1.What is business law and why is it important for running a…

Business law is essential for a successful business because it ensures fairness, safety, and legal protection.

Without business law, a business may face legal problems and financial loss.

Business law is important because:

  1. It makes business legal
    Following business law helps a business operate legally and avoid penalties or fines.
  2. It protects rights and duties
    Business law clearly defines the rights and responsibilities of owners, employees, partners, and customers.
  3. It helps avoid disputes
    Written contracts under business law reduce misunderstandings and conflicts between parties.
  4. It builds customer trust
    Customers trust businesses that follow legal rules and treat them fairly.
  5. It protects against loss and fraud
    Business law protects businesses from cheating, fraud, and unfair practice
  6. Example

    If a seller delivers a faulty product and refuses to replace it, consumer protection law helps the buyer.This shows that business law protects both businesses and consumers.

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