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Business Law 2241
| Question | Answer |
|---|---|
| Define Law | a body of rules of action or conduct prescribed by controlling authority, and having binding legal force. That which must be obeyed and followed by citizens subject to sanctions or legal consequences. |
| Functions of the Law | 1. Keeping the peace 2. Shaping moral standards 3. Promoting social justice 4. Maintaining the status quo 5. Facilitating orderly change 6. Facilitating planning 7. Providing a basis for compromise 8. Maximizing individual freedom |
| Keeping the peace | Laws that make certain activities crimes |
| Shaping moral standards | Laws that discourage drug and alcohol abuse |
| Promoting social justice | Laws that prohibit discrimination in employment |
| Maintaining the status quo | Laws that prevent the forceful overthrow of the government |
| Facilitating orderly change | Laws enacted only after considerable study, debate, and public input |
| Facilitating planning | Well-designed commercial laws that allow businesses to plan their activities allocate their productive resources, and assess the risks they take |
| Providing a basis for compromise | Allowing for the settlement of cases prior to trial. Approximately 90 percent of all lawsuits are settled in this manner. |
| Maximizing individual freedom | The rights of freedom of speech, religion, and association granted by the First Amendment to the U.S. Constitution. |
Created by:
kawyatt24
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