Role and Function of Law
To define the functions and role of law in business and society, we must first find out what the definition of law is. Merriam-Webster’s Online Dictionary gives us the following definition. Law is defined as “a binding custom or practices of a community: a rule of conduct or action prescribed or formally recognized as a binding or enforced by a controlling authority” (Merriam-Webster, Inc. (2009)1. In a free market system, business law plays an exceptionally important function in the business environment. Companies rely on the enforcement of law to protect their business interests while conducting operations within their workplace. Federal, state and local court systems can help these companies to enforce contractual obligations and ensure that the companies do not face lawsuits from consumers, vendors and suppliers, while also facing a complex web of state, federal and municipal statutes. These by-laws can work together to ensure fairness and predictability.
There are several functions of law, but there is only one role. The role of law in society and in business is to be the keeper of order and set rules that these two entities are expected to follow, so that there can’t be no mistake on what is right and wrong. Based on this, we can determine whether they have broken the law, how to make the decision when to punish someone and how they will be punished. Essentially, the law is the gatekeeper between right and wrong, and those who are in charge to uphold it must take their jobs seriously, unless they themselves become corrupted by power and find ways to break the law.
Law plays a huge role in everyone's life and provides a solid structure for us to be successful as a society. Law shapes the lives of individuals and businesses in many different ways. Absence of a strong legal system would provide many opportunities for different types of criminal acts to take place and would make everyone as well as businesses in our...
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Law and Society. (2012). Retrieved from http://cyber.law.harvard.edu/bridge/LawSociety/html
Vitez, O. (2012). What is the Function of Law in Business? Retrieved from http://ehow.com/about_6376700_function-law-business_html
Merriam-Webster, Inc. (2009)1. Retrieved from http://www.merriam.webster.com
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