This document provides an introduction to business law concepts including: - The functions of law in maintaining order, facilitating planning, and promoting social justice. - The differences between procedural law which establishes rules for courts and litigation, and substantive law which defines legal rights and duties. - An explanation of IRAC, the issue-rule-analysis-conclusion method for analyzing legal cases, and examples of its use. The document aims to give students foundational knowledge of key legal principles as they begin studying business law.