Roles and Functions of Law in Business and Society Essay

Roles and Functions of Law in Business and Society Introduction William O. Douglas said, â€Å"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: â€Å"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,†¦show more content†¦These three classifications of law affect both business and society, through not only the guidelines defining what is and is not a crime, but also through protection for both. The examples above talked about a car hitting an individual. If it were taken one step further and the car belonged to a business, there are laws in place safeguarding the culpability of the business from the incident since though it is a company car, the company itself was not driving it. Instead the driver and only the driver would be the one at fault, and the victim would have only the driver to seek compensation or prosecution against. Functions of Law Whether it is corporate, personal, or societal, laws are created to protect the interests of the masses. According to the textbook, Business Law: The Ethical, Global, and E-commerce Environment, 13th Edition (Mallor, et al, 2007, p. 11), the most important functions of law include the following: 1. Peacekeeping. 2. Checking government power and promoting personal freedom. 3. Facilitating planning and the realization of reasonable expectations. 4. Promoting economic growth through free competition. 5. Promoting social justice. 6. Protecting the environment. These functions of law protect the interests of individuals and businesses through a system of rules, enforced by governing bodies. These systems of rules, as listed byShow MoreRelatedThe Functions and Role of Law in Business and in Society684 Words   |  3 PagesFunctions and Role of Law in Business and Society Law plays an important role in the creation and maintenance of a just and orderly society. In the absence of law, anarchy would most likely prevail. It is also important to note that to a large extent, law regulates and guides the interactions humans have in their day to day undertakings be it in business or in other aspects of their daily lives. In seeking to highlight the key functions and role of law in business and society, it would be prudentRead MoreThe Functions and Role of Law in Business and Society: Case Study of Cipollone vs. Liggett Group Inc677 Words   |  3 Pagesdefine the functions and role of law in business and society. 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