What is law? The definition of law depends on the context it is being referred to. In context of this article, law is a system of rules that lays down standards to which we ought to conform originated from legal rule, moral rule and social convention. It is a system recognised by a particular country or community for regulating the actions of its members which are enforced by the imposition of penalties. Law is a fundamental business discipline. Its study allows to develop a wider perspective on both the business and regulatory landscape and specialised expertise that will not only enrich our business career but will also lay the foundations for successful comprehension of the business environment. What is Business Law? Business law, also called commercial law or mercantile law; is the body of rules, whether by convention, agreement, or national or international legislation; governing the dealings between persons and/or entities in commercial matters. Business law encompasses the law governing contracts, sales, commercial paper, agency and employment law, business organizations, property, and bailments. Other popular areas include insurance, wills, estate planning, and consumer and creditor protection. Business law may include issues such as starting, selling, or buying a small business, managing a business, dealing with employees, or dealing with contracts, among others. Business law study is crucial to all business careers, whether in accounting, finance, management, HR, marketing, property, or entrepreneurship. Business Law complements other business majors as well. For example accounting and finance students will be enriched regarding law governing financial markets and investments, marketing students can find it useful to learn about marketing law and intellectual property law. Studying Business law will give you an array of skills that are valued highly in business world. It will develop our analytical and critical thinking skills, improve our written communication skills, and help to think strategically about business opportunities and business risks. Business law falls into two distinctive areas: 1. the regulation of commercial entities by the laws of company, partnership, agency, and bankruptcy 2. the regulation of commercial transactions by the laws of contract, tort and related fields The Uniform Commercial Code (UCC), which governs sales and commercial paper, has been adopted in some form by almost all states. There are agencies at the state and at federal level which administer the law in such issues such as employment affairs and consumer and credit protection. The laws aim to protect fair business practices and due process to protect rights for aggrieved workers and others. Business law makes us aware of the legal issues involved in law and business. Broadly speaking Business law applies to the rights, relations and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales. In recent years this body of law has been codified in the Uniform Commercial Code (UCC), which has been almost universally adopted. There are various forms of legal business entities ranging from the sole trader, who alone bears the risk and responsibility of running a business, taking the profits, but as such not forming any association in law and thus not regulated by special rules of law, to the registered company with limited liability and to multinational corporations. In a partnership, members “associate,” forming collectively an association in which they all participate in management and sharing profits, bearing the liability for the firm’s debts and being sued jointly and severally in relation to the firm’s contracts or tortious acts. All partners are agents for each other and as such are in a fiduciary relationship with one another. It is inevitable that in certain circumstances business entities might be unable to perform their financial obligations. With the development of the laws surrounding commercial enterprises, a body of rules developed relating bankruptcy: when a person or company is insolvent (i.e., unable to pay debts as and when they fall due), either he or his creditors may petition the court to take over the administration of his estate and its distribution among creditors. Three principles emerge: to secure fair and equal distribution of available property among the creditors, to free the debtor from his debts, and to enquire into the reasons for his insolvency. Business law touches everyday lives through every contractual dealing undertaken. A contract, usually in the form of a commercial bargain involves some form of exchange of goods or services for a price, is a legally binding agreement made by two or more persons, enforceable by the courts. They may be written or oral, to be a binding contract the following must exist: an offer and unqualified acceptance thereof, intention to create legal relations, valuable consideration, and genuine consent (i.e., an absence of fraud). The terms used must be legal, certain, and possible of performance. Contractual relations, as the cornerstone of all commercial transactions, have resulted in the development of specific bodies of law within the scope of business law regulating 1. sale of goods—i.e., implied terms and conditions, the effects of performance, and breach of such contracts and remedies available to the parties; 2. the carriage of goods, including both national and international rules governing insurance, bills of lading, charter parties, and arbitrations; 3. consumer credit agreements; and 4. Labour relations determining contractual rights and obligations between employers and employees and the regulation of trade unions. Business law, on national and international levels, is continually evolving with new areas of law developing in relation to consumer protection, competition, and computers and the Internet.