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Business Law 2241

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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