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Roles and Functions of Law Paper

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Role and Functions of Law Paper

LAW/421

July 31, 2014

Role and Functions of Law

Business Law is defined as a set of laws and regulations on how to form, start, and operate a business. It also forms the rules that all businesses should follow. All laws that are governed within business work together and seek to guarantee fairness and justice between all transactions. Corporations rely on the functions of law to protect their business dealings while managing business connections. Legal counsel, arbitrary agreements, order, safety, establishing good rapport with consumers, vendors, etc. are a few functions of business law. In a business there are external legal counsels who are available to provide their services to businesses. Some companies go above that and hire internal legal counsel for business purposes as well. Arbitrary agreements “allow the company to meet with other parties and discuss a dispute with an arbiter, attempting to get a legally binding agreement. Arbitration agreements are usually seen as final opinions on the legal issues involving the parties in the arbitration process. Companies often use arbitration when dealing with legal matters involving employees because it cuts the costs of doing business and shortens the amount of time spent on legal matters (Vitez, 1999-2014). A major function of business law is to avoid potential legal obligations that can be harmful to the company. According to Vitez (1999-2014), “Business law also helps companies generate more sales through the use of contracts or agreements with other companies.” Business laws are put in place to establish order and to advise individuals on what is appropriate behavior. Without the important laws that are placed within all organizations, citizens will not get the proper justice and service that they deserve. In society, the laws are put in

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