The Product Law for Limits states that the limit of the product of two functions is equal to the product of their limits, provided that these limits exist. Mathematically, if $\lim_{{x \to c}} f(x) = L$ and $\lim_{{x \to c}} g(x) = M$, then $\lim_{{x \to c}} [f(x) \cdot g(x)] = L \cdot M$.