The Roles and Functions of Law
There are many different functions and roles of law in the business society. The business law is a common set of rules which presides over businesses. These rules ensure the social functions in peacekeeping, checking government power and promoting personal freedom, facilitating planning and realization of reasonable expectations, promoting social justice, and protecting the environment. Peacekeeping may be one of the most important roles of law in the business society. These predetermined laws provide guidelines for proper conduct to ensure peace for all parties involved and the means to resolve disputes amongst conflicting parties. In today's society, the act of peace keeping is much more difficult then ever before and since the businesses are susceptible to civil and/or private disputes the predetermined business laws aid in remedying the disputes. When these disputes occur, the options are to follow through with a law suit (which can be time consuming and costly), or to use a form of alternative dispute resolution (ADR) such as an arbitration or a mediation. Through these methods, a desired outcome can be achieved for both of the parties involved. Checking government power and promoting personal freedom deals with constitutional restrictions. The government must question such things as whether businesses are able to hold the same rights in commercial speech as individuals have in freedom of speech. While deriving an answer, the government must look at the big picture and face difficult questions like whether they have a greater responsibility to protect the well being of the public or upholding the first amendment of free speech. The facilitating, planning, and realization of reasonable expectation deals with contract laws. A contract is a documented agreement which is recognized by the law as an obligated duty. When drawing up a contract there are four areas the attorney must keep in mind. 1) When and how the contract was...
References: Mallor, J. P.; Barnes, A. J.; Bowers, T.; Langvardt, A. W. (2004) Business Law: The Ethical, Global, and E-Commerce Environment, The McGraw-Hill Companies, Inc., New York, NY.
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