Role of Functions Law Paper

Topics: United States, United States Congress, United States Constitution Pages: 3 (862 words) Published: January 19, 2015

Role and Functions of Law
Sara Winstead
December 22, 2014
Safiya Byars
Role and Functions of Law
The role of law functions in everyday business transactions and the surrounding societies. Melvin (2011) stated, “Law is a body of rules of action or conduct prescribed by controlling authority and having legal binding force” (p. 4). Role of law in a business and society are the same however can impact businesses differently. Kelly and Associates Insurance Group are compliant with many state and federal laws. Functions of Law

Legal terms are often referred to as jargon or legalese. Law creates duties, obligations and rights that reflect accepted views of society. The U.S. Constitution includes the preamble, seven articles, and 27 amendments. The function of law is to establish a structure of federal government to settle disputes by establishing rules. Separating of powers to maintain the order and resolve disputes, and protecting the liberties and the rights of the people. Most of the U.S. laws are set forth by the first three articles in the U.S Constitution containing the legislative branch, the executive branch, and the judicial branch. Role of Law in Business and Society

The Sarbanes-Oxley Act of 2002 is an example of a recent role of law for public companies performing business. The main purpose of this act is to prevent fraudulent business activity. Internal controls established so one employee, who receives a bill and enters the invoice, should not be the same employee creating the check, signing it and mailing it out. The Sarbanes-Oxley Act passed as a law due to the scandals at Enron and WorldCom. These companies both filed bankruptcy, as they revealed that their financial reports were fraudulent. The function of law in society is to protect the liberty of the people. In chapter 2, case 2.1 Cipollone v. Liggett Group Inc. Cipollone filed suit against Liggett violation of New Jersey consumer...

References: Melvin, S. P. (2011). The Legal Environment of Business. A Manageriel Approach: Theory to Practice. McGraw-Hill Company.
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