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Define the functions and role of law in business and society. Be sure to properly cite at least two references from your reading. Please use different and update references from the ones are already post in the solution Library.

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Define the functions and role of law in business and society. Please be very detailed and give some examples.

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Law plays a significant role in the successful operation of business and society. Laws regulate social behavior, which leads to a society that runs efficiently. Laws also supply ethical standards and expectations, while providing rules of conduct, measures to enforce those rules, and a means for settling disputes. It is important to note that without laws to govern the actions of people and businesses, society would not be able to function effectively, and commerce would likely collapse.

Other functions of law include:

Peacekeeping;

Checking government power and promoting personal freedom: Laws allow individuals/ citizens of a country to exercise their basic rights and prevent government and political leaders from becoming autocratic rulers. Laws keep a check on the government activities to ensure that they are acting in the interests of the public and not misusing their powers.

Facilitating planning and the realization of reasonable expectations

Promoting economic growth through free competition: Law prevents businesses from engaging in unfair trade practices and keep a ...

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Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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