Smith and Roberson's Business Law
16th Edition
ISBN: 9781285428253
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Question
Chapter 1, Problem 1CO
Summary Introduction
To identify: Basic functions of law and describe.
Expert Solution & Answer
Explanation of Solution
Law is nothing but a code of conduct prescribed by highest authority in a state and deals with what is right and what is wrong.
Basic functions of law:
The functions of law are used to retain political, economic and social stability through
Protection of property: Law helps to protect property and allows contracts for exchanging properties of two persons.
Dispute resolution: In general disputes are inevitable, and it involves matters of criminal and non-criminal. So this helps to avoid personal revenge on persons and makes to resolve the disputes of the people.
Safeguarding of state while letting ordered change: It safeguards the state from changes of legislation, referenda’s and elections rather than rebellion and revolution.
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Smith and Roberson's Business Law
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