Law is a practical discipline, theory has no place in Law, with a specific references to Law of contract, discuss.

The statement is false, as law is also composed by legal theory.

Explanation:

Legal theory is the attempt to systematically present the law in all its forms and to gain verifiable knowledge.

In contrast to legal dogma, legal theory does not focus on certain objects of legal regulation (that is, not on certain obligations, criminal offenses or constitutional structures), but on the concept of state law itself.

The legal theory deals empirically with the effects of norms on society. The sociological and psychological question arises whether and how legal norms affect people's behavior. These are studies of the actual application and compliance with the law in society, its recognition by judges and citizens.

Analytically, it is about examining the legal language, the structure of the legal norms and the structure of the legal system.

From a normative point of view, it deals with the concept of law itself, its validity and the methods of applying law.

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explanation:

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i think it can have both positive and negative effects on businesses.

for example:

lets say you own a small business and taxes go up 4% that means it is going to cost your business more money to buy product to sell. but at the same time you make more money from the tax rise.

that is my theory.