Modern day businesses need to consider a variety of social and ethical concerns that effect company success on a daily basis. Whether it regards employees, customers, employers or general responsibilities of the company as a whole, businesses must function ethically in society.
Get Full Essay Get access to this section to get all help you need with your essay and educational issues. In simplified terms Law is the body of rules, or regulations, that create duties and rights within a widely accepted viewpoint within society.
Everyone will not always agree to what is right and wrong. Therefore, the law not only outlines the rules by which we must abide, it also provides the guidelines by which government must enforce the law.
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While the purpose of law, in general, is to promote structure and fairness in society; business law is designed to keep good faith dealings among merchants and consumers. Without law in business, there would be no structure to prohibit people from taking advantage of others.
There are various applications and functions of law in both society and in business. Constitutional law is the foundation for which all laws in the United States are based. Constitutional law outlines the primary basis for which society is to be protected.
Statutory law is created by the legislative body and either approved or denied by the executive branch of the government. Congress is responsible for creating bills, or suggestions for laws, that will passed at the Federal level. Laws can be created and passed at the state level as well by the state legislature.
Secondary sources of the law more closely represent benefits to both individuals and businesses. These secondary sources of the law are created to simplify the complexity of judicial decisions. Melvin states In the business context, the most important secondary sources of law are 1 a collection of uniform legal principles focused in a particular area of traditionally state law called Restatements of the Law, and 2 various sets of model state statutes drafted by legal experts as a model for state legislatures to adopt in their individual jurisdictions.
Administrative laws help define how laws set by the government and by the courts will be enforced. For example in business, if the government passes a law protecting a product patent, administrative law would determine specifically how that product would be protected.
Administrative law keeps law enforcement fair and consistent. Business laws are set up to protect employees so that they are treated fairly in the workplace. Laws that require companies to hire those with disabilities are in place to prevent discrimination. Labor laws are in place to protect individuals that are hurt on the job and set minimum wage standards so that everyone is treated equally.
There are business laws that restrict what employers can and cannot research when a background search is being performed for a new applicant. There are industry specific job laws that are in place to protect both the worker and the consumer such as health code regulations for restaurants.
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- Role and Function of Law Law is an essential part of business and society. The definition of law is, “Any system of regulations to govern the conduct of the people of a community, society or nation, in response to the need for regularity, consistency and justice based upon collective human experience” (ALM, , P.
. John Locke (—) John Locke was among the most famous philosophers and political theorists of the 17 th century. He is often regarded as the founder of a school of thought known as British Empiricism, and he made foundational contributions to modern theories of limited, liberal government.
Role of Business in Society. Business is the backbone of development in the society. Its roles and responsibilities have been clearly defined in a broader view within the society. Nov 16, · Business derives its social legitimacy and right to operate from the economic value it creates for society at large, from its performance for both investors and a wider network of constituencies, its partnership with governments and other agents in solving social problems, and the trust its leadership inspires in employees and society as a whole.
The Function and Role of Law in Business and Society Essay Sample. The Function and Role of Law in Business and Society. Law is the defined as the body of rules of action or conduct prescribed by controlling authority, and having legal binding force.