Business Law in Nigeria: Contemporary Issues and Concepts

Law is a system of rules that a particular group, community, or country recognizes as regulating the actions of its members and which may be enforced by the imposition of sanctions. It is a rule that is created and enforced through social or governmental institutions to regulate behaviour. The purpose of law is to maintain social order, uphold justice, and prevent harm to individuals and property. While some laws are based on ethical, moral or religious principles otherwise known as natural laws, others are based purely on the authority of the legislature or sovereign and so referred to as positive law. Either way, they are usually enforced by the police and entire criminal justice system including the courts, prisons etc. Against this background, it may be concluded that laws are rules of conduct that have binding legal force and effect which are prescribed, recognized and enforced by controlling authority.