Law is an essential part of life and business.

Knowledge of the rule

of law prepares the youth, the future of the nation, in cultivating a sense of
shared responsibility for a common future. Not only do the knowledge of
the rule of law shape trustworthy organizations but also safeguard basic
human rights as well as possess critical understanding of the principles of
accountability, equality, and fairness. It allows students—future
entrepreneurs, businessmen, or corporate movers to positively shape
public institutions and their policies, thereby encouraging non-violent and
peaceful avenues of civic engagement.
Business situations have become increasingly complex, and it is
therefore imperative for any business student to gain ample
understanding of the business laws pertaining to their respective future
professions in order to equip them with the knowledge, skills, values and
attitudes needed to contribute constructively to society.
This module will provide you with the basic concepts of the
Philippine legal system— the purpose of the law, its sources, and who
enacts or promulgates them.

Learning Objectives:
1) State the meaning of law, statute, implementing rules and
regulations, ordinance, jurisprudence, and treaty;
2) Explain the significance of knowing the basic laws;
3) Explain the purpose of the Constitution and its effects on statutes
and other laws;
4) State the three great powers of the government.
5) Identify the different sources of laws in the Philippines.
6) Explain the meaning of the maxim ignorantia legis neminem
excusat;
7) Recognize the significance of having working knowledge of
business laws.