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Role and Function of Law
Laws are as ancient as civilization. They are necessary for the common good and for the welfare of society. Black’s Law Dictionary, as quoted by Melvin (2012), defines law as a “body of rules of action or conduct prescribed by controlling authority, and …show more content…
Lat. "to stand by that which is decided." The principal that the precedent decisions are to be followed by the courts.
To abide or adhere to decided cases. http://www.lectlaw.com/def2/s065.htm 1995 – 2012 Stare Decisis
Law plays a significant role in the successful operation of business and society. Laws regulate social behavior, which leads to a 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. Other functions of law include: peacekeeping; checking government power and promoting personal freedom; facilitating planning and the realization of reasonable expectations; promoting economic growth through free competition; promoting social justice; and protecting the environment (Mallor, Barnes, Bowers, and Langvardt). 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.