The law plays an important role in business and society. The law imposes rules and regulation that carry out the moral standards of business and society. The laws help maintain the policies and ethical conduct of individuals, groups, and corporations run smoothly. In business law can build goodwill between merchants and consumers. This should be considered in commercial transactions and business planning.
In addition, there are different level of modern law that regulates business and individuals. Constitutional law the foundation and supreme law of the land it operates on both a federal and state legislatives. Next is statutory law, a legislative body that accepts or rejects a bill to pass a law. Then administrative law exercises the authority to the executive branch. Lastly, is common law is law not completely made of legislation but made by the courts. These levels of modern law are branched down into different categories due to the fact that the law is so broad in many aspects and has to be broken down into classifications and functions they impose.
Categories of Law
Criminal and Civil law – criminal law is the law through which public commitment of the crimes are prosecuted by governing bodies , and civil law is the law where private parties can bring a lawsuit against each other for real or imagined wrong doings. Substantive and Procedural law – substantive law are the social right and duties of people, and procedural law are the guidelines that government bodies or courts handle branches of substantive law. Public and Private law – is the framework of guidelines to relations between government and individuals. Private law is the guidelines that individuals or groups interact with each other.
Functions of Law
The functions of the law include:
1. To keep the peace
2. To influence and enforce standards of conduct.
3. To maintain certain aspects of society
4. Promote economic growth.
5. Promote social justice
6. Protecting the environment.
In the business world congress has commerce power. Congress regulates interstate commerce, this is railways and highways, vehicles used to ship goods, and the type of products transported interstate.
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