Essay on Role and Functions of Law

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Role and Functions of Law The law is a delicate yet malleable set of rules and principles that are formed to suite the needs of those deciding its purpose. The role of law for business and society is to provide set rules and procedures that fall within general functions which reflect the position of the people. In various types of governments the law is adjusted to suite the needs of the dictator, its citizens or its elected body as seen fit. In a republic, such as the United States of America, the laws are formed by elected leaders to suite the needs and concerns of the citizens (Republic, 2005). These laws are adjusted, changed and updated as needed in order to match the position of the voting majority. The Role of Law The role…show more content…
In the Federalist, James Madison observed the need for a constitution to, "…enable the government to control the governed: and in the next place oblige it to control itself." (Cooray, 2005) The installation of a system for checks and balances enables the people to not fear their government and diffuses the power of each branch. This diffusion restricts the power of any branch over any individual. The rules of contract law fulfill the facilitating planning and the realization of reasonable expectation function of law. This function of law interoperates and enforces agreements between parties which have an expected outcome or promise. This function of law is necessary for modern societies to operate. Business transactions rely on contracts as a way to issue confidence that said request can and will be executed (Barnes et. al., 2003). The capitalist market place needs to have certain regulations in place to promote fair economic growth. The economic growth does not need to be equal only fair. The most familiar regulations for the capitalist market place are the anti-trust laws which protect against monopolies and accompanying business practices (Barnes et. al., 2003). The anti-trust laws allow for the promotion of a fair market and the protection of small companies against large corporate dominance. The rise in corporate injustices has lead to the Sarbanes-Oxley Act of

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