The prime purpose of business law is to maintain order, resolve disputes, establish generally accepted standards, protect rights and liberties when it comes to business and its relation to other businesses, government authorities, and the customers. 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. It encompasses all laws that guide on how to set up a business and then how to run it. This includes all the laws that govern on how to set up, start, manage, run, close or sell a business. It includes contracts, laws of corporations, other business organizations, commercial papers, income tax, secured transactions, intellectual properties and other transactions and dealings related to the business. Business law helps the owners itself to get aware of the laws against other businesses and individuals. It also helps the individuals, to be aware of the rights against the businesses so that they can use them in case they fall prey to the frauds and misery of the business.

Saranya R Kurup

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