The Role and Function of Law in Business, management assignment help

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Zvynabr

Business Finance

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Write a summary in a minimum of 1,400 words in which you discuss the roles of law and courts in today's business environment. Include the following:

  • Explain the origins of the U.S. judicial system and how the judicial system impacts and affects businesses.
  • Discuss the concept of judicial review.
  • Describe the different forms of Alternative Dispute Resolution (ADR) and how they can be used in business.
  • Identify and explain how laws impact and play a role in global businesses.
  • Explain how foreign and local laws or regulations affect your current job or industry.

Cite a minimum of 3 scholarly references.

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The Role and Function of Law in Business

Currently, there seems to be no specific definition of law when it comes to the business environment.
The law can be defined as a set of rules, principles and standards that are meant to outlines the behavior of each
and every individual as the carry out business. The legal system is one of the main institutions that help in
defining acceptable social behavior. Laws play several roles in the business world, some of these include
limiting the activities that seem or are not in the best interest of the general public. Since we are people with
different values and desires in all that we do on daily basis, laws come into play to help in resolving disputes.
Laws ensure that there are honesty and integrity within any given social environment. The legal system works
by bringing about changes in acceptable behavior. Similarly, laws and courts play a major role in today’s
business by seeing to it that there is consumer protection, environmental, taxation and employee protection
(Vago, 2015).

Laws are enacted by the government as a way of enforcing rules that intend to protect consumers from
bad business practices. On the other hand, the government protects employees who work for these businesses by
making sure they provide a safe working environment and that are protected against discrimination. Similarly,
laws are there to ensure that the environment is protected from businesses that are harmful in one way or the
other for example oil spills have to be cleaned well. Last but not least, laws are there to make sure that taxes are
paid for a smooth running of the government (Miller, 2015).

As for courts, we have the state courts which deal with cases such as burglary, breached contracts and
petty offences. Secondly, we have federal courts and these are con...


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