Law 421 Week 1

In: Business and Management

Submitted By chasebaty
Words 564
Pages 3
Law in Business and Society Name LAW/421
Prof
March The functions and role of law in business and society is something that people don’t put much thought into, but it is used on a daily basis in the workplace. I will discuss these functions and how they relate to business and society thru my personal experiences as well as providing textbook definitions as well. A society that runs efficiently is one that allows laws to regulate social behavior. Laws will also provide ethical standards and expectations as well as providing rules of conduct. They also provide measures to enforce rules and means for settling disputes as well. According to “The Role And Functions Of Law In Business And Society” (2013), “Other functions of law include; peacekeeping: checking government power and promoting personal freedom; facilitating planning and the realization of reasonable expectations; promoting economic growth through free competition; promoting social justice; and protecting the environment.” Commerce would likely collapse if we did not have these laws to govern actions of people and businesses. Laws are broken down into a variety of different types. The different types are constitutions, common law, statutes, executive orders, ordinances, and treaties. A constitution law is the overriding law. This establishes if a certain law will be federal or state. Common law is based on previous court decisions. This law helps lawyers determine the best course of action to take when given a case. Statute law is enacted by elected representatives. Treaties are contracts between two states or countries. These are very common for our Armed Forces when serving overseas. An ordinance is a law between counties or municipalities and executive orders are laws…...

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