Laws are the principles and regulations established, whether in the form of legislation or policies recognized and enforced by judicial decision ("Dictionary.com", 2014). In general, laws serve some main functions such as: provide safety for individuals and their assets, resolve conflicts, and protect civil liberties. In our society and business there are laws that have been created as a body of rules that we must follow. It regulates a lot of what we think and do, though some may not be as obvious as others. It is assumed that, each act we partake in is accompanied by the express consideration of a law or societal rule, and as so, we proceed accordingly.
Law plays a significant role in the successful operation of business and society. Laws regulate social behavior, which leads to a society that runs efficiently. Many laws provide ethical standards as well as expectations. We started with the constitution, which establishes the fundamental principles of a government at the state and federal level. This includes creating the branches of the government, preventing other governmental units from passing certain laws, and bestowing and refusing certain powers to each branch. The U.S. Constitution is the Supreme Law of the US. In addition to setting out the structure of the three branches of the Government (Executive, Judicial, and Legislative) it also establishes the powers that each of those branches have and the limitations of the functions of the Government. Those branches of the Government create the laws in which we live by. The Legislative Branch establishes laws by passing bills. The Executive Branch (President) may sign legislation passed by Congress into law or may veto it, preventing it from becoming law unless two-thirds of both houses of Congress vote to override the veto. Finally, the Judicial branch will interpret laws, there interpretations effectively form the bounds of the law. Often times the Judicial Branch will
References: Dictionary.com. (2014). Retrieved from http://dictionary.reference.com/browse/law Melvin, S. P. (2011). The legal environment of business A managerial approack. Retrieved from The University of Phoenix eBook Collection database.