...The United States securities laws and corporate governance system requires that a board of directors supervise the management of each public corporation. The Securities Exchange Act of 1934 created the US Securities and Exchange Commission (SEC). The primary mission of the US Securities and Exchange Commission is to protect investors and maintain the integrity of securities markets. The SEC oversees corporate disclosure of information to the investing public. Public companies in the United States with more than $10 million in assets and whose securities are held by more than 500 owners are required to file annual and quarterly statements (Forms 10K and 10Q) with the SEC. These forms are supposed to disclose information about such public companies financial condition and business practices. This disclosure is expected to help investors make informed investment decisions. To restore the investing public’s faith in capital markets, Congress passed the Securities Act of 1933 and Securities Exchange Act of 1934. These laws were designed to restore investor confidence in U.S. capital markets by providing for more structure and oversight. American Journal of Business Fall 2002: Vol. 17 No. 2 The Social Impact of Business Failure: Enron Uma V. Sridharan, Lander University Lori Dickes, Lander University W. Royce Caines, Lander University According to Merriam Webster Online, law is "a binding custom or practice of a community; a rule of conduct or action prescribed or formally...
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...The Role of Law in Business The rule of law establishes rules that people and businesses must follow to avoid being punished. The rule of law not only allows people to understand what is expected of them personally, but also sets out rules for businesses so that they know what is expected of them in their dealings and transactions (Lau & Johnson, 2016). It also restrains government and others from infringing on property rights. Should disputes arise, the rule of law provides a peaceful and predictable means by which those disputes can be resolved (Lau & Johnson, 2016). The rule of law is designed to provide guidance and direction in every area of business. It provides a means to bring a complaint against another party to a neutral decision maker so that a decision can be made regarding the dispute (Lau & Johnson, 2016). A complaint can be filed in the proper court to commence litigation or an alternative dispute resolution (ADR) can be used to avoid litigation. When a proceeding is instituted, whether through litigation or ADR, it is expected that there will be some sort of a resolution. This expectation is reasonable only because there is a rule of law. In 2013 Andrew Cohen wrote about the alarming impact of the funding sequester on the nation's Federal court system. Cohen explained that citizens everywhere would see vital legal rights denied or delayed by the forced budget cuts. The cuts imposed by the sequestering had a negative impact on Federal...
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...The Role and Functions of Business Law Tanisha Haynes LAW/421 July 18, 2013 Ms. Lindsey Cole The Role and Functions of Business Law When people hear the word law, one will think of the laws in which people have to abide by on a daily basis. There are several different variations to the laws; there are states laws. Each state has their own rules for their citizens to follow. Then there is the Federal law, which governs the government. According to Melvin, “the term law is defined as a body of rules of actions or conduct prescribed by controlling authority, and having legal binding force” (Melvin, 2011). Laws, established to keep order within a small area like a neighborhood or driving down the street in a vehicle. The laws are here to protect the innocent and charge the guilty. The laws play a big part in people everyday lives. When driving down a busy highway, people are following the rules of the road, which are laws set to guide the drivers safety. In the business world, laws work the same way. A few examples of different laws are common law, statutory law, administrative law and constitutional law. While working for the United States Postal Service (USPS), Tanisha had and on the job injury while running letter mail on a sorter. She mashed her thumb inside the door of the machine. She knew that if she reported the accident, she would have to file paperwork and go to the urgent care and she did not want to go through the hassle. As time went on, she noticed...
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...Functions and Roles of Law in Business and Society xxxxxxx LAW/421 xxxxxxx Functions and roles of law in business and society The governance of business through state and federal laws is a very complex system. Many laws, statutes, and regulations are in place to protect the consumer and the business. These laws stem from city ordinances in local municipalities to Congress’s broad commerce powers that have the final say. Each of these laws and regulations have specific roles and are designed to function in certain ways. Roles The regulation of interstate commerce is governed by Congress’s Commerce Clause. This clause is designed to give the unrivaled power to Congress to have the supreme rule over interstate commerce. “Congress exercises its commerce powers in various forms. However, the direct and broad power to regulate all persons and products related to the flow of interstate commerce is the fundamental source of its authority” (Melvin, 2011, p. 32). Functions In the case of Cipollone v. Liggett Group, Inc., where Cipollone is pursuing suit against Ligget for restitution in the death of his mother due to violations of New Jersey consumer laws. However, Congress utilized the Supremacy Clause and ruled against Cipollone because federal law contradicted the consumer protection put in place by New Jersey. This is a great example of the function of Congress’s broad power to step in when necessary, provided there is legal ground for their action. If...
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...The Functions and Role of Law in Business and Society Henry David Thoreau once said, “If the machine of government is of such a nature that it requires you to be the agent of injustice to another, then, I say, break the law.” (Henry David Thoreau, n.d.) Mr. Thoreau was perceptive in that he knew in government, sometimes a person may have to do something that is not favorable in the eyes of the majority, but the right thing to do for a minority group of people. In the proceeding pages, I will attempt to define the functions and role of law in business and society. I will discuss the functions and role of law as it pertains to a previous job. The Functions and Role of Law in Business and Society Cipollone brought suit against Liggett for violation of several New Jersey consumer protection statutes alleging that Liggett (and other cigarette manufacturers) were liable for his mother’s death because they engaged in a course of conduct including false advertising, fraudulently misrepresenting the hazards of smoking, and conspiracy to deprive the public of medical and scientific information about smoking. Liggett urged the court to dismiss the state law claims contending that the claims related to the manufacturer’s advertising and promotional activities were preempted by two federal laws: (1) the Federal Cigarette Labeling and Advertising Act of 1965, and (2) the Public Health Cigarette Smoking Act of 1969. (Melvin, p. 33, 2011) It can be said that Liggett...
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...Functions and Role of Law in Business and Society Introduction 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...
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...University of Phoenix | Organizational Ethics | A better understanding | | Murray, Damian A. | [Pick the date] | [Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.] | Inside of this essay I will be discussing organizational ethics within the workplace could all be properly address by using ethical principles. I will also be covering about what external pressures on the outside of the workplace could affect organizational ethics that are in place, Weather or not such external issues would carry any weight inside of the organization and impact personal decisions. And lastly what is the relationship between ethics and the legal system. The organization that I choose to discuss will be on my experience in working in the United States Navy. During my tenure with the military there were very few external pressures that were present at that time. The primary pressure was that of good sailors were being forced out of their military contacts to overall save our government money. This stemmed from pressures from the senate to cut personnel that were not making advancements in rank and lowering manning capabilities around the fleet. And inside of the military it is our duty to always be ready to get deployed at any given time but due to the lack of manning it forced smaller ships to miss deadlines...
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...ROLE AND FUNCTIONS OF LAW LaFaye Moore Jr. LAW/421 August 01, 2012 Corey Frost ROLE AND FUNCTIONS OF LAW Law is the foundation to keep a business running smoothly, and it is also the process to keep a society from going down dark chaos road. With laws they give order that guides the business and society from destruction. Rand (2007), “The only power any government has is the power to crack down on criminals. Well, when there aren’t enough criminals, one makes them. One declares so many things to be a crime that is becomes impossible for men to live without breaking laws” (Para. 17 Pg. 1). When business and society decide to abide to the rules they stay out of trouble. Therefore, if not they pay consequence that fits the laws that is set for the safety of the business and society. The topics discuss is defining the functions and role of law in business and society and discuss the functions and role of law in your past or present job or industry. Defining the functions and role of law in business and society According to "Definition of Law" (n.d.), “Law is a rule of conduct or procedure established by custom, agreement, or authority” (Para. 1 Pg. 1). Laws are set of rules in business and society that can keep them out of legal actions if they are abiding to them. “Although the most visible function of the law on a day-to-day basis is to provide for some system of order that defines crimes and levies punishment for violation of the crime” (Melvin, 2011, Para. 4 Pg. 4)...
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...Role and Functions of Law Juanita Lexvold LAW/421 June 3rd, 2013 Walter M Pence 111 Role and Functions of Law This paper will discuss the functions and role of law in business and society. It will discuss the functions and role of law in a past job. To accomplish this task I have researched three references from my reading. Define the functions and role of law in business and society. According to Melvin, 2011, “law is a body of rules of action or conduct prescribed by controlling authority, and having legal binding force.” The function and role of law is for social justice, personal freedom, and to maintain peace. Law functions to protect public order and maintain social control by resolving disputes in a peaceful manner. According to Czaja, 2013, “Laws also facilitate orderly change by spelling out acceptable processes for instituting change. Constitutional laws outline what governments can and cannot do.” Roles of law are classified in three areas, civil and criminal laws, substantive and procedural laws, and public and private laws. Civil laws are designed to compensate both society and business for losses or damages as a result of another’s conduct (Melvin, 2011). According to Melvin, 2011, “Criminal laws are for the protection of both society and business. Violation of criminal laws can result in the form of penalties such as fines or imprisonment, or both. Substantive laws provide individuals with rights and create certain duties while procedural laws provide...
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...Role and Functions of Law Travis Martin LAW/421 Bernice Jenkins Role and Functions of Law The successful operation of business and society depends heavy heavily upon the function and role of law. Regulating behavior in respect to the general society is the primary purpose of law. Law establishes a protection of guidelines for mankind, animals, and the environment regarding safety issues and concerns. The term “law” has a variety of meanings for defining and describing it throughout history. However, a general acceptable definition of law is a body of rules for the action, conduct, or behavior prescribed by a controlling power of authority with legal binding force (Black’s Law Dictionary, 2013). Law can also take the form of a written code arranged and prescribed by an elected legislative body of judicial decisions, and actions of government agencies. In American law, the current state of law concern itself with common characteristics that create duties, obligations, and rights reflecting acceptable views of a given society (Melvin, 2011). The following contents of this paper cover the functions and role of law in business and society. It also discusses the functions and role of business law in the automotive industry. It is important to indicate that originally, law dealt with the concern of problems and issues regarding ownership of property. Today’s modern legal doctrines deal with complex system of principles and protections for law that provides mechanisms...
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...LAW 421 Week 1 Role and Functions of Law Paper Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser https://hwguiders.com/downloads/law-421-week-1-role-functions-law-paper/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Resource: Case Brief Cipollone v. Liggett Group, Inc., et al. inCh. 2, section 2-6, “Commerce Powers,” of the text Write a 700- to 1,050-word paper in which you define the functions and role of law in business and society. Discuss the functions and role of law in your past or present job or industry. Properly cite at least two references from your reading. Format your paper consistent with APA guidelines. LAW 421 Week 1 Role and Functions of Law Paper Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser https://hwguiders.com/downloads/law-421-week-1-role-functions-law-paper/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Resource: Case Brief Cipollone v. Liggett Group, Inc., et al. inCh. 2, section 2-6, “Commerce Powers,” of the text Write a 700- to 1,050-word paper in which you define the functions and role of law in business and society. Discuss the functions and role of law in your past or present...
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...Role and Functions of Law Laura Nevison LAW 421 – Contemporary Business Law November 10, 2014 Kurt Lofland Role and Functions of Law According to Merriam-Webster, a law is defined as “a binding custom or practice of a community; a rule of conduct or action prescribed or formally recognized as binding or enforced by a controlling authority” (2014). The function of a law is to maintain social control and protects public order by resolving disputes in a peaceful manner. Laws have a role and function during every aspect of life, in this paper their role in business and society will be discussed. Role and Function of Law in Business Business owners want to think that they are in full control of their business and how their businesses are run but that is not the case since the law affects how businesses are formed and structured. The law states that businesses have to provide equal opportunity to potential employees when hiring; employees should be hired based on qualifications rather than race or gender. The role and function of law in business includes protecting employees and business owners, defining ways to dispute a conflict and providing a fair platform to conduct business. The law makes it easier for these individuals to understand and settle these situations peacefully. Business laws establish guidelines for what companies can and cannot do. Law is a broad discipline with several fields that serve important functions in business (Hamel, n.d.). Role and Function...
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...Role and Functions of Law In this report, it will discuss and define the functions and role of law in business and society. We will also discuss the functions and role of law in our past or present job or industry. We will go off the bases of what is law and how it is use. In society as well as a business, law plays a significant role in their daily operation. For a society to be efficient and effective, laws have to put into place to regulate social behavior. Law, defined as a body of rules of conduct of binding legal force and effect, prescribed, recognized, and enforced by controlling authority. Our system of societal life could not exist without a set of rules that govern human behavior or business interactions. 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. Other functions of law include: peacekeeping; checking government power and promoting personal freedom; facilitating planning and the realization of reasonable expectations; promoting economic growth through free competition; promoting social justice; and protecting the environment (Mallor, Barnes, Bowers, and Langvardt). It is important to note that without laws to govern the actions of people and businesses, society would not be able to function effectively...
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...Role and Functions of Law Debbie Smith LAW/421 May 21, 2013 Tiffany Brady Role and Functions of Law Law is an important element to any civilized society. Without law the parameters of civilization would remain undefined. Law applies to everything in today’s society from personal life, to employment, and finally the government. The best way to describe law is a “body of rules of action or conduct prescribed by controlling authority, and having legal binding force” (Melvin, 2011, p. 4). Therefore, laws are the basis of forming society to conduct business in normal daily operations through the roles and function of law. The laws that govern the citizens within the United States are entailed in the rights given by the Constitution of the United States. This paper will define the three specific roles of law and its function in business and society and how the law applies to employment. Definition of Role and Functions of Law in Business and Society Everything an individual does can affect the outcome and any action can be in favor of good or bad, right or wrong. The three areas of specialty roles of law are described in detail as follows: 1. Criminal and civil law – Criminal law is brought to court by the government on behalf of the people and prosecutes individuals for committing illegal acts against others or others possessions. This law is also public and can be accessed by any individual seeking information, unless a judge has ordered the case as private, specifically...
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...Role and Functions of Law LAW/421 November 3, 2014 Role and Functions of Law “Law plays a significant role in the successful operation of business and society” (Bushman, 2007). Laws create order and allow a government to instruct citizens on what is acceptable behavior. These laws, better known as public laws, provide a clear set of rules for citizens to follow. What is Law? According to Melvin, law is defined as “a body of rules of action or conduct prescribed by controlling authority, and having legal binding force” (2011). The main purpose of law is to govern a society and to control the behavior of individuals. Law can be viewed as a form of social control as it establishes rules and regulations. Role and Function of Law in Business Law rules every phase of business. All businesses rely on law to protect their business from lawsuits brought by consumers, vendors, suppliers, and employees. Business law details what a company can and cannot do as well as certain things that must be done. There are laws that control taxation, competition, intellectual property, employment, and environmental concerns (Bushman, 2012). The law affects how business is formed and structured. Employment laws protect individuals and employers as it defines ways to handle conflicts, provide fair platforms to conduct business, and ensure equal opportunity. For example, the law states the businesses must provide equal opportunity to potential employees during the hiring process. An...
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