Functions of Law in Business and Society

...

a healthy symbiotic relationship.

Similarly, limited liability company members all understand their roles in relation to the business and other people within their organizations. When someone does something that’s against the law, there are legal consequences that he is liable to face and hence the best option most of the times is to try and avoid breaking the law.

The law also offers protection for property. If we never had protection for immaterial and intellectual property such as trademarks, copyrights or trade secrets. It would be extremely difficult to protect this nature of property if there were no rules in place to protect it. People would not have the motivation to generate or share new intellectual property if they did not have plausible anticipation of being able to guard or be rewarded for their innovation.

The roles of law provides guidelines for mostly everything one could encounter, both socially and professionally. The law provides for both rules for unacceptable things and crimes as well as the means by which to defend one’s self and/or challenge injustice. In a world whose population seemingly exceeds its size, without rules and regulations, it would make a perfect ground for criminal actions as well as atrocities.

As William O. Douglas says, “common sense makes good law”. While lawbreakers and the corrupt may not necessarily have common sense, leaving a huge task to governing bodies to protect innocent people from the criminals as well as protect the criminal from themselves.

Part Two

What is a statute in law?

A statute can be defined as “An act of a legislature that declares, proscribes, or commands something; a specific law, expressed in writing.”

It can also be defined as an authored law approved by a governing body on the state or federal level. Statutes lay out general proposals of laws that courts employ to specific situations. A statute may prohibit an act, direct an act, make an assertion, or describe governmental procedures to benefit the society.

A statute starts as a bill proposed by a congressperson. If the bill makes it past the legislative committee process and is approved by both houses of the legislature, the bill becomes law when it is signed by the executive officer (the president or a governor on the state level). When a bill comes to be a law, the various stipulations in the bill are called statutes.

REFERENCES

Mallor, J., Barnes, A., Bowers, L., & Langvardt, A. (2004). Business Law: The Ethical, Global, and E-commerce Environment, 13th Edition.

“The Role and Functions of Law in Business and Society” Bushman, M. (2007). Retrieved from http://www.associatedcontent.com/article/139783/the_role_and_functions_of_law_in_business.html

“The Importance of Law to the Society: Need of the Hour” By Anil Albert D’Souza [Published Date: April 11, 2013] http://www.mangalorean.com/browsearticles.php?arttype=Feature&articleid=2091

“Importance of Rule of Law to Business”

http://catalog.flatworldknowledge.com/bookhub/reader/1679?e=lau-ch01_s04

“What is Business Law?”

http://www.hg.org/corp.html

Reference.com. (2007). Law. Retrieved, from

http://www.reference.com/search?q=law