Business Law

INTRODUCTION TO BUSINESS LAW


What is 'Law'?


Cleverness In This Article

What is 'Law'?

Law - Definition

The 'Rule of Law'

Law Enforcement


What is 'Law'?

We are faced with references to 'Law' and 'Legal Issues' nearly everyday in the news, movies and even sit-coms and comedy shows. It is an important part of our daily life as it controls what we can and cannot do in our general life as well as business. As 'Law' is such an important part of our daily life it is important to understand what it actually is:

Law - Definition

'Law is a system of rules that a society or government develops in order to deal with crime, business agreements, and social relationships'. Collins Dictionary

'In the U.S. law refers to any rule that, if broken, subjects a party to criminal punishment or civil liability'. https://legal-dictionary.thefreedictionary.com

If society believes that certain rights or procedures should be in place, the lawmakers act to bring about a rule reinforcing societies belief to achieve orderly administration of that society.

rule of law

The 'Rule of Law'

The rule of law is the assumption that all people and institutions are subject to, and accountable to law, which is fairly applied and enforced (equal to all).

The United Nations state that the Rule Of Law is:

A principle of governance in which all persons, institutions and entities, public and private, including the State itself, are accountable to laws that are publicly promulgated, equally enforced and independently adjudicated, and which are consistent with international human rights norms and standards.

The UN identifies the importance of the rule of law as being ‘fundamental to international peace and security and political stability’.

Law enforcementLaw Enforcement

The purpose of law enforcement is to maintain order within the community. It is important that the rule of law is applied equally to all individuals so that it cannot be used to oppress or gain advantage over others.

Law enforcement is essential for economic productivity as it creates the trust and confidence necessary for people to carryout business transactions knowing that their rights will be protected.


Download our FREE Clever-notes PDF here: What Is Law? (105 downloads)

Please reference Makemeclever.com and thank you for sharing Cleverness with others.


More Cleverness

Business Law Main Page


Main Image: Image by Sang Hyun Cho from Pixabay


 

Hits: 35

Posted in Business Law, Business Law - Introduction.