How important are laws to protect the prosperity of businesses? How important are laws to protect society from the (perhaps unintended) costs of business? What balance should laws seek to maintain the rights of businesses and the rights of their customers? Critically consider these questions, looking not only at what you believe but why you hold these beliefs and opinions.

Answer:

The laws aligned to business will help in economic development and it will be a safeguard for the business operations. It gives positive direction to the business and guide them to take ethical steps in every activities involved in the business. It prevents business firms from doing illegal activities and make everyactions accountable. It provides open system to track and trace their trade activities and financial transactions involved in it.

Under the US Uniform Commercial Code (UCC), both merchants and people involved are governed by a separate set of rules which has the capability to anticipate and allow for flexibility in contractual terms,with reference to facilitate business needs. Thus lwas helps in creating a good market place between merchants and customers. It provides a set of rules which can deal with the conflict resolution part. This helps in sueing organisation against any illicit policies which is against the society or environment. Lwas also safeguard private / personal properties related infringement and also helps in documenting the transactions involved and intellectual property rights .