Essay on The Role and Function of Law

758 Words Jan 28th, 2013 4 Pages
The Role and Function of Law Law plays of significant role in the operation of a successful business and society. One of the characteristics of law is that is “creates duties, obligations, and rights that reflect accepted views of a given society” (Melvin, 2011, pg. 4). Law also helps businesses resolve disputes that have to do with the rights of the business and citizens (Melvin, 2011, pg. 4). Obtaining an understanding of the legal system can help businesses gain a competitive edge, as well as add value to the business. Many businesses rely on attorneys to help them with their business needs. By obtaining an attorney, or counsel, businesses often reduce the cost of risk and liability and result in business opportunities (Melvin …show more content…
These federal laws preempted the state laws, which caused the court to favor with Liggett and drop the suit. Law plays an important part in every individual’s job or industry. I work at TD Bank as a Store Supervisor and there are many different regulations that we have to follow on a daily basis. One regulation that I have to follow on a regular basis is the Equal Credit Opportunity. This regulation ensures that lenders are not discriminating again any applicants. It also “establishes guidelines for gathering and evaluating credit information, and requires written information when credit is denied” ("Board Of Governors Of The Federal Reserve System", 2012). Every year each Certified Consumer Lender is required to participate in and online training to make sure that the proper regulations are being followed. TD Bank enforces thee training programs to protect their consumers from being discriminated against, as well as themselves from receiving any fines or lawsuits from the government. Another daily activity that ensures the bank is following the necessary regulations is to provide a Truth in Savings disclosure to every customer opening a savings account. The customer will be able to compare our savings rates and products to those of other financial institutions. Not only do we provide our customers with the necessary…