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    Sunday

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    Singh Prakash
    Law is a set of rules that acts to enforce the will of an authority. It varies by discipline but generally refers to abstract principles that govern different areas. Law, when properly enforced, helps maintain peace and order in a state. It is also important for business, teaching ethics, helping businesses operate properly, maintaining fair competition, and ensuring taxation. Law works to reduce unfair practices in the business world.

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    Sunday

    Uploaded by

    Singh Prakash
    22 views1 page
    Law is a set of rules that acts to enforce the will of an authority. It varies by discipline but generally refers to abstract principles that govern different areas. Law, when properly enforced, helps maintain peace and order in a state. It is also important for business, teaching ethics, helping businesses operate properly, maintaining fair competition, and ensuring taxation. Law works to reduce unfair practices in the business world.

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    Law is a set of rules that acts to enforce the will of an authority. It varies by discipline but generally refers to abstract principles that govern different areas. Law, when properly enforced, helps maintain peace and order in a state. It is also important for business, teaching ethics, helping businesses operate properly, maintaining fair competition, and ensuring taxation. Law works to reduce unfair practices in the business world.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    22 views1 page

    Sunday

    Uploaded by

    Singh Prakash
    Law is a set of rules that acts to enforce the will of an authority. It varies by discipline but generally refers to abstract principles that govern different areas. Law, when properly enforced, helps maintain peace and order in a state. It is also important for business, teaching ethics, helping businesses operate properly, maintaining fair competition, and ensuring taxation. Law works to reduce unfair practices in the business world.

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    Sunday, 26 February 2012, 07:01 PM

    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.

    Edit my submission

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