Running Head: BUSINESS LAW (ACME FIREWORKSBusiness Law (Acme Fireworks)NameCourseProfessorDate1BUSINESS LAW (ACME FIREWORKS)2Business Law and Its ApplicationI.IntroductionLaw is vital in the administration of business activities. A proper legal framework in acommercial environment levelizes the playing field for all stakeholders and ensures thatbusiness practices are fair and just. Consequentially, a good legal and regulatory frameworkensures that every stakeholder and business entity plays within the defined rules; hence noparty takes unfair advantage over the rest. Also, it is important to note that the law plays acritical factor in creating order in the administration of business activities. As such,businesses enterprises must be well knowledgeable of the law governing their particular areaof trade and operate within the legal framework. According to various legal and businessscholars of international repute, law in the business and commercial sector is important as itprotects stakeholders' interests and levies consequences to those who do not abide by the setlaws, rules, and standards (Hunter, 2017). It is important to note that the law creates a definedand definite framework for businesses to operate in thereby bringing certainty into thecommercial space. With certainty, businesses can plan their operations as there is a sense ofreliability and definiteness in the governing business regime.Additionally, it is noteworthy to highlight the ...
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