Functions and Role of Law in Business and Society
Functions and Role of Law in Business and SocietyFunctions and Role of Law in Business and Society
Law has a huge role in both business and society. It has evolved from basic morality and society cannot exist properly without it. Law most often is aligned with customs and that which society has deemed to be right or wrong (Emerson, 2009). In business, companies would have a free- for- all without it. The result would be that no business would actually be achieved.
Law in Business
Laws govern every aspect of business. They keep businesses running smoothly and keep them from hurting each other and the consumers. There are laws that control interstate, intrastate, e-business and, international business. They control manufacturing, distribution, shipping and employment. Patents, trademarks, and copyrights are all protected by the law. Companies can be held to product safety laws concerning product liability. Product liability is the responsibility of people, sellers and manufacturers concerning death, damages or injuries due to defective products (Wild, 2010). Another type of business law is an antitrust law that keeps companies from market sharing, price fixing, and monopolizing an industry. There are many government agencies that control business law. Some examples are the Federal Trade Commission, U.S. Consumer Product Safety Commission, U.S. Patent and Trademark Office and the U.S., and the International Trade Commission.
Law in Society
Laws touch every aspect of social behavior across all walks of life. It begins at birth to determine a person’s citizenship and ends at death with the distribution of a will. They stretch across one’s entire life including involvement in marriage, divorce and, even pet ownership (Vago, 2009). Laws started as rules that were used to control the conduct of an individual towards another individual or towards all people called society. These rules were geared to control behaviors that society thought was wrong or unethical. As it evolved it became known as public...