Contract – regulates everything from buying a new computer to selling a business. 6.Protecting the environment. Want High Quality, Transparent, and Affordable Legal Services? This practice area includes regulations and statutes related to businesses, individuals, and families in their roles as workers, citizens, and consumers. One could even say that laws are enforced ethics. Commercial law has developed substantially over the years, but in general, it is designed to allow those engaged in business flexibility to administer their business within legal guidelines. Environmental law strives to mitigate the impact businesses have on the environment by limiting water and air pollution, regulating pesticide and chemical use, and establishing penalties for violating these laws. (2004). Some of the largest legal areas necessary in business include the following: Commercial law, a branch of civil law, comprises governance of commercial and business transactions in both the public and private realms. The Role and Functions of Law in Business and Society. Disputes can also be resolved through alternative dispute resolution, which are official but less formal methods such as mediation and arbitration. Property – defines the rules and obligations in renting, buying, or selling property, whether it is a home, business, or land. What is law? Courts can also look to other legal systems to find remedies to complex legal issues. Antitrust and competition are also included. The purposes and functions of business law include maintaining order, protecting rights and liberties, establishing standards, and resolving disputes.3 min read. International – regulates the way in which nations deal with one another, ranging from trade to environment to military actions. No. ReferencesBushman, M. (2007). The Function of Law 1. Instead the driver and only the driver would be the one at fault, and the victim would have only the driver to seek compensation or prosecution against. It's important for business owners to understand how business law impacts commerce both domestically and abroad. pass plagarism.Include the following: Explain the origins of the U.S. judicial system and how the judicial system impacts and affects … Properly cite at least two references from your reading. These systems of rules, as listed by Reference.com (2007), include the following areas of law: Constitutional – provides a framework for creating laws, protecting human rights, and electing political representatives. However, more restrictive trade practices have also been introduced in the modern era. Trust – defines the rules applied towards assets such as investments. Resolving disputes allows for the mitigation of issues that arise between those with different wants, needs, views, and/or values. 3.Public and Private Law – Public law is the framework of guidelines defining the relationship between the government and individuals, and private law is the guidelines through which individuals or groups interact with one another. Computer law analyzes and governs the impact of computer technology on other areas of. Establishing standards identifies what types of behavior are and are not accepted in society. E.g. According to Reference.com (2007), law is defined as: “rules of conduct of any organized society, however simple or small, that are enforced by threat of punishment if they are violated. While “common sense makes good law”, criminals and the dishonest do not necessarily have common sense, and it is up to governing bodies to protect not only the innocents from the criminals, but also to protect the criminal from themselves. Legal basics such as ethics, court system structure, substantive law, and procedural law are foundational. The operation of or conduct of business is regulated by a number of types of law, including corporate law, contract law, intellectual property law, tax law and securities law. Business Law: The Ethical, Global, and E-commerce Environment, 13th Edition. website. Administrative – provides the means by which citizens can challenge government powers. Was this document helpful? If you need help with the purposes and functions of business law, you can post your legal need on UpCounsel's marketplace. Share it with your network! criminal law would deal with the prosecution of a crime such as one person hitting another with their car, and civil law would deal with the lawsuit, as the person hit would sue the driver of the car for monetary compensation. Working 24/7, 100% Purchase Property law governs personal and real property. According to the textbook, Business Law: The Ethical, Global, and E-commerce Environment, 13th Edition (Mallor, et al, 2007, p. 11), the most important functions of law include the following: 1.Peacekeeping. If you own a business, you'll need an attorney and an accountant to make sure you're in compliance and running smoothly. In order to understand such a complex subject, attorneys must understand diverse areas like commercial transactions, employment law, business formation and dissolution, and insurance law. The examples above talked about a car hitting an individual. Areas of commercial law include land and sea transportation, agent and principal, merchant shipping, insurance, partnership, guarantees, corporate contracts, sale and manufacture of consumer goods, hiring practices, and bills of exchange. Avoids or Settles disputes – Contract law sets out rules for making & enforcing agreements. Role and Function of Law Paper Andrew Urey LAW/421 July 10, 2013 Winifred Cannon Role and Function of Law Paper In society as well as a business, law plays a significant role in their daily operation. In fact, computer law is even a subspecialty within business law because of its importance in this realm. Reference.com. Besides that there are two (2) types of law.