define the functions and role of law in business and society. Be sure to properly cite at least two references from your reading.... I have done this. See below what I have so far, I am having problems finding the "role" information. I have to have at least 500 words and I think I have 249...
Law plays a significant role in the successful operation of business and society. Laws regulate social behavior, which leads to society that runs efficiently. Laws also supply ethical standards and expectations, while providing rules of conduct, measures to enforce those rules, and a means for settling disputes (Bushman, 2007)
According (Mallor, Barnes, Bowers, and Vangvardt, 2004) most lawmakers today treat law as a flexible tool or instrument for the accomplishment of chosen purposes. The most important functions of law are:
- Checking government power and promoting personal freedom
- Facilitating planning and the realization of reasonable expectations.
- Promoting economic growth through free competition.
- Promoting social justice
- Protecting the environment
There are three common classification of law, criminal and civil law, substantive and procedural law, and public and private law. It is important to note that the different classifications of law are not mutually exclusive (Mallor, Barnes, Bowers, and Vangvardt, 2004).
In conclusion, (Bushman, 2007) it is important to note that without laws to govern the actions of people and businesses, society would not be able to function effectively, and commerce would likely collapse.
Bushman, Melissa (07/02/10). The Role and Functions of Law in Business and Society. Accociated Content, 76, Retrieved 05/08/2008, from http://www.associatedcontent.com/article/139783/the_role_and_functions_of_law_in_business.html?page=2&cat=3
Mallor, J, Barnes, A, Bowers, L, & Langvardt, A (2004). The Ethical, Global, and E-commerce Environment (13th ed.). 2004: McGraw Hill.