Highlight reasons why law is important in commercial transactions?
- It is a standard setting and control mechanism. Law set standards of behavior and conduct in various areas such as manufacturing construction, trade e.g. the law also acts as a control mechanism of the same behavior.
- It protects right and enforces duties by providing remedies whenever these rights or duties are not honored.
- It promotes peaceful co-existence/maintenance of law and order i.e. prevents anarchy.