Why Business Law is significant and how it impacts our lives Essay

Why Business Law is significant and how it impacts our lives - Essay Example Laws are mainly formulated by the governments and also as a result of court decisions. That is, when a particular form of human activity is carried out by a group of people, there will be inconsistencies as well as violations, which could negatively affect the group themselves as well as other stakeholders including other groups or individuals. To prevent those issues, governments has come up with certain standard rules and regulations in the form of laws on how to carry out the human activity positively without negative impacts on the people. This is quite applicable to the key human activity of businesses because its survival and success mainly depends on how it treats or manages or entices its consumer. So, business laws relating to consumer care are the main laws, which maximally impact our lives. Each business law will stipulate the organizations on how to manufacture the products, on how to pack it, on how to market it or sell it, etc, etc. Although, each organization will have unique and different manufacturing processes, the basic point, is they need to follow certain laws as well as standards stipulated by the laws to ensure that the manufactured goods or offered service is of optimum quality and without any risks to the consumer. However, if there are any faults in the product or service after it reaches the consumer, due to faults or deficiency in any aspect of the organizational functioning, then also those business laws can be used by the affected consumer in the court of law. The laws can be used to get a simple apology to getting apt replacement for the deficient product or even financial compensation. Thus, it is clear that business laws maximally impacts our lives in a positive and helpful manner. Actually, the governments and other authorities will come up with laws including business laws based on common good, and it will be available to us all the time.