The Role Of Law Essay

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The Role of Law

Law is a system or collection of “principles and regulations established in a community by some authority and applicable to its people.” ( In the past, people viewed law as an unchanging factor that was a part of the natural order of life. Today, most lawmakers view law as a flexible instrument that can be used to accomplish a chosen purpose. “One strength of this instrumentalist attitude is its willingness to adapt the law to further the social good. A weakness, however, is the legal instability and uncertainty those adaptations often produce.” (Mallor, 2007) A few of the most important functions and roles of laws are to peaceably settle disputes, check government power, serve the economy and society, and
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Contracts allow people to enter into an agreement knowing that the agreement is enforceable by law and the other party can be sued for breach of contract if their end of the agreement is not fulfilled or honored. “The essence of a contract is that it is a legally enforceable promise or set of promises.” (Mallor, 2007) The contract laws are essential to this modern industrialized society. No one would want to invest money into the building of a business if there was no assurance that the contractor would finishing the building or the suppliers will supply what was agreed upon. These laws can protect business investments just as it can protect individual investments or contracts.
The policy against restrictions on free competition is the basis for the antitrust statutes. “If the sole purpose of an agreement is to restrain competition, it violates public policy and is illegal.” (Mallor, 2007) There are some competition restrictions that serve legitimate business interests and are enforced, but are scrutinized very closely by the courts. The antitrust laws were led by “public demands for legislation to preserve competitive market structures and prevent the accumulation of great economic power in the hands of a few firms.” (Mallor, 2007) Large businesses were
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