Role and Functions of Law (Essay Sample)

Functions and Role of Law in Business and Society Name Institution Functions and Role of Law in Business and Society Law is crucial for the maintenance of order in all spheres of life. Humanity must be manned and controlled for coexistence and protection from exploitation, particularly where interacting parties have different goals and objectives. The society and its constituents would be chaotic without law because law is the only tool for controlling the actions of members who may be unscrupulous or mentally incapable of discerning the right from the wrong. The role of law in business and society, as discussed in this paper, is best comprehended with reference to what would ensue if people lived and conducted business in a social setting without any laws. In business, and generally in the society, law serves as the main tool for maintaining orderliness and decency in that it helps in the establishment of a reasonable, fair, and productive environment in accordance to the social cultural perspectives of members in a given society. In business and society in general, law helps to establish a fair ground for all people to compete fairly without exploitation. It is solely with the appropriate laws that all members of the society can venture in business and compete fairly. Reference to a hypothetical situation where business is conducted without any controls over the stock market is an exceptional example to illustrate the role of laws in business and society (Meiners, Ringleb, & Edwards, 2008). In such a scenario, only the privileged would benefit from business and profits from the stock market because only some families and friends would be able to access crucial inside information about the corporations where their associates work. The law, however, strikes the necessary balance ensuring that no specific people or groups are advantaged over others in business under normal circumstances (Sands & Peel, 2012). Such situations may ultimately lead to less lucrative markets where the less privileged just quit because when they are denied opportunities unfairly. The law serves a crucial role in protecting both the interests of business people and consumers within the market setting. Consumers deserve legal protection from exploitative business that may wish to sell substandard products, over charge for goods and services, or sell underweight products. An exceptional example is the Cipollone vs. Liggett Group Incorporation. In this case, the court ruled in favor of Liggett Group, which amounted to the protection of the cigarette manufacturers from exploitation and false allegations by Cipollone. Cipollone had sued the company and other cigarette manufacturers alleging that they violated several consumer protection statuses adopted in New Jersey (Cipollonev. Liggett Group, Inc., 1992). Similarly, business persons require legal protection from consumers who may have bad motives. From the case, it is clear that the law protects both the consumer and the producer from exploiting each other. The law, particularly the public and private law, gives the framework and guidelines that define how the governments and individuals relate. Private law defined the relationships between individuals ensuring that members of the society coexist with minimal conflicts. Importantly, the law is crucial for resolving conflicts that may ensure between individuals or between individuals and the government. Otherwise, without the law, people would not have a legal framework to resolve conflicts and differences. Public law has crucial subdivisions such as the administrative, constitutional, and criminal law used in resolving differences between individuals and governments and the private law helps in resolving individual differences because it governs properties and contracts (Meiners, Ringleb, & Edwards, 2008). Laws are designed to protect and ensure the safety of business interests of individuals and society at large. It does not necessarily matter whether the focus is on individuals, businesses, or societies. The law is designed to ensure fairness in all dealings whether at individual, corporate, or government levels (Meiners, Ringleb, & Edwards, 2008). A careful assessment of the law reveals that societies craft and adopt laws derived from core ethical standards. Therefore, the law is intended to ensure that people deal with each other fairly and with the view that they deal with their own equivalents. In ...