Company, employment and contract act has potential impact on business along with difference between legislation, regulations and standards to analyse this potential impact. 4 TASK 2 (LO3) 6 TASK 3 (LO4) 8 REFERENCES 11 INTRODUCTION Business law is governing business through dealing with different laws such as private law and public law (Bian, and Veloutsou, 2017). Report will also highlight about the role of government in law making along with application of statutory law and common law applied in court