Function and Role of Law in Business and Society
Abstract
This paper will define the functions and roles of law in both business and society. Giving examples of such relationships from past and future experiences from the author pertaining to current and past job or industry. While it is beyond the scope of this research paper to do a complete analysis of all the laws and functions pertaining to business and society we will cast a broader look at the significant points that can add value to the paper.
Functions of Law in Business and Society The Merriam-Webster dictionary gives a definition of law as “a rule of conduct or action prescribed or formally recognized as binding or enforced by a controlling authority” (Mirriam-Webster, 2012), thus we infer that the controlling authority in the context of this paper is either the federal or state government and its lower portions in the legal community. It is important to mention that most of the positions in the federal and state legal division of government are either officials that have been elected by citizens of the United States of America (i.e. District Attorneys, Judges, etc.) or qualified candidates that have the appropriate qualifications to meet the criteria as defined by job descriptions (i.e. board certified lawyers, trained investigators, etc.). Concerning the legal system in the United States of America (US), the main function of law is stated from the textbook, Business Law: The Ethical, Global, and E-commerce Environment, 13th Edition (Mallor, et al, 2007, p. 11), the most important functions of law include the following: 1. Peacekeeping. 2. Checking government power and promoting personal freedom. 3. Facilitating planning and the realization of reasonable expectations. 4. Promoting economic growth through free competition. 5. Promoting social justice. 6. Protecting the environment. While we have put to paper the functions of law, they have different roles for business and society. The needs of business laws
This paper will define the functions and roles of law in both business and society. Giving examples of such relationships from past and future experiences from the author pertaining to current and past job or industry. While it is beyond the scope of this research paper to do a complete analysis of all the laws and functions pertaining to business and society we will cast a broader look at the significant points that can add value to the paper.
Functions of Law in Business and Society The Merriam-Webster dictionary gives a definition of law as “a rule of conduct or action prescribed or formally recognized as binding or enforced by a controlling authority” (Mirriam-Webster, 2012), thus we infer that the controlling authority in the context of this paper is either the federal or state government and its lower portions in the legal community. It is important to mention that most of the positions in the federal and state legal division of government are either officials that have been elected by citizens of the United States of America (i.e. District Attorneys, Judges, etc.) or qualified candidates that have the appropriate qualifications to meet the criteria as defined by job descriptions (i.e. board certified lawyers, trained investigators, etc.). Concerning the legal system in the United States of America (US), the main function of law is stated from the textbook, Business Law: The Ethical, Global, and E-commerce Environment, 13th Edition (Mallor, et al, 2007, p. 11), the most important functions of law include the following: 1. Peacekeeping. 2. Checking government power and promoting personal freedom. 3. Facilitating planning and the realization of reasonable expectations. 4. Promoting economic growth through free competition. 5. Promoting social justice. 6. Protecting the environment. While we have put to paper the functions of law, they have different roles for business and society. The needs of business laws
References: Mallor, J., Barnes, A., Bowers, L., & Langvardt, A. (2004). Business Law: The Ethical, Global, and E-commerce Environment, 13th Edition. Retrieved on October 8, 2012, from University of Phoenix Resource. Law - Definition and More from the Free Merriam-Webster Dictionary. Retrieved Oct 08, 2012, from http://www.merriam-webster.com/dictionary/law Sean, M. (2011). The Legal Environment of Business: A Managerial Approach. New York, New York: McGraw-Hill/Irwin.