University of Phoenix/Axia
Law/421 – Contemporary Business Law
Role and Functions of Law Paper
The word law is defined as a system of principles and regulations of ethics and rules in order to keep people and also things in line, a set of rules of conduct. There are many functions of law in business and in society. Without the functions of laws many companies, etc. could and would not survive. Law is very valuable within businesses. Businesses have to have law because it is used as a protective shield for the companies. Without laws, companies could have lawsuits placed on them. So laws are put into place to help avoid as many lawsuits as possible. A majority of companies have a set of lawyers to take care of their legal issues. Arbitration has become a key for companies to use to try and keep lawsuits from happening usually regarding employees. This law helps things to be done without going to court and keeping lawsuits down. In order to keep the liabilities down legally with the sale of a company’s services or goods, they use their legal advisories when making such decisions. If there are changes to be made within an agreements, etc., then the legal team can take care of this and is in the position of letting a company know when changes have been made with the legal documents or contracts to ensure that they are meeting the current laws. The role of law in business is to make sure that the company is being run in an ethical way. Business laws are put together ensure that things are done in a fair way. Another role of business law would be to keep inventions, trademarks, etc. from being stolen. So a company has to have the contract law in place for these types of things were they cannot be stolen. The function of law in society would be to maintain the control of the public. The function of law in society is to make sure that things are going smoothly within the public....