Role and Functions of Law Paper
Law in Business and Society
To understand how law governs business and society, we must first understand its
definition. According to Law- Definition and More Form the Free Merriam-Webster
Dictionary (2013), law is a binding custom or practice of a community; a rule or order that
it is advisable or obligatory to observe. In today’s society, so many people take our
freedoms and our ability to do things for granted. If it was not for law, we would not be
able to speak freely, have the right to a fair trial, or have the freedom of religious belief.
Laws are a set of rules that people of a community follow that can be enforced by the court
system.
How Law Applies to Business and Society
Law and business ethics go hand-in-hand. Many of the principles that we follow during
our regular business days follow practical ethical values that can be governed by law.
Business ethics cover a vast list of concerns and include:
1. Community Relations
2. Employee Relations
3. Customer Relations
4. Environment
5. Minorities and Women
6. Shareholders
7. Non United States Shareholders
•Community relations focus on areas where different ethnicities, cultures, religions,
and political beliefs all live in the same area. This group provides equal opportunity
for all classes and lessens the opportunity for revolt or rioting.
•Employee relations will look to see if employers are paying their employees
competitive wages and benefits. These agencies look to see if companies offer
sufficient leave for childbirth or illness.
