Roles and Functions of Law in Business and Society

Topics: Law, Criminal law, Private law Pages: 3 (914 words) Published: May 12, 2008
Roles and Functions of Law in Business and Society
Introduction
William O. Douglas said, “Common sense often makes good law.” Well that is what laws essentially are, rules and regulations that make sure common sense is followed. One could even say that laws are enforced ethics. Laws serve several roles and functions in business and society, and this paper will discuss those roles and functions. What is law?

According to Reference.com (2007), law is defined as: “rules of conduct of any organized society, however simple or small, that are enforced by threat of punishment if they are violated. Modern law has a wide sweep and regulates many branches of conduct.” Essentially law is the rules and regulations that aid in governing conduct, handling disputes, and dealing with criminal actions. Roles of Law

The law serves many roles in business and society. Where this is most apparent is in its three classifications: 1.Criminal and Civil Law – Criminal law is the law through which public commitment of crimes are prosecuted by governing bodies, whereas civil law is the law through which private parties may bring lawsuits against one another for real or imagined wrongdoings. E.g. criminal law would deal with the prosecution of a crime such as one person hitting another with their car, and civil law would deal with the lawsuit, as the person hit would sue the driver of the car for monetary compensation. 2.Substantive and Procedural Law – Substantive laws are the social rights and duties of people, and procedural law are guidelines through which government bodies or courts deal with breaches in substantive law. E.g. substantive law would state that hitting someone with a car and driving off is a crime, while procedural law would define how the courts could try and sentence in the case. 3.Public and Private Law – Public law is the framework of guidelines defining the relationship between the government and individuals, and private law is the guidelines through which...

References: Bushman, M. (2007). The Role and Functions of Law in Business and Society. Retrieved on April 30, 2007, from http://www.associatedcontent.com/article/139783/the_role_and_functions_of_law_in_business.html
Mallor, J., Barnes, A., Bowers, L., & Langvardt, A. (2004). Business Law: The Ethical, Global, and E-commerce Environment, 13th Edition. Retrieved on April 24, 2007, from University of Phoenix Resource.
Reference.com. (2007). Law. Retrieved on April 30, 2007, from http://www.reference.com/search?q=law
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