Bangladesh University of Professionals

Mirpur Cantonment, Dhaka

Faculty of Business Studies

Submitted to
Farzana Tazin
Lecturer
Bangladesh University of Professionals.
Date of Submission: 18th July, 2020.
1. Why Business students should study Business Law?
The Place of Business Law in Business Education
With the establishment of business in education, our concern is now narrowed to the matter of a
business education curriculum and, more specifically, to the place of business law in that
curriculum. Since the purpose of business education is to educate in business, the curriculum
containing course implementation should reflect this purpose.
Business law is concerned with the legal significance of business transactions, and, in as much as
the law determines what may be done, what may not be done , and what must be done in business,
the study of business law is vital to business education. Society has spoken through its law, and
those who would do business must comply with society's legally expressed will. In order to
determine intelligently the extent to which business law should be included and which shouldn’t
be.
Reasons of why Business students should study Business Law
Business law is that portion of the law concerned primarily with business. Law is a fundamental
part of business and business has always been intertwined with the law and legal regulations, but
these are becoming more complex. As a result, business students often enter the corporate world
without a comprehensive understanding of the law or the role of legal professionals in the creation
and operation of a business.
Business students who study the interaction of law and business can anticipate the legal needs of
their companies and comprehend how laws and regulations can impact businesses in both positive
and negative ways. While students learn how to use and work within legal boundaries to build
their businesses generally Business law also helps them develop their communication skills
specifically. Most business students understand how important it is to communicate clearly with
clients and other corporations, but legal studies give business students the knowledge they need to
interact clearly and productively with legal professionals.
It’s important for business owners, managers, and other professionals to have a basic
understanding of business law to help them make better decisions. Just as there are laws that apply
to people, there is a huge body of law that applies to business. Businesses need these laws for the
same reasons that people do: to define unacceptable behavior, to provide certainty and stability, to
protect the public, and to provide a mechanism for businesses to resolve disputes. Throughout a
business’ existence, it can do most things that a person can do, and we need laws to control those
activities. A business can buy and sell property, sue and be sued, enter into contracts, hire and fire
employees, and even commit crimes.
One of the main things for business students to understand when it comes to the law is that there
are many aspects of the legal industry that directly affect business. Many students think that the
main legal problems they will face during their business career will be to do with financial or
market issues, but many businesses face both regulatory and legal challenges of all kinds
throughout their lifetime. For example, businesses may face legal battles with employees who have
been injured in the workplace or feel they have been unfairly dismissed, whilst legal issues with
customers are not uncommon. Along with this, most business professionals will encounter issues
with trademarks and copyright, international trade, and transitional corporations at some point
during their career.
2. Purpose and Importance of Business Law
Business laws are those which regulate the conduct of the business. Business law, also called
commercial law or mercantile law, the body of rules, whether by agreement, or national or
international legislation, governing the dealings between persons in commercial matters. 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.
Purpose and Importance of Business Law
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.
A Universal set of standards: Earlier, the customer had to suffer a lot due to the absence of a
proper law that could safeguard their interests and money invested in a particular business. As
there was no such law regarding maintenance of order, rights, and liabilities, etc., the business
owners made their own standards and made the customers suffer just because of the greed to make
more money. With the establishment of business law, many standards have been established which
have to be followed by businesses worldwide.
Maintenance of Equilibrium: This creates a sense of satisfaction among customers. In the
absence of the law, different countries had different laws regarding the business dealings which
made it difficult for the customers as well as the seller to establish a deal. But now every country
has the same standards, and the deal between buyer and seller is easily established. This brings
ease in business dealings and transactions all across the globe.
Less chances of frauds: 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.
Presence of Ethical conduct: With the help of business law, business owners may make better
decisions, and also know when to seek legal help. Every business has to maintain an ethical
conduct but most businesses, in the greed to earn more profits; do not follow such conducts.
Business law makes it mandatory for all the businesses to maintain an ethical conduct which in
turn pleases the buyers and they form a good image of the business.
In a nutshell, business law is of immense importance to both the business as well as consumers in
protecting their rights and get a better service.