Role and Functions of Law Paper
Business law has a major influence in the success of business operations and society. These laws standardize social conduct to ultimately create a society that functions professionally and efficiently. The laws that surround business support ethical standards and expectations that deliver codes of conduct, methods to enforce the codes of conduct, and a system for settling disputes. It is essential to emphasize that without laws to oversee the actions of individuals and businesses, a functional of society would not be attainable. Contrary to society’s belief that the United States overall functions of business law seem to be easy enough for individuals to interpret, the functions of this legal system are very complex. Business law is classified into numerous diverse systems, which include criminal, civil, substantive, procedural, public, and private laws (Mallor, 2005). The functions of these laws assist in preserving social and business order. The functions of these laws include peacekeeping, checking government power, promoting personal freedom, facilitating planning, the realization of reasonable expectations, promoting economic growth through free competition, promoting social justice, and protecting the environment (Melvin, 2011). The roles of the laws and the functions of the laws are vital to the success of a business and society. These business laws and functions are applied in business settings traditionally. One of the most common procedures used in business settings is the code of conduct. A businesses code of conduct is a, “Set of conventional principles and expectations that are considered binding on any person who is a member of a particular group” (The Free Dictionary by Farlex, 2012). A businesses code of conduct needs to include the company’s ethical principles, values, accountability, standard of conduct, standard of practice, and disciplinary actions. A code of conduct is an essential management tool...
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