June 15, 2015
Role and Functions of Law
Purposes of law are to provide for some system of order that defines crimes and levies punishment for violation of the crimes; the government to protect the people creates laws. Laws are considered a structure of rules that are imposed through social institutions with the attempt to ensure consistency and fairness. Then there are courts; a court is a tribunal that has the mandate of passing legal judgments between various disputing parties, and ensuring the administration of justice in criminal, administrative and civil issues in accordance with the rule of law.
Laws enhance economic growth by allowing free competition among businesses that exists in a given state. These provisions of free competition encourage businesses to adopt necessary competing strategies such as producing high-quality products or services. The law protects businesses from unfair competition through inspecting the quality of most produced products, and regulating their market prices. Laws also protect businesses from incurring unnecessary losses after a breach of contract. Consecutively, laws protect businesses from adverse activities such as robbery and corruption, through ensuring the perpetrators of such vices are prosecuted and punished (Bushman, 2007). Working in the Advertising industry having certain paperwork completed between our agency and a vendor is extremely important. Since we work with several clients and don’t want their or our information given out we always request for a Non-Disclosure Agreement (NDA) to be completed and signed before discussing any business with potential partners. There are times that vendors don’t necessarily agree and make some revisions but before we sign the dotted line the changes requested must be reviewed by our legal team. Being able to work hand in hand with our counsel results in better strategic business decisions that add value
References: Melvin, S. (2011) The Legal Environment of Business, A Managerial Approach: Theory to Practice ISBN 9780073377698 Find Law, retrieved from http://litigation.findlaw.com/legal-system/federal-vs-state-courts-key-differences.html Bushman, M. (2007). The Role and Functions of Law in Business and Society. http://www.associatedcontent.com/article/139783/the_role_and_functions_of_law_in_business.html Patrick, J., J., ed, (2001). Judicial review, The Oxford guide to the United States government. Oxford University Press. ISBN 978019514273-0.