Business law refers to the set of legal rules and regulations that govern the formation, operation, and dissolution of businesses. It encompasses various areas, including contracts, employment, and intellectual property, ensuring that businesses operate fairly and ethically within the legal framework. This area of law helps protect the rights of all parties involved in business transactions, including consumers, employees, and shareholders. By providing guidelines for resolving disputes and enforcing agreements, business law plays a crucial role in maintaining order and promoting trust in the marketplace.