The meaning of law has been captured and outlined by different philosophers, as shown below:-
According to McInnes, Kerr, and Van Duzer: “Law is “a body of rules set that the courts can enforce.”
According to Yates: Law is a body of regulations enforced by the courts or other government agencies,”
According to Smyth, Soberman, Easson, and McGill: “Law establishes rules of behavior that the government enforces.”
According to Salmond Law is a body of principles recognized and used by the state in the dispensation of justice.”
According to Holland: Law refers to the rules of external human action enforced by a sovereign political authority.
According to John Austin: Law is a collection of rules established and enforced by a sovereign power.
According to Hart: Law is a coercive weapon for regulating social behavior
According to DuPlessis and O’Byrne: “Law is a system of rules and principles that direct societal conduct, principally by safeguarding persons and their property, promoting personal and commercial relationships, and offering methods for dispute recognition
Among the purposes business law serves include:-
Defining general rules of commerce
Protecting business ideas and assets
Providing mechanisms that allow business people to decide how they will participate in business ventures and how much risk they will bear
Ensuring that losses are borne by those who cause them
Providing mechanisms that allow business people to determine how they will participate in business ventures and how much risk they will bear.
In conclusion, Law is made up of regulations established by a government to regulate human behavior in society. It is a set of rules that controls and governs the relationship between the state and its residents and between citizens and others, enforceable by the courts.
