BUSINESS LAW AND ITS EFFECTS ON COMMERCIAL TRANSACTIONS AND LICENCING - Richa Tiwari - Bog

The term "law" refers to the collection of rules and regulations that are put in place by the governing body of a community to govern the interactions that take place amongst the people of that community. Formally and legally acknowledged as a sphere of human work and knowledge, the field of law came into existence as a result of the formation of standardised standards, which were supported by the authority and influence of the state. Because they compel individuals to conform to the ideas and norms accepted by the majority of their fellow citizens, laws are essential to the objective of maintaining social order. This is because laws prevent individuals from acting in a manner that would disrupt the social order.The essential nature of law, as well as its primary function, is to serve as a set of rules and standards that are established by a government in order to maintain order and social harmony. promote social order and equality within the community.