I would have to say "NO." Also, I have read over some of the answers posted and a few of them keep referring to attorneys. There is a big difference between the overview of what is taught in "business law" and the legality and application of a "JD Degree" as held by an attorney.

I would highly recommend that any individual who owns or who is considering operating their own business to take a "business law" course.

Just to refresh, a basic "business law" course basically covers:

            the legal system and how it can influence the way a business is structured and operated

            Contracts and sales

            Contemporary workplace issues 

           Intellectual property laws 

            Real estate laws 

            Business ethics and corporate responsibility 

            Labor and employment laws 

These are the subjects that I would strongly advise any individual who is considering opening or starting their own business to take and have at least a basic awareness of.