What do you understand by the terms ‘Law’ in general and ‘Business law in particular’?

Laws are binding rules that relate to the conduct of individuals and businesses and are designed to prescribe obligation or duty and enforce justice. ... Business owners must follow all regulations and laws to avoid fines. Vacationers and visitors to other countries should understand and respect local laws.

Explanation:

Business law is the law that governs what happens with commercial matters, and there are two main types: regulation of commercial entities and regulation of commercial transactions. Laws have evolved over centuries, and have had to adapt to changes in technology and society.