Role of Law
Role of Law
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Role of Law
Function and Role of Law in Business and Society
Our system of societal life could not exist without a set of rules that govern human behavior or business interactions. Black’s Law Dictionary defines these rules, called “law,” as “the body of rules of action or conduct prescribed by controlling authority, and having legal binding force” (Melvin, p. 4, 2020). The most important aspects of law is that it creates duties, obligations, and rights that reflect point of views that are accepted by society, and provide a mechanism to resolve disputes that arise from these duties and obligations (Melvin, 2020). American law, which is the body of law that governs this country, can be broken down into three broad categories according to the role they have in society: 1. Criminal Law versus Civil Law.
2. Substantive versus Procedural Law.