Preview

Role and Function of Law

Better Essays
Open Document
Open Document
946 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Role and Function of Law
The Role and Function of Law
James Williams
Law/421
January 7, 2012
Gail B. Jabber

Role and Functions of Law According to Melvin (2011), “A generally accepted generic definition of the law is a body of rules of action or conduct prescribed by controlling authority, and having legal binding force” (p. 4). The scope of modern law is broad with tentacles that reach into every area of public and private dealings. Essentially law furnishes a process by which the rulings and directives to regulate certain behaviors, disagreements, plus unlawful acts are available to individuals for use in resolution of disputes and to enforce promises. Law weaves into practically every aspect of the daily activities of businesses as well as individuals within the society. The evolution of law from basically a way to protect property rights to the intricate and complex system it has become is astounding. The research will examine the numerous roles and functions of law in relation to business and society. Laws govern many facets of business. They regulate—business operation, environmental standards, treatment of employees, workplace requirements—to name a few. The broad design of the law is to discourage against predatory business practices and to protect the consumer from fraudulent advertising or receiving inferior products as well as provide remediation to victims when necessary. To accomplish this, the federal as well as state governments have policing powers to enforce the rules a society chooses to govern itself. This law incorporates into the fabric of the society. For example, there are federal and state laws that control e-business commerce plus international business dealings. Congress derives its power to regulate the flow of commercial activity along interstate and intrastate highways likewise railways together with the vehicles that transport the goods from the commerce clause. The application of these powers varies. According to Melvin (2011),



References: Melvin, S. P. (2011). The legal environment of business: A managerial approach: Theory to practice. New York, NY: McGraw-Hill/Irwin. Azria, S. M. (2008). Wills, Trusts, Estates & Taxation. Wills, Trusts, Estates & Taxation -- Research Starters Business, 1. Bednar, J. (2006). Making Dollars and Sense. Businesswest, 23(5), 18. Boden, D. (2008). How to take (legal) action. International Financial Law Review, 27(5), 96-99. Flynn, S. I. (2008). Business Estate Planning. Business Estate Planning -- Research Starters Business, 1.

You May Also Find These Documents Helpful

  • Powerful Essays

    References: Anderson, K. E., Pope, T. R., & Kramer, J.L., 2010, Prentice Hall’s Federal Taxation 2010: Corporations, partnerships, estates, & Trusts, 23rd Ed, Upper saddle River New Jersey, Prentice Hall…

    • 642 Words
    • 3 Pages
    Powerful Essays
  • Satisfactory Essays

    For the past several weeks, BJSMC conducted a comprehensive estate plan providing a structural outline of our client’s, Scott, estate opportunities and limitations subject to specific request. Our client provided us with the following scenarios:…

    • 780 Words
    • 4 Pages
    Satisfactory Essays
  • Satisfactory Essays

    LAW421 Week 1 Assignment

    • 798 Words
    • 3 Pages

    The functions of the law and role of decision makers in business and for society are critical aspects for all issues that arise and require justification toward tolerance in a diverse country. The basic functions of the law are taxation, competition, intellectual property, employment and environmental law and create from a three party-system of government, the legislative branch, executive branch and judicial branch. Each department or areas carry a set of rules and regulations that are govern. These branches limit the power or authorization and commence the power of congress that impacts both businesses and society on a daily basis. CEO, executives and managers roles are critical and before making decisions, each decision maker must make certain that they are within guidelines of the law. The business laws are in place to protect the business entity from any fraudulent or poor decisions that would fail the business and create unlawful acts.…

    • 798 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Business law involves a multiple variety of state, federal, and government legislatures and statues. The laws make it possible to do business transactions as well as other necessary achievements.…

    • 630 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Section 351 Tax Essay

    • 1573 Words
    • 7 Pages

    Cited: (2) Hoffman, Raabe, Smith, and Maloney. Corporations, Partnerships, Estates and Trusts. N.p.: South-Western, 2012. Print.…

    • 1573 Words
    • 7 Pages
    Powerful Essays
  • Satisfactory Essays

    Melvin, S. P. (2011). The legal environment of business: A managerial approach: Theory to practice. New York, NY: McGraw-Hill/Irwin.…

    • 427 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Law/421 Week 1

    • 898 Words
    • 3 Pages

    References: Bushman, M. (2007). The Role and Functions of Law in Business and Society. Retrieved from http://www.associatedcontent.com…

    • 898 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Law 421- Role Functions

    • 738 Words
    • 3 Pages

    Everything that we do in life has some sort of law attached to it and we as citizens have a role. For most average citizen, every day is just like any other day. We tackle our day with the things we need to do like go to work or doing our daily errands. These daily tasks are performed without the law ever crossing our minds. Although we abide by the rules and laws, we sometimes forget that we are doing it. For example, driving to the store seems like a simple task but it actually consists of several laws that we must follow. First, we must obey traffic laws and once we are in the store, there are laws in place to keep the shopping experience safe. Even the swipe of a credit card has several laws attached to it. The roles and functions of law in business and society are made to make our lives safer and fair.…

    • 738 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Law is a necessity in business and society. Law has been defined as “A body of rules of action or conduct prescribed by a controlling authority and having legal binding force” (Melvin, p. 4, 2011). Laws are essentially common sense or ethical standards that are enforced. Without laws, society would depend on all to be ethically and morally sound, but even then, there would still need to be laws to protect those that need to be protected. What is good for a company may still infringe on an individual, a group, and/or environmental rights.…

    • 851 Words
    • 4 Pages
    Good Essays
  • Better Essays

    Roles and Functions of Law

    • 1035 Words
    • 3 Pages

    In the United States our laws have been designed to cover our society and our businesses. Our four fathers incorporated the constitution which is a considered a map or a direction which has led to the design of the laws that are currently in place. While there are many sources of American law, the common characteristic of the current state of law is that it creates duties, obligations, and rights that reflect accepted views of a given society (Melvin, Chapter 1, 2011). The functions and the role of law in a society are to regulate social behavior, rules of conduct, ethical standards, and a means of settling disputes. There are other functions of law that are beneficial to society, keeping government power to a limit, promoting social justice and personal freedom. In a society laws are created and enforced by our government, the types of law that affect us as a society are Civil law which are designed to compensate parties (including businesses) for losses as a result of…

    • 1035 Words
    • 3 Pages
    Better Essays
  • Good Essays

    Law is the defined as the body of rules of action or conduct prescribed by controlling authority, and having legal binding force. In simplified terms Law is the body of rules, or regulations, that create duties and rights within a widely accepted viewpoint within society. Everyone will not always agree to what is right and wrong. Therefore, the law not only outlines the rules by which we must abide, it also provides the guidelines by which government must enforce the law. While the purpose of law, in general, is to promote structure and fairness in society; business law is designed to keep good faith dealings among merchants and consumers. Without law in business, there would be no structure to prohibit people from taking advantage of others. Business law is necessary in making people feel secure in doing business and fuelling our society’s economy. There are various applications and functions of law in both society and in business.…

    • 775 Words
    • 4 Pages
    Good Essays
  • Better Essays

    Business Law

    • 1980 Words
    • 8 Pages

    Laws are as ancient as civilization. They are necessary for the common good and for the welfare of society. Black’s Law Dictionary, as quoted by Melvin (2012), defines law as a “body of rules of action or conduct prescribed by controlling authority, and having legal binding force”. In other words, laws are rules of behavior that are legally binding and are enforced by controlling authority. Laws affect every aspect of our lives but most of the time we are not aware of them. We pay our taxes, observe the speed limit, and avoid stealing, without having a sense of being watched. Honesty and truthfulness are natural for most people. However, laws protect the rights of individuals and business entities and allow for compensation when injury has been inflicted.…

    • 1980 Words
    • 8 Pages
    Better Essays
  • Good Essays

    The role of law in business and society plays a critical role and has both moral and ethical implications. Businesses laws help regulate business and social behavior in the marketplace and provide an ethical compass for businesses and consumer to follow. This is accomplished by providing the laws on a federal and state level to govern our actions and provide guidelines for conflict resolution.…

    • 885 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Law 421: The Role Of Law

    • 1025 Words
    • 5 Pages

    Laws are “the body of rules or principles, prescribed by authority or established by custom, that a state, community, society, or other group recognizes as binding on its members” (Ferguson Publishing, 1999, p. 105). The purposes of laws are to maintain peace and order, to define the rights of citizens, to secure justice, to harmonize conflicting interests, and to provide means for punishing wrongdoers. Laws are applied and interpreted by courts. The courts do not seek out law-breakers but hear only those cases brought before them by private citizens or by the executive branch of the government. The enforcement of laws, therefore, is an administrative, rather than judicial function.…

    • 1025 Words
    • 5 Pages
    Good Essays
  • Satisfactory Essays

    | * SPEAKER: PAUL HATTENHAUER JD CPA, Estate Planning Attorney, http://www.ceclaw.com/partners/paul-hattenhauer * CH 8(Poza) - Financial Considerations and Valuation of the Family Business…

    • 4545 Words
    • 19 Pages
    Satisfactory Essays

Related Topics