created to make sure that the businesses could compete fairly while ensuring that they're fulfilling their responsibilities to the society.