Law regulates every aspect of a business firm ranging from production, quality monitoring, offering salary to deterring unfair trade practices and fostering competition. It is omnipresent in the very existence of a firm. Also, the maxim says, “Ignorantia juris not excusat” i.e., ignorance of law is no excuse. That's why understanding of laws, which govern the business systems in our country, is of paramount importance to the students, teachers and practitioners. It is this understanding which provides them the insight of the parameters decided by society for the functioning of various businesses. The term 'business law' is concerned with those legal rules, which govern and regulate mercantile or business transactions. This title holds its separate identity as one of the subjects in Delhi University ICSI, ICAI, GGS Indraprastha University, Kolkata University, Jam m u University an d Madras Engineering College. Thus, the credibility of the subject is well evident. But the challenge in front of the authors is to bring forth the conceptual basis of business laws along with their functionality and strategic usage.