Grace N. Lockhart
July 31, 2012
Role and Functions of Law
In week one the objectives were to define the functions of law in society and to define the role of law in business. Law in society is the regulation of social behavior. Laws play an essential role in the success of society and businesses. Laws in which a society operates efficiently regulate most social behavior. Laws are an essential part of any successful society. This includes the businesses within these societies. The laws within a society direct social behavior. Ethical standards and expectations are also supplied through different laws. These rules and laws of conduct also include measures to assist with enforcement and how to settle any conflict that may arise. Laws provide rules for personal conduct, set ethical standards, and expresses social expectations. It is very important to understand that in the absence of laws to govern people’s actions in society and businesses, society cannot function effectively and commerce would most likely fail. These laws and rules of conduct also conclude assistance with enforcement and how to settle conflicts that may arise. Some other functions of the law are checking government power, peacekeeping, facilitating planning, promoting personal freedom, and promoting social justice, (Mallor, Barnes, Bowers, and Langrardt).
The role of law in business is a complex mixture of state, federal, and municipal statutes. The business laws must work together to ensure fairness and predictability. Property rights are protected so competition is encouraged. Whether a company transaction involves the sale of a car, or complicated billion dollar record deal, the law provides a way for all individuals to interpret their obligation and duties. According to Reference.com (2007), law is defined as: “rules of conduct of any organized society, however simple or small, that are enforced by threat of...