Explain the role of law in business, with Sri Lankan examples.
How to lay out the answer. Follow the frame, then write it in your own words.
1 · Open in two lines. Law is the body of rules enforced by the State. Business runs on promises, property and people, and law protects all three.
2 · Legal form. Sole trader, partnership, or company under the Companies Act No. 7 of 2007.
3 · Contracts and payments. Contract law makes promises enforceable; sale of goods law sets quality rules; cheques and bills of exchange make payment safe.
4 · People and property.
Employment laws: wages, leave, EPF and ETF, gratuity, termination.
Property: land, goods, trademarks and brand names.
5 · Consumers, tax and society. Consumer Affairs Authority Act, Inland Revenue, health, safety and environmental approvals.
6 · Disputes. Courts, the Commercial High Court, arbitration and Labour Tribunals.
7 · In Sri Lankan business. A tea exporter needs a contract, quality rules, bank payment, EPF and ETF for staff, and company law.
8 · Close in one line. Law sets the minimum standard; good businesses add ethics on top.
Scoring tip: Number each role and add one Sri Lankan example. A list of eight short, clear points beats two long paragraphs.
