Functions of Law
Functions of Law
Law performs many functions and plays a central role in business and society. Melvin (2011) stated "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). Law is comprised of statutes and precedents, leading to rules that tell us how to act in business and society. Law continues to grow and expand and is open to reason and interpretation.
There are several types of law: constitutions, statutes, common law, equity, administrative regulations and decisions, treaties, ordinances, and executive orders. Constitution is the fundamental law of a nation, state, or society that establishes the authority and responsibility of the government and assures the people's rights. A statute is a law enacted by government. Melvin (2011) stated “Common law is essentially law made by courts; that is, law that has not specifically been passed by the legislature, but rather law that is based on the fundamentals of previous cases that had similar facts.” (p. 10). Common laws are not covered by statutes and are set by judges on a case-by-case basis. Equity is a jurisprudence modifying common law for unfair consequence. Administrative regulations and decisions are laws established by an administrative agency, which is an unelected government. Treaties are agreements made between governments that overrule statutes. Ordinances are local laws enacted by subordinate units of government, such as counties or municipalities. Executive orders are laws issued by executive government officials. These types of law cover many classifications but range in power. Treaties override statutes. Statutes override administrative regulations and decisions. Administrative regulations and decisions override common law. Constitutions override all laws within their sphere of influence.
Law is more deeply explained through classification. There are three common classifications of
Law performs many functions and plays a central role in business and society. Melvin (2011) stated "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). Law is comprised of statutes and precedents, leading to rules that tell us how to act in business and society. Law continues to grow and expand and is open to reason and interpretation.
There are several types of law: constitutions, statutes, common law, equity, administrative regulations and decisions, treaties, ordinances, and executive orders. Constitution is the fundamental law of a nation, state, or society that establishes the authority and responsibility of the government and assures the people's rights. A statute is a law enacted by government. Melvin (2011) stated “Common law is essentially law made by courts; that is, law that has not specifically been passed by the legislature, but rather law that is based on the fundamentals of previous cases that had similar facts.” (p. 10). Common laws are not covered by statutes and are set by judges on a case-by-case basis. Equity is a jurisprudence modifying common law for unfair consequence. Administrative regulations and decisions are laws established by an administrative agency, which is an unelected government. Treaties are agreements made between governments that overrule statutes. Ordinances are local laws enacted by subordinate units of government, such as counties or municipalities. Executive orders are laws issued by executive government officials. These types of law cover many classifications but range in power. Treaties override statutes. Statutes override administrative regulations and decisions. Administrative regulations and decisions override common law. Constitutions override all laws within their sphere of influence.
Law is more deeply explained through classification. There are three common classifications of