Role and Functions of Law
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Law is an important part in the operation of business in society. Laws provide rules of conduct and ethical standards that regulate social behavior. Without these rules and standards, society would not be able to efficiently run and the business world would virtually end (Bushman, 2007).
What is Law
Law is defined as “A body of rules of action or conduct prescribed by a controlling authority, and having legal binding force” (Melvin, 2011, “Legal Foundations”) is one of the most generally accepted definitions. Essentially law provides a way of resolving disputes and dealing with individual who break the rules and regulations set forth from our government.
Role of Law in Business According to “The Law Dictionary” (n.d.), the body of law is “An organized and systematic collection of rules of jurisprudence; as, particularly, the body of the civil law, or corpus juris civilis.” (What is Bodys of Law?) “American law regulating businesses and individuals is generally a combination of constitutional law, statutory law, and administrative law.” (Melvin, 2011, p. 8).
Constructional law relates to the constitution and the functions include: creating a structure for federal and state governments, granting specific powers for different branches of the government, and providing procedural protections for United States citizens from wrongful government actions. Statutory law is a group of laws passed by governing bodies. Statutory laws regulate areas such as motor vehicle laws, Business Corporation and partnership laws, and other state matters. Administrative law is law made by government administrative agencies that set rules and regulations. Administrative law deals decision-making in area such as: environment, manufacturing, international trade, and taxation (Melvin, 2011, page 8-10).
Categories of Law
Criminal and Civil Law – These laws are of criminal or civil nature. Criminal law is for the protection of society of an individual breaking the law and concerned with the punishment. Most violators are subject to fines and possibly imprisonment. Categories under criminal law are either felonies or misdemeanor and subdivided into different classes.
Civil laws are designed for individuals to be compensated for losses as a result of anothers actions. Civil law deals with things such as: family, real estate, personal injury, and corporate.
Substantive and Procedural law – Substantive law provides individuals with social rights and duties while procedural law gives structure for pursuing substantive rights. Substantive law requires the prosecution to prove the crime was committed. Procedural law is the procedure of how the case proceeds.
Public, Private, and Common Law – Public law is the defining framework between an individual and the government. An example of public law is