Role & Functions of Law

Role and Functions of Law

Role and Functions of Law

According to Melvin (2011), the term law is defined as “a body of rules of action or conduct prescribed by controlling authority, and having legal binding force.” Law is vital because without rules, society would be in a constant state of chaos without any protection for its people. Law influences people, politics, and economics in many ways every day. Laws are necessary in a society to operate both effectively and efficiently as well as influencing the success or failure of business and social operation. Without laws there would be no rules of conduct, behavioral limitations, ethical standards, or consequences for breaking these rules. Laws provide a uniform system of rules, the channels to resolve disputes, and set penalties and consequences for violating rules set forth within a society. The United States legal system is broken down into four categories that function together to regulate business and individuals. The four categories are constitutional law, statutory law, administrative law, and common law.

Constitutional Law

Constitutional law covers the foundational laws that our country is based upon. It is the superseding law in the United Stated that deals with the explanation and execution of the United States Constitution. It exists at both the state and federal level establishing structure and rules for amending the Constitution. Constitutional law awards power to branches of government as well as provides protection to citizens from unfair government actions. This area of law is important to business because of constitutional powers that regulate the nations buying and selling of goods, intellectual property protections, and limiting authority of states to tax products and services. The Supreme Court participates largely in translating the Constitution, therefore constitutional law relies on Supreme Court rulings for clarification.

Statutory Law

Statutory laws...