Roles and Functions of Law in Business and Society

930 words 4 pages
Roles and Functions of Law in Business and Society
Introduction
William O. Douglas said, “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: “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,
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 Administrative – provides the means by which citizens can challenge government powers.
 International – regulates the way in which nations deal with one another, ranging from trade to environment to military actions.
 Contract – regulates everything from buying a new computer to selling a business.
 Property – defines the rules and obligations in renting, buying, or selling property, whether it is a home, business, or land.
 Tort – defines the means by which an individual or company can receive compensation if themselves or their property are damaged or harmed in some way.
 Trust – defines the rules applied towards assets such as investments.
 Criminal – defines the means through which any criminal act can be prosecuted and sees that the perpetrator is punished.
Conclusion
The roles and functions of law provide rules and guidelines for just about everything one could encounter, both socially and professionally. The law provides not only rules for those things that are not acceptable, but provides the means by which to protect one’s self or challenge injustices. In a world that is continuously growing through populations while seemingly shrinking in size, without these rules and regulations there would be a boom in criminal actions as well as increased atrocities. While “common sense makes good law”, criminals and the dishonest do not necessarily have common sense, and it is up

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