Contemporary Business Law
Individual Assignment: Role and Functions of Law Paper
Laws are set by government to create a better society and business transactions. Laws are created and do force us to give some our freedom to be able to live in a safe environment and feel comfortable to make transactions. Through Laws it helps adjust social behavior, which allows society to work effectively. Laws also are put forth to have ethical standards in society and business, so that no one takes advantage of another person. Our forefathers set business Laws in the constitution in varies ways.
In the constitution, our forefathers set society rules to ensure that no one would believe they were better than another therefore leading into a monarchy. The constitution also set laws on trading and billing on imports and exports. It also allows for states and federal laws to have their own rules depending on the states economy and the country economy as a whole.
Statutes and Common Law are one of the laws that were set forth by the constitution. A statute is a law that enacted by elected representatives of the legislative branch of government. This allows for the representative to introduce new ideas to the government. A common law, however, is based a decision made by a decision based on prior court case.
Treaties, ordinances, and executive orders are laws enacted by ether the president or countries to make standards in trading. Treaties are countries due to an issue make up contracts from war or previous trades. Countries make ordinances laws. The presidents and governors pass executive laws.
Classification of laws allows for laws to be place and understood by the proper organization they correspond to: Criminal and civil laws, substantive and procedural law, and public and private law.
Commerce laws are set forth to regulate Commerce among the several states,” the commerce laws states “States are free to regulate commerce so long as (1) it does not...