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Most business managers know they need to consult a lawyer when they make important business decisions....

Most business managers know they need to consult a lawyer when they make important business decisions. If that assumption is correct, why would a manager or entrepreneur need to have any knowledge of business law? Couldn't she or he just ask the lawyer?

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Business law can be defined as a set of established rules governing commercial relationships, including the enforcement of rights and defines the general rules of commerce.Law impacts almost all aspects of the society including the environment in which the business exists. Therefore it affects most business decisions. Having the understanding of law at the time of making such important decisions allows the manager or the entrepreneur to maximize the protection that the law extends while avoiding its pitfalls. In other words, knowledge of the law is a business asset that can help owners and managers reach their goals and objectives effectively and efficiently.

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