Business law is the set of “rules” that business must follow. Also, outside of rules, they also act as protections to many businesses for them to operate and attack safely. Business law includes a complex web of state, federal and municipal statutes. These laws work together to ensure predictability and fairness. They also encourage competition by protecting property rights. Regardless whether a business transaction involves the sale of a horse, or complicated multi-million dollar movie deal, the law provides a way for everyone to understand their duties and obligations.