Role and Functions of Law
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I need some help in defining the functions and role of law in business and society.
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There are several functions of law in business. The law provides a framework in which businesses function. It gives the framework for contract enforcement. For example, a sales contract cannot be formed if there is no mechanism put in place for enforcing it. Further, law sets limits to the rights of governments to tax businesses, the law gives property rights to businesses, and the law lays down the framework within which business can be carried out. The law provides security to businesses, means for settling disputes, and regulates financial institutions. For example, without the development and regulation of the modern banking system, modern business would find it very difficult to function efficiently. Law regulates the business industry by curtailing anti-competitive activities, providing a fair deal to workers, and protecting the environment. For example, the government intervenes when a firm monopolizes power and either disallows ...
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