Functions and Role of Law in Business and Society
April 3, 2013
The Importance of Law
Law such a small word with so much meaning. It’s the body of rules of action or conduct prescribed by controlling authority, and having legal binding force (Melvin, S.P., 2011). This word in business and society helps promote and maintain order. Without having any laws, rules or regulations people would feel free to do what they want without any repercussions, punishment or any type of enforcement. Imagine a society or business without law, how could you run it and what would be considered a violation. This is difficult to imagine.
Society now is quick to place people in jail or some type of incarceration to remove them from society for breaking the law (Morreaux 2011). This happens now more so than previous years, this is due to so many laws changing or being placed after some tragedy has occurred. For example, the O.J. Simpson case, after the tragic death of Nicole Simpson and Ronald Goldman, Domestic Violence law was forever changed and approached differently by prosecutors. As far shootings in elementary schools and high schools, more laws are being placed and changed to ensure children are receiving the proper treatment for mental health problems. Law takes place in almost everything we do, like driving. Stop signs and lights in intersections are there in place to protect each driver from getting into a car accident. Drunk Driving under the Influence (DUI’s) would not exist and more deaths would probably occur. Life would definitely be different for everyone if laws did not exist. In the Unites States businesses and individuals are regulated with a combination of constitutional law, statutory law, common law, and administrative law at the federal and state level (Melvin, 2011). Working in the Banking Industry we have many laws to abide from to ensure the protection of consumers. Some of the laws include, the Bank Secrecy...
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