LAW 421
Function and Role of Law in Business and Society
Our system of societal life could not exist without a set of rules that govern human behavior or business interactions. Black’s Law Dictionary defines these rules, called “law,” as “the body of rules of action or conduct prescribed by controlling authority, and having legal binding force” (Melvin, p. 4, 2011). The most important aspects of law is that it creates duties, obligations, and rights that reflect point of views that are accepted by society, and provide a mechanism to resolve disputes that arise from these duties and obligations (Melvin, 2011).
American law, which is the body of law that governs this country, can be broken down into …show more content…
There is a contract between them that stipulates responsibilities, deliverables, warranties, and dispute resolution mechanisms. Private law oversees this process. State laws and federal law regulates the financial exchange for the products or services delivered. If there is a dispute, Procedural law will govern the courts. The purpose of all these roles and functions for the parties interacting in society is to have equal, measurable rights during their interaction. If the business interaction is an international transaction, the parties will conduct their business regulated by international laws, and one country will be agreed to be the territory where disputes are resolved. The international transaction is more complex because usually the laws of one country are not valid in the other country.
As an employee, there exist labor laws that regulate the interaction between employer and employee. There is also a contract between the parties, and other provisions may be included in that contract like privacy agreements, intellectual property clauses, rules of conduct or dress code, and compensation