The Functions and Role of Law in Business and Society: Case Study of Cipollone vs. Liggett Group Inc
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Cipollone v. Liggett Group, Inc., "Commerce Powers,"
The objective of this study is to define the functions and role of law in business and society. This work will discuss the role of law in the past or present job or industry of the writer.
The case of Cipollone v. Liggett Group, Inc. relates the 1965 Federal Cigarette Labeling and Advertising Act which specifically requires that a "conspicuous label warning of smoking's health hazards be placed on every package of cigarettes sold. This case is centered on the meaning and application of this act. Business law through statutes and regulations that affect businesses and families and even individuals. The business environment is increasingly global in that the various laws of different governments and judicial system often conflict. Law serves as a type of quality control in business and as well plays a primary role in the guidance and legitimization of the change process. The absence of legal rules that are appropriate and enforced include the impact on contracts since the absence of these legal rules will result in "respect for contractual obligations left entirely to the good will of the contracting parities. Secondly, the lack of appropriate and enforceable rules will result in an effect o property rights since individuals and corporations will have tendency to acquire only the assets over which they can maintain effective property rights." (U.S. Supreme Court, 1992, p.1) The third effect on