Importance Of Compliance In Business by Gary Trainor | Aug 26, 2012 | Articles Looking into a dictionary, one can find that the word“compliance” means that an individual or a group conforms with or obeys a set of rules or regulations determined by the law or any governing body. And no business operates in isolation from external challenges. The Importance of Law. The importance of understanding business law 20 April 2017 No man is an island. In order to understand such a complex subject, attorneys must understand diverse areas like commercial transactions, employment law, business formation and dissolution, and insurance law. Closer analysis of the role of law vis-à-vis social change leads us to distinguish between the direct and the indirect aspects of the role of law. Purpose of Business Law. Importance of Agency Law in Business Environment in this Delilah is the agent acting on behalf of the Company while contracting with Evon, Felipe & Giorgio Business law is unique because it has so many aspects of other areas of law. The hospitality industry encompasses arts, entertainment, recreation, accommodation and food services. 2. law is helpful in maintaining business in legal ways. The main reasons are: 1. to make a student aware about law. Business leaders are constantly required to make agreements and transactions that have legal ramifications, often without full comprehension or up-to-date knowledge of their parameters. Let me give you some examples of the importance of law in everyday life. Law plays an important indirect role in regard to social change by shaping a direct impact on society. 1. For example: A law setting up … Importance of Knowledge of Laws in the Hospitality Industry. It helps managers understand business ethics and how to run an authentic and proper business. Business law is a great class to take for anyone. 4. Chapter 1 of the third edition of Letters to a Law Student deals with the question of why anyone would want to study Law, and in the course of so doing defends the importance of law, and by extension the work that lawyers do. 1. We can expect to work in a safe work environment because of laws. hav secuerd business.