Role & Functions of Law Research Paper Example | Topics and Well Written Essays - 1000 words

Role & Functions of Law - investigate Paper ExampleThe famed writer of Civil Law, Sanchez Roman defined law as a rule of conduct, just, obligatory, laid down by a legitimate source for common observance and benefit. (Nolledo 1978, p. 1) other requisite is the existence of a self-confidence or punishment in case of non-observance of the rule of conduct. The sanction may be in the form of either or some of the following fine, imprisonment, forfeiture of rights and properties, defrayment of interest or surcharges, liability for damages, expulsion or deportation, and exile.Nolledo (1978) presented following characteristics of business concern law, to wit (1) it is universal because it exists in every civilized society (2) it is progressive because as epoch passes, business law accumulates new ideas and keeps abreast with modern trends (3) it is equitable because business transactions involve exchange of values and considerations (4) it is customary because its rules are followed f rom time to time or are invoked in every day transactions and finally (5) it is uniform because at bottom a country, a business act or contract is governed by the same rules. (p. 8)In an bind written by Bushman (2007), she recognized the importance of law in the successful operation and existence of business and society. Accordingly, she stipulated that laws regulate social behavior, which leads to a society that runs efficiently. Laws also supply ethical standards and expectations, while providing rules of conduct, measures to enforce those rules, and a means for settling disputes.According to Gillies (2004), the formal view of law is that it functions to regulate human behavior in obedience to an infinity of different policies. In particular, it aims to regulate relations between persons for in a move society, people have to co-exist and occasionally their interests collide. (p. 4)Other functions of law include peacekeeping checking government power and promoting personal freed om facilitating planning and the