Law 421 Week1 Individual Assignment
The Function and Role of Law in Business and Society
LAW 421
Name
Date
Instructor
The Function and Role of Law in Business and Society Law is the defined as the body of rules of action or conduct prescribed by controlling authority, and having legal binding force. In simplified terms Law is the body of rules, or regulations, that create duties and rights within a widely accepted viewpoint within society. Everyone will not always agree to what is right and wrong. Therefore, the law not only outlines the rules by which we must abide, it also provides the guidelines by which government must enforce the law. While the purpose of law, in general, is to promote structure and fairness in society; business law is designed to keep good faith dealings among merchants and consumers. Without law in business, there would be no structure to prohibit people from taking advantage of others. Business law is necessary in making people feel secure in doing business and fuelling our society’s economy. There are various applications and functions of law in both society and in business.
According to Melvin (2011), “modern law in the United States regulating businesses and individuals is generally a combination of constitutional law, statutory law, common law, and administrative law at the federal, state and local levels”(p. 8). These are the primary & secondary sources of the law. Constitutional law is the foundation for which all laws in the United States are based. Constitutional law outlines the primary basis for which society is to be protected. Statutory law is created by the legislative body and either approved or denied by the executive branch of the government. Congress is responsible for creating bills, or suggestions for laws, that will passed at the Federal level. Laws can be created and passed at the state level as well by the state legislature. State level laws could include laws that effect society,
LAW 421
Name
Date
Instructor
The Function and Role of Law in Business and Society Law is the defined as the body of rules of action or conduct prescribed by controlling authority, and having legal binding force. In simplified terms Law is the body of rules, or regulations, that create duties and rights within a widely accepted viewpoint within society. Everyone will not always agree to what is right and wrong. Therefore, the law not only outlines the rules by which we must abide, it also provides the guidelines by which government must enforce the law. While the purpose of law, in general, is to promote structure and fairness in society; business law is designed to keep good faith dealings among merchants and consumers. Without law in business, there would be no structure to prohibit people from taking advantage of others. Business law is necessary in making people feel secure in doing business and fuelling our society’s economy. There are various applications and functions of law in both society and in business.
According to Melvin (2011), “modern law in the United States regulating businesses and individuals is generally a combination of constitutional law, statutory law, common law, and administrative law at the federal, state and local levels”(p. 8). These are the primary & secondary sources of the law. Constitutional law is the foundation for which all laws in the United States are based. Constitutional law outlines the primary basis for which society is to be protected. Statutory law is created by the legislative body and either approved or denied by the executive branch of the government. Congress is responsible for creating bills, or suggestions for laws, that will passed at the Federal level. Laws can be created and passed at the state level as well by the state legislature. State level laws could include laws that effect society,
References: Melvin, S.P. (2011). The Legal Environment Of Business- A Managerial Approach. . Retrieved from The University of Phoenix eBook Collection database.