Law in Business and Society The relationship between law, business, and society is very complex. In order to further understand the complexity we should know what the role of law is in business and society. To answer this, we must first define the role and functions of government, or law, in a manner that satisfies all of us. The role of law is to defend our lives, our liberty, and our property, from those who would violate them, and to punish those who do so by making them pay us restitution. However, the law has many functions such as settling disputes, maintaining order, and providing a framework or guideline for decisions to be upheld. In the next few paragraphs I will discuss the role and the functions as law relates to society and business. Role of Law To begin understanding the role of law for business or society, we should first introduce the eight types of law. These include constitutions, statutes, common law, treaties, ordinances, executive orders, administrative regulations and decisions, and equity. The types of law according to our text, are sometimes called positiv......

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