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The Role and Function of Law

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Role and Function of Law

Understanding the role and function that law plays in business and society is a large undertaking. There are many facets that help define, shape and regulate the current commercial and social environment. Focusing on key objectives and a general intent, the landscape can be less daunting. Fundamentally, law establishes a common protection of interest and uniformity in which individuals, society and businesses can operate and thrive simultaneously. Without laws to govern the actions of people in society, it is highly likely all social structure and commerce would collapse (Melvin, 2011).

Role of Law in Business
Law shapes every aspect of business. Law protects businesses, the consumers and the flow of commerce by establishing and maintaining a level of confidence, uniform structure of conduct and presence. A corporation, typically, operates with the intention of growing both in its industry and community. Law provides some degree of good faith dealings and reliability in planning and transactions (Melvin, 2011).
A California medical aesthetics company is launching a new product line into the marketplace and has acquired personnel from an industry competitor, not without significant legal application. Federal and state statute have outlined the forum in which this company must comply during the acquisition with respect to market share, employment contract and client privilege. The corporations’ acquisition is protected under laws, established with a common interest in the well being of commerce, that dissuade the competitor from barring expansion while reducing risk and liability.
Law sets the platform in which businesses and individuals interact. Just as law protects the common interest and well being of commerce, it also provides a level of assurance to the individual. Federal and state statutes establish common...

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