Role and Functions of Law
February 25, 2014
The role and functions of law has a significant part in the operations of business and society. Its design ensures order, provides resolutions to conflicts, gives not only individuals, but also their assets a safe haven, maintains the structure of society, and protects municipal liberties. In order to create a safer life from those who are unjust. Furthermore, these laws create “duties, obligations, and rights that reflect accepted views,” (Melvin, p. 4, 2011) not only in society but also in business to provide justice for all.
The purpose of law in society has substantially evolved to produce consistency and fairness for the rights of individuals. The laws created are there to supply “ethical standards and expectations, while providing rules of conduct, measures to enforce those rules, and means for settling disputes.” (Bushman, 2007). However, legal mechanisms have been embraced in different ways all around the world. For example, there are different forms of government running certain countries and establishing laws that are deemed lawful. Granted not all types of governments hold the same views as to what is right or wrong when establishing laws. However, the majority of countries idea for creating rules and regulations to obey is to maintain order in society.
According to Melvin (2011) “for purposes of studying the impact of law on business, it is important to recognize that the law also serves as an important catalyst for commerce by promoting good faith dealing among merchants and consumers and giving some degree of reliability that can be considered in business planning and commercial transactions.” (pp. 4-5). Through the Uniform Commercial Code, (UCC), state and federal governments have set the standards for business law. In addition, business laws such as Title VII of the Civil Rights Act, and due to some Wall Street Scandals, laws like Sarbanes-Oxley...
References: Bushman, M. (2007). The Role and Functions of Law in Business and Society. Retrieved from http://voices.yahoo.com/the-role-functions-law-business-society-191823.html?cat=3
Melvin, S.P. (2011). The Legal Environment of Business. Retrieved from https://ecampus.phoenix.edu/content/eBookLibrary2/content/TOC.aspx?assetdataid=ba00b38d-2bb3-465c-b189-549fe15eedf4&assetmetaid=975f42c4-9d85-4785-93f4-867c4ee6986d.
Melvin, S.P. (2011). The Legal Environment of Business. Retrieved from https://ecampus.phoenix.edu/content/eBookLibrary2/content/TOC.aspx?assetdataid=ba00b38d-2bb3-465c-b189-549fe15eedf4&assetmetaid=975f42c4-9d85-4785-93f4-867c4ee6986d
Sexual Harassment. (n.d.). Retrieved from http://www.eeoc.gov/laws/types/sexual_harassment.cfm
Under the Table Pay Is Unacceptable. (n.d.). Retrieved from http://www.businessweek.com/debateroom/archives/2009/07/under-the-table_pay_is_unacceptable.html#share
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