...Week 1 Individual Assignment Law 421 Week 1 Individual Assignment Law plays a vital role in the success and functionality of businesses and society. The word law is defined as “the binding rules of conduct meant to enforce justice and prescribe duty or obligation, and derived largely from custom or formal enactment by a ruler or legislature” (“Law”, n.d.). Laws are put in place to help regulate and to provide a certain set of structure. The central function and role of the law in business and society is to guarantee that there will be peace and freedom within a specified context. It must be clearly stated within the bylaws of a certain company rules and regulations or by the courts of a state. The law accomplishes these throughout the formation of course of action and guidelines for various monetary relationships and connections. There are two systems in law in which a crime can be placed under and they are either civil or criminal. The two systems both play an important role in the way a crime is catergorized. “Small businesses must comply with the same rules and regulations that apply to large companies and thus need someone with legal expertise from time to time” (Hamel, n.d.). When it comes to the laws of business, there are a set of guidelines that lets citizens and its workers know what they can and cannot do in that particular place of business. In my line of business as a foreclosure specialist, we have to follow a specific set of rules that are stated in our Code...
Words: 997 - Pages: 4