Functions of Law In Business Essay

709 Words Oct 12th, 2013 3 Pages
According to The Legal Environment of Business, the term law has been defined in a variety of ways throughout recorded history. A generally accepted generic definition of the law is a body of rules of action or conduct prescribed by controlling authority, and having legal binding force (Melvin, 2011, pg. 4). Society cannot exist properly without basic morality and law. In this paper will be a discussion of three classifications of law, the functions and role of law in business and society, and laws from a previous job.

Functions and Role of Law in Business and Society The Legal Environment to Business introduces different classifications of business law. Because the body of
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Product liability is the accountability of manufacturers and sellers concerning death, injuries, or damages because of imperfect products. Antitrust law is another type of business law. It keeps companies from price fixing, market sharing, and industry monopolizing. Business laws control many government agencies. For example, the International Trade Commission, Federal Trade Commission, and the U. S. Consumer Product Safety Commission.
Law in Society Across all walks of life, law touches every aspect. It begins at birth to define citizenship and ends when a person dies with the dissemination of a will. They affect divorce, marriage, and sometimes pet ownership (Vago, 2009). Laws started as rules used to control individual behavior toward other individuals in society. The rules were aimed mainly toward unethical or wrong behavior that society deem inappropriate.
Law in a Past Job My past job was working for a Louisiana Casino (Eldorado Casino). Across the world Louisiana is known for its good food, music, and celebrations, but South Louisiana is mainly known for its’ gambling. From Southeast and over the world, people come to gamble and to wine and dine on the riverboats. One must be 21 to gamble in a casino or play on a video poker game. Riverboat gambling laws in other states are less strict than in Louisiana. According to the American Casino Guide, the state of Louisiana was the fourth state to approve riverboat gambling. In 1991, the

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