applicable laws
Definition
Applicable laws are all the rules, regulations, and statutes that legally govern your specific business and the situation at hand. Think of it as the complete collection of legal requirements your business must follow, which can include federal rules, state rules, and even local city or county rules all at once.
Example
If you open a restaurant, your applicable laws would include federal food safety regulations, your state's labor laws, your city's zoning ordinances, and your county's health codes all working together.
Watch Out
The tricky part is that applicable laws can vary dramatically depending on your industry, your location, and even the type of transaction you're doing, so what applies to your competitor across the street may not be exactly what applies to you.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.