Different functions of business law performs

Question

Illustrate what are the different functions of business law performs?

Answer 1

Business law can be defined as rules that govern business relationships.

DuPlessis and O’Byrne suggest that business law performs many functions, including:

• Defining general rules of commerce;

• Protecting business assets as well as business ideas;

• It provides mechanisms which allow business people to determine how they will participate in business ventures and how much risk they will bear;

• Make sure that losses are tolerate by those responsible for causing them;

• Make possible planning by certify that assurance is honoured.