Rules of Law on Business and Society
Laws are an intrinsic part of our lives and are necessary for the common good and welfare of society. Black’s Law Dictionary, as quoted by Melvin (2012), defines law as a “body of rules of action or conduct prescribed by controlling authority, and having legal binding force.” In other words, laws are rules of behavior that are legally binding and are enforced by a controlling authority. Laws affect many aspects of our lives in ways that we may not even think about: we pay our taxes, observe the speed limit, and avoid stealing. Honesty and truthfulness are natural for most people. However, laws were created to protect the rights of individuals and business entities and allow for compensation when injury has been inflicted.
. When parties are found guilty of breaking the law, the courts typically order monetary compensation. They also have the authority to impose a particular order, for example, requiring a company to put a warning on label on a product. Laws also provide rules of conduct and ethical standards that regulate both business and society at large. Without these standards, society would not be able to run effectively. Law has been defined in many ways. A body of rules of action or conduct prescribed by a controlling authority, and having legal binding force (Melvin, p. 4, 2011) is one of the most generally accepted definitions. Essentially law provides a way of resolving disputes and dealing with individual who break the rules and regulations established by our government. The role of law plays a significant role In the operation of businesses. Laws provide rules of conduct and ethical standards that regulate both business norms and social behavior. Without these rules and standards, society would not be able to efficiently run and the business world would virtually end. Since American law is so diverse, business law is broken down into three categories:
• Criminal and Civil Law – These laws are of
. When parties are found guilty of breaking the law, the courts typically order monetary compensation. They also have the authority to impose a particular order, for example, requiring a company to put a warning on label on a product. Laws also provide rules of conduct and ethical standards that regulate both business and society at large. Without these standards, society would not be able to run effectively. Law has been defined in many ways. A body of rules of action or conduct prescribed by a controlling authority, and having legal binding force (Melvin, p. 4, 2011) is one of the most generally accepted definitions. Essentially law provides a way of resolving disputes and dealing with individual who break the rules and regulations established by our government. The role of law plays a significant role In the operation of businesses. Laws provide rules of conduct and ethical standards that regulate both business norms and social behavior. Without these rules and standards, society would not be able to efficiently run and the business world would virtually end. Since American law is so diverse, business law is broken down into three categories:
• Criminal and Civil Law – These laws are of