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:

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