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The Functions And Role Of Law In Business

774 words - 4 pages

Law performs many functions and plays a central role in business and society. Law is a small word that can be defined in many ways. According to the dictionary, the first definition of law is "a rule of conduct or procedure established by custom, agreement, or authority". Law is comprised of statutes and precedents, leading to rules that tell how to act in business and society. Law continues to grow and expand. Law is open to reason and interpretation. The word is small but the implications of the word are vast.There are several types of law: constitutions, statutes, common law, equity, administrative regulations and decisions, treaties, ordinances, and executive orders. Constitution is the ...view middle of the document...

, 2003). Criminal law is used when a person breaks the law, committing a crime against the public. Civil law is used when a person sues another person, privately. For example, a murder trial would be criminal law. The result could be jail time for the defendant. A wrongful death trial would be civil law. The result could be monetary damages awarded to the plaintiff. Substantive law is law based on statutes. Procedural law sets the rules for how laws must be enforced. Public law serves the laws of government, such as constitutional law. Private law involves legal rules over parties, including contract and property law. These classifications are common and cover the different types of law but one type of law can be classified in multiple ways (Mallor, et al., 2003).Law is constantly changing and evolving but serves several constant roles in society. One of the most important functions of law is peacekeeping. Laws, such as criminal and laws, serve to resolve disputes between parties. Another function of law is to check government power and promote personal freedom through constitutional restrictions. Laws also assist in the facilitation of planning and realization of reasonable expectations using contract law....

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