Premium Essay

Law 421 Week 1

In: Business and Management

Submitted By chasebaty
Words 564
Pages 3
Law in Business and Society Name LAW/421
Prof
March The functions and role of law in business and society is something that people don’t put much thought into, but it is used on a daily basis in the workplace. I will discuss these functions and how they relate to business and society thru my personal experiences as well as providing textbook definitions as well. A society that runs efficiently is one that allows laws to regulate social behavior. Laws will also provide ethical standards and expectations as well as providing rules of conduct. They also provide measures to enforce rules and means for settling disputes as well. According to “The Role And Functions Of Law In Business And Society” (2013), “Other functions of law include; peacekeeping: checking government power and promoting personal freedom; facilitating planning and the realization of reasonable expectations; promoting economic growth through free competition; promoting social justice; and protecting the environment.” Commerce would likely collapse if we did not have these laws to govern actions of people and businesses. Laws are broken down into a variety of different types. The different types are constitutions, common law, statutes, executive orders, ordinances, and treaties. A constitution law is the overriding law. This establishes if a certain law will be federal or state. Common law is based on previous court decisions. This law helps lawyers determine the best course of action to take when given a case. Statute law is enacted by elected representatives. Treaties are contracts between two states or countries. These are very common for our Armed Forces when serving overseas. An ordinance is a law between counties or municipalities and executive orders are laws…...

Similar Documents

Premium Essay

Law 421 Week 3

...Week 3 Article Review With the rapid growth of e-business it is no small wonder why businesses today are taking advantage of the online market. The overall convenience and lack of complexity with buying products and services online has converted most of the public to shopping via the internet. Any business that sells a service or product must strongly consider the fact that being without a website or means for the public to shop online will only hinder the business’ profits and any chance for future development. Many small businesses are realizing first hand that the lack of e-business will ultimately make their companies obsolete. E-business is not without fault though. There are many issues that revolve around the legality of contracts and ownership of property and services. When buying or selling goods and services online, both the buyer and seller agree to a mutually binding contract that ensures the satisfaction and legitimacy of the transaction. A contract is a legally enforceable agreement between individuals or parties that promises a good or service in exchange for something else (Shefrin, 2006). Generally, contractual agreements need certain elements to make them legitimate. The first set of elements include; mutual assent, an offer, and acceptance of the offer (Shefrin, 2006). Also, both parties must have the capacity to understand the terms, conditions, consequences, and legal purpose of the agreement (Shefrin, 2006). When preparing a contract, it......

Words: 599 - Pages: 3

Premium Essay

Law 421 Week 2

...In the text states, “Whenever a U.S. firm enters into a contract situated in a different country, it should make sure the agreement is officially enforceable” (Melvin, 2011). Therefore, resolving legal disputes in international transactions also pertain to issues resolved in legal disputes in global companies. Global company should always acknowledge amendments made to the global rules and regulations (Melvin, 2011). When taking legal actions against a foreign business partner based in another country there are some practical considerations. These considerations consist of the guidelines of the country; a country has elected to conduct business with. In most cases Country’s overseas are not always equal to the legislations laws enforce in the United States. It is important that Agreements made when transacting business in other counties. These agreements are known as binding contracts in with both countries’ come to agree upon. In some cases some countries may even refuse to conduct further business with a particular country if the country files a case (Melvin, 2011). Factors that work contrary to the CadMex's decision for granting sublicensing agreements occur when businesses chooses to enhance the possibilities of cases brought against them by choosing to develop records of sublicensing contracts. Businesses must always incorporate in sub-paragraphs in the transaction agreements; the business must take responsibility of any financial difficulties by pardoning...

Words: 445 - Pages: 2

Premium Essay

Law/421 Week 4 Individual

...Theory to Practice LAW/421 January 21, 2012 Brian La Hargoue Theory to Practice A contract is an agreement a court of law will recognize. An agreement may result in a binding contract whether it is an oral or written agreement between parties (Melvin, 2011, p. 126). Contracts are put in place to protect both parties on either end of the agreement. A big time Toymaker (BTT) was interested in a new game invented by Chou. BTT entered into an agreement with Chou for exclusive rights to his inventory for a 90-day period at the cost of $25,000 (Melvin, 2011, p. 155). This paper will discuss some pros and cons of a contract, if and when a contract should apply to a situation, and some remedies for a breach of contract. Contract BTT and Chou made an exclusive negotiation agreement for a 90-day period. This agreement had stipulations that a contract had to be in writing within this period. Before the expiration of this period, the parties reached an oral agreement in a meeting followed by an e-mail from BTT to Chou repeating their oral agreement on paper. This electronic document reiterated the key terms of what was agreed upon in the meeting between the parties (Melvin, 2011, p. 155). With areas agreed upon, the parties should be considered under contract. Positive and Negative Facts of Agreement There are several areas in this simulation that show positive and negative facts for Chou in terms of the intent of contract. The facts that weigh in favor of Chou: *......

Words: 1039 - Pages: 5

Free Essay

Law 421 Week 1 Individual Assignment Roles and Functions of Law Paper

...Functions of Law Paper University of Phoenix/Axia Law/421 – Contemporary Business Law Role and Functions of Law Paper The word law is defined as a system of principles and regulations of ethics and rules in order to keep people and also things in line, a set of rules of conduct. There are many functions of law in business and in society. Without the functions of laws many companies, etc. could and would not survive. Law is very valuable within businesses. Businesses have to have law because it is used as a protective shield for the companies. Without laws, companies could have lawsuits placed on them. So laws are put into place to help avoid as many lawsuits as possible. A majority of companies have a set of lawyers to take care of their legal issues. Arbitration has become a key for companies to use to try and keep lawsuits from happening usually regarding employees. This law helps things to be done without going to court and keeping lawsuits down. In order to keep the liabilities down legally with the sale of a company’s services or goods, they use their legal advisories when making such decisions. If there are changes to be made within an agreements, etc., then the legal team can take care of this and is in the position of letting a company know when changes have been made with the legal documents or contracts to ensure that they are meeting the current laws. The role of law in......

Words: 817 - Pages: 4

Free Essay

Law 421 Week 5 Article

...Week Five Article Review University of Phoenix Contemporary Business Law LAW/421 Valentine Castillo April 29, 2013 University of Phoenix Material Article Review Format Guide MEMORANDUM UNIVERSITY OF PHOENIX DATE: April 29, 2013 TO: Valentine Castillo FROM: RE: Sarbanes-Oxley Act: Was the ‘one-size-fits-all’ approach justified? Nogler, G., & Inwon, J. (2011, May/June). Sarbanes-Oxley Act: Was the ’one-size-fits-all’ approach justified? Journal of Corporate Accounting & Finance (Wiley), 22(4), 65-76. http://dx.doi.org/10.1002/jcaf.20691 ARTICLE SYNOPSIS The article discusses whether the Sarbanes-Oxley Act and the subsequence laws were the correct solution for the problems that arose from the Enron and WorldCom bankruptcies. The article illustrates how the different rules and legislature affect different size business, and the ramifications that resulted for companies that must follow the Sarbanes-Oxley Act. The authors of the article also conducted a study on whether or not fraud of the financial statements was in direct correlation of businesses filing bankruptcy (Nogler & Inwon, 2011, p. 68) like in the cases of Enron and WorldCom. The results found that the larger the company that filed bankruptcy the more likely that securities fraud litigation and general overstatement of the revenue and assets of the company occurred (Nogler & Inwon, 2011). LEGAL ISSUE Legal issues were rampant in the......

Words: 557 - Pages: 3

Free Essay

Acct 421 Week 1 Dq

...Week 1 DQ #1 What are the major objectives of financial reporting? Who are the users of financial reporting? What type of information will each user group need? Response 1 Financial reporting establishes a foundation for financial accounting and reporting. The objectives of financial reporting provide information that is useful to creditors, investors, and any other external users in making rational decisions that involve investments, and credits. Financial reporting helps present and potential investors, creditors, and any other external users to assess the amounts, timing, and uncertainty of prospective cash receipts from dividends, interest, proceeds from a sale, redemption, and maturity of securities and loans. Another objective of financial reporting is that enterprise resources are claims to resources and changes allocation is the process determining the cost money that is allocated among competing interest. A company will provide to managers information of financial statements such as the balance sheet, income statement, statement of cash flows, stockholders equity statements. These statements show how a company is in a financial status and allows a company to maintain stability. Today companies are practicing how they do business better in regard to the corporate scandals of Enron, WorldCom, and AIG. Companies are learning to think outside the box in how they conduct financial reporting such as adopting global standards of increasing fair value reporting.......

Words: 1639 - Pages: 7

Premium Essay

Law/ 421 Week 5 Presentation

...Read the “Theory to Practice” section at the end of Ch. 6 of the text. Answer Questions 1 through 6 based on the scenario in the “Theory to Practice” section, and complete the following in your response: 1) At what point, if ever, did the parties have a contract? I don’t believe that there was a contract because even though there was an e-mail describing the contents of a draft of a contract, there were no signatures approving it. 2) What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract? Although BTT had made a large payment to Chau, the fact is that no written agreement was agreed on which works against Chau. 3)Does the fact that the parties were communicating by e-mail have any impact on your analysis in Questions 1 and 2 (above)? No. The fact that Chau and BTT were emailing each other is irrelevant to the existence of a contract, there were merely talking about it and never memorialized it in contract form. 4) What role does the statute of frauds play in this contract? This transaction had a value of over $500 and as such the UCC provisions could apply had the contract been in writing and had been accepted by both parties. 5) Could BTT avoid this contract under the doctrine of mistake? Explain. Would either party have any other defenses that would allow the contract to be avoided? No, BTT could not avoid contract under the doctrine of mistake, or any other defense, because both parties......

Words: 399 - Pages: 2

Free Essay

Week 1 Law 421

...The Roles and Functions of Law in Business No Name LAW/421 September 16, 2013 Richard Simon, J.D. The Roles and Functions of Law in Business In order for a business to run successfully, there needs to be a balance of good employees, a good moral code, and a sound foundation in rules and regulations. Some of the rules and regulations within a company will be attributable to the current laws. These laws help companies function in a way that is ethical and fair to its business partners, customers, and employees. No company can run and make a profit without following guidelines set in place. Some may not realize that laws are also in place to protect the company as well. Wrong doings can happen on both sides. Developing laws protects everyone. In society, the same rules apply. Laws are set in place to keep things orderly and to keep individuals safe. There are hundreds of laws. Some are not well-known to the public, but some are so well-known that they have just become a form of common sense. Individuals know that it is wrong to steal and most will refrain from doing so because they know that if they do not, there is a chance of being fined or incarcerated. Business Law Business law primarily deals with businesses that are already in place and the creation of new businesses. Some issues that business law addresses are tax laws, intellectual property, employment law, bankruptcy, and real estate (Melvin, 2011). These laws provide solid ethical expectations.......

Words: 1046 - Pages: 5

Free Essay

Law 421 Week 2

...Ethical Issues 1. What are the issues involved in resolving legal disputes in international transactions? The issues that are involved in resolving legal disputes in international transactions are, first you need to understanding and sensitive of the foreign law, culture, politics, formal and informal power structures and decision making approaches. This applies whether you are forming a joint venture with an Asian company, or enforcing contracts with European suppliers. 2. What are some practical considerations of taking legal action against a foreign business partner based in another country? Some practical things to consider are, that the law of the other country is the most important thing to take into consideration. The laws of the U.S. are only enforced in the U.S. and not in the foreign country that you have expanded to. Meaning the only laws that you be able to enforce are the ones that are in place in that country. Another is that contracts can only be enforced if they are backed by the laws in the country they are made in. 3. What factors could work against CadMex's decision to grant sublicensing agreements? Some of the factors that can work against CadMex’s decision are, first this can leave the organization up for lawsuits. If any of the contracted workers does something wrong it could possibly make the main company fully liable. Also it could start to dilute the brand of the company. 4. When the local customs and laws conflict......

Words: 509 - Pages: 3

Free Essay

Mkt 421 Week 1

...The Passion for Ridgid Tools MKT/421 The Passion for Ridgid Tools Throughout the years the lives of many have been influenced by passionate individuals, such as Thomas Jefferson, Bill Gates the founder of Microsoft, who revolutionized the computer industries, and Leonardo da Vinci an inventor years ahead of his era (Miller, 2014). In today’s society individuals are free to express their passion in whatever peaks their interest and one of those things are tools. A handy man, contractor, or just hobbyists have one thing in common, and that’s their passion for his or her tools. Notwithstanding, certain elements need to be present for customer loyalty and those elements include customer service, warranty, and durability of the tools. There are many manufacturers in the industry of tools, some of which manufacture hand tools while others manufacture power tools or even heavy equipment. At the same time, some manufacturers make all three types of tools. Moreover, among some of the well-known tool manufacturers available are Ridgid, Craftsman, and Snap-on. Even though, these three companies are among the most popular of tool brands in the United States, each have benefits and drawbacks. Benefits Ridgid, Craftsman, and Snap-on all have one very important thing in common that plays a major role with the purchasing decision of the passionate tool user, and that is all three carry a lifetime warranty on mechanic’s tools; such as wrenches, ratchets, screwdrivers, sockets...

Words: 968 - Pages: 4

Premium Essay

Law/421 Version 1/ Homework-Aid

...LAW/421 Version 1 Contemporary Business Law Click Here To Download Week One: Introduction to Law Participation Participate in class discussions and respond to weekly discussion questions. DQs due days 2, 4 and 5 7 Individual Role and Functions of Law Paper Resource: Case Brief Cipollone v. Liggett Group, Inc., et al. in Ch. 2, section 2-6, “Commerce Powers,” of the text Write a 700- to 1,050-word paper in which you define the functions and role of law in business and society. The Cipollone case merely illustrates some of the functions and roles of law in business; your paper should not be a discussion of that case. You can cite to that case only as needed to exemplify some point you are making. Discuss the functions and role of law in your past or present job or industry. What is the most important Constitutional provision to business law? Properly cite at least two references from two different sources. Format your paper consistent with APA guidelines. Day 7 11 Individual Bio Post your bio in the body of a message in the chat room. Week Two: Torts Participation Participate in class discussion and respond to weekly discussion questions. DQs due days 2, 4 and 5 7 Individual Addressing International Legal and Ethical Issues Simulation Summary Complete the Addressing International Legal and Ethical Issues simulation located on the student website. Write a 350-word summary. In your paper, answer the......

Words: 761 - Pages: 4

Premium Essay

Law 421 Week 5 Article Review

...In this document of LAW 421 Week 4 Big Time Toymaker you will find the next information: Read the “Theory to Practice” section at the end of Ch. 6 of the text. Answer Questions 1 through 6 based on the scenario in the “Theory to Practice” section, and complete the following in your response: At what point, if ever, did the parties have a contract? What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract? Does the fact that the parties were communicating by e-mail have any impact on your analysis in Questions 1 and 2 (above)? What role does the statute of frauds play in this contract? Could BTT avoid this contract under the doctrine of mistake? Explain. Would either party have any other defenses that would allow the contract to be avoided? Assuming, arguendo, that this e-mail does constitute an agreement, what consideration supports this agreement? At the conclusion of the case, BTT declares that it's not thinking about distributing Chou’s new strategy game, Strat. Presuming BTT and Chou have got a deal, and BTT has breached the agreement by not distributing the game, discuss what remedies may or may not apply. General Questions - General General Questions Read the “Theory to Practice” section at the end of Ch. 6 of the text. Answer Questions 1 through 6 based on the scenario in the......

Words: 372 - Pages: 2

Premium Essay

Law 421 Week 4 Big Time Toymaker

...In this document of LAW 421 Week 4 Big Time Toymaker you will find the next information: Read the “Theory to Practice” section at the end of Ch. 6 of the text. Answer Questions 1 through 6 based on the scenario in the “Theory to Practice” section, and complete the following in your response: At what point, if ever, did the parties have a contract? What facts may weigh in favor of or against Chou in terms of the parties’ objective intent to contract? Does the fact that the parties were communicating by e-mail have any impact on your analysis in Questions 1 and 2 (above)? What role does the statute of frauds play in this contract? Could BTT avoid this contract under the doctrine of mistake? Explain. Would either party have any other defenses that would allow the contract to be avoided? Assuming, arguendo, that this e-mail does constitute an agreement, what consideration supports this agreement? At the conclusion of the case, BTT declares that it's not thinking about distributing Chou’s new strategy game, Strat. Presuming BTT and Chou have got a deal, and BTT has breached the agreement by not distributing the game, discuss what remedies may or may not apply. General Questions - General General Questions Read the “Theory to Practice” section at the end of Ch. 6 of the text. Answer Questions 1 through 6 based on the scenario in the......

Words: 362 - Pages: 2

Premium Essay

Week 2 Law/421 Paper

...From culture to unfamiliar law to the possibility of a government coup, doing business with other countries seems to not worth the effort for American companies. According to "White and Williams, LLP" (n.d.), “International transactions and dispute resolutions require both an understanding of the law and a sensitivity to foreign culture, politics, formal and informal power structures and decision-making approaches” (para. 1). Jurisdiction would need to be addressed before any debates or agreements can be met. Does the host country have the right to hear and make a legal decision or since the company is American, would the U.S. courts be the ones to decide over any disputes? The three basic questions that need to answered before going forward are which country’s courts should have jurisdiction to hear the dispute, which country’s laws should be used to decide on the dispute, and if any foreign judgment attained overseas might be enforceable in the home country (Barclay's International Trade, n.d.)? Practical considerations to think about would be if the laws of that country would be that any more business deals wouldn’t be allowed or if the laws of that country protect the foreign business partner from any liability. The factors working against CadMex granting sublicensing agreements is that they open themselves up to the potential of lawsuits being brought against them. Host countries local laws and customs prevail over the operating country’s own laws and customs since the......

Words: 284 - Pages: 2

Free Essay

Law 421 Week 1 Role and Functions of Law Paper

...LAW 421 Week 1 Role and Functions of Law Paper Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser http://hwguiders.com/downloads/law-421-week-1-role-functions-law-paper/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Resource: Case Brief Cipollone v. Liggett Group, Inc., et al. inCh. 2, section 2-6, “Commerce Powers,” of the text Write a 700- to 1,050-word paper in which you define the functions and role of law in business and society. Discuss the functions and role of law in your past or present job or industry. Properly cite at least two references from your reading. Format your paper consistent with APA guidelines. LAW 421 Week 1 Role and Functions of Law Paper Get Tutorial by Clicking on the link below or Copy Paste Link in Your Browser http://hwguiders.com/downloads/law-421-week-1-role-functions-law-paper/ For More Courses and Exams use this form ( http://hwguiders.com/contact-us/ ) Feel Free to Search your Class through Our Product Categories or From Our Search Bar (http://hwguiders.com/ ) Resource: Case Brief Cipollone v. Liggett Group, Inc., et al. inCh. 2, section 2-6, “Commerce Powers,” of the text Write a 700- to 1,050-word paper in which you define the functions and role of law in business and society. Discuss the functions and role of law in your past or......

Words: 2116 - Pages: 9