The Functions and Role of Law in Business and in Society

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Functions and Role of Law in Business and Society Law plays an important role in the creation and maintenance of a just and orderly society. In the absence of law, anarchy would most likely prevail. It is also important to note that to a large extent, law regulates and guides the interactions humans have in their day to day undertakings be it in business or in other aspects of their daily lives. In seeking to highlight the key functions and role of law in business and society, it would be prudent to first offer a concise definition of the term "law." In the past, various authors and scholars have offered a variety of definitions to the term "law." For this reason, this particular term does not have an assigned definition. However, for purposes of this discussion, it is the definition William Blackstone gave to the term that will be embraced. Law according to Blackstone (as cited in Mann, 2013, p. 3) is "a rule of civil conduct prescribed by the supreme power in a state, commanding what is right, and prohibiting what is wrong." One of the key functions of law in the opinion of Mann (2013) is maintenance of stability in not only the social system, but in also the economic and political systems as well. To accomplish this general function, the law according to the author also concerns itself with a number of other specific functions. These functions include but they are not in any way limited to state preservation, property protection, and dispute resolution. In the

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