Nature, meaning and significance of busniess law
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In a very simple sense, law means a rule - a code of conduct. And any deviation from the code of conduct .... The importance of business environment is briefly explainedIn running a business it is also important to understand the role of courts in your area. It is essential that you are aware of the guidelines and protocols when starting your new business
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Business Law may be defined as that branch of law which prescribes a set of governance of certain transactions and relations between:
(i) Business persons themselves,
(ii) Business persons and their customers, dealers, suppliers, etc., and
(iii) Business persons and the state.
Significance of Business law:
Law and business are closely related disciplines. They complement each other.
* Law is a major factor in business decision making. Almost every aspect of business is regulated by law.
* Even the installation of a business unit itself may involve observance of some legal provision or the other.
* Sometimes the law may require business to provide certain facilities to its employees, even when the contract does not provide therefore. For instance, the provisions of labour welfare laws impose a legal obligation on employers to provide certain benefits to their workers.
* Business transactions - the buying and selling, production, marketing and other functions of the business enterprise are to be conducted within a certain framework of legal environment.
(i) Business persons themselves,
(ii) Business persons and their customers, dealers, suppliers, etc., and
(iii) Business persons and the state.
Significance of Business law:
Law and business are closely related disciplines. They complement each other.
* Law is a major factor in business decision making. Almost every aspect of business is regulated by law.
* Even the installation of a business unit itself may involve observance of some legal provision or the other.
* Sometimes the law may require business to provide certain facilities to its employees, even when the contract does not provide therefore. For instance, the provisions of labour welfare laws impose a legal obligation on employers to provide certain benefits to their workers.
* Business transactions - the buying and selling, production, marketing and other functions of the business enterprise are to be conducted within a certain framework of legal environment.
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