For example, subject to certain exceptions, the First Amendment to the Constitution prohibits the government from making a law that prohibits the freedom of speech. A Bill refers to the final proposal of a law. Business law, also known as mercantile law or commercial law refers to a set of laws that govern the dealings regarding commercial matters, namely business organizations. Avoids or Settles disputes – Contract law sets out rules for making & enforcing agreements. This includes all the laws that govern on how to set up, start, manage, run, close or sell a business. There are six (6) main functions of laws in a country. LAW is a set of rules of conduct, established by government, for all members of society to obey and follow. Business law is a wide-ranging area of the law. 3. They are to keep the peace in a country, shaping moral standards, promoting social justice, facilitating orderly change, providing a basis for compromise and lastly to help in facilitating a plan. The Function of Law 1. As the issue of definition of law, there is no agreement among scholars as to the functions of law. Jurists have expressed different views about the purpose and function of law. 2. Business Law: An Introduction 4 Overview Access to Text - All of this material in this text is available in desktop and mobile browser or PDF format at • Note: This PDF document allows you to expand the Table of Contents on the left-hand side of the page.You can easily search, bookmark, highlight, and underline the text material. Business law is unique because it has so many aspects of other areas of law. When we talk about business law, we're talking about the laws that cover every aspect of starting, running and closing a business. It must change with changes in the society. Regulates conduct- acts as a deterrent i.e. In order to understand such a complex subject, attorneys must understand diverse areas like commercial transactions, employment law, business formation and dissolution, and insurance law. It encompasses all laws that guide on how to set up a business and then how to run it. if you do “x” you face punishment “y”. Business law helps to protect not just the businesses but the owners, employees, and customers of the businesses. One function of the law is to protect these various liberties and rights from violations or unreasonable intrusions by persons, organizations, or government. Besides that there are two (2) types of law. It is well known that law is a dynamic concept, which keeps on changing with time and place.

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