Smith and Roberson’s Business Law
Smith and Roberson’s Business Law
17th Edition
ISBN: 9781337094757
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Chapter 1, Problem 1CO
Summary Introduction

To identify: Basic functions of law and describe.

Expert Solution & Answer
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Explanation of Solution

Law is nothing but a code of conduct prescribed by highest authority in a state and deals with what is right and what is wrong.

Basic functions of law:

The functions of law are used to retain political, economic and social stability through

Protection of property: Law helps to protect property and allows contracts for exchanging properties of two persons.

Dispute resolution: In general disputes are inevitable, and it involves matters of criminal and non-criminal. So this helps to avoid personal revenge on persons and makes to resolve the disputes of the people.

Safeguarding of state while letting ordered change: It safeguards the state from changes of legislation, referenda’s and elections rather than rebellion and revolution.

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