Role and Functions of Law Essay

1011 WordsOct 21, 20135 Pages
The objective of this assignment is two-fold, to define the functions of law in business and society, and discuss the functions of law and how they pertain to the Mixed Martial Arts industry in the state of Nevada. When defining the function of law, law must also be defined and understood because of significant role it plays in society. Without law society and business would not function in a ethical manner. Law defined is the principles and regulations established in a community by some authority and applicable to its people, whether in the form of legislation or custom and policies recognized and enforced by judicial decisions (Dictionary.com). , 2013) Laws in the United States are a combination of constitutional law, statutory law, common law, and administrative law at the federal, state, and local levels (Melvin, 2011). Constitutional law provides three fundamental functions: structure for federal and state government with rules for amending the Constitution, granting powers to the government, and providing protection of US citizens from wrongful actions of the government. The first 10 articles of the Bill of Rights provide this protection. In business constitutional law give Congress the power to regulate business by protecting inter/intra states commerce, protection of intellectual property, commercial speech, taxation, and antitrust. Statutory law is adopted by the legislative branch of government at the federal, state, and local levels. At the federal level statutes are proposed by Congress in the form of Bills. The president has the executive power to pass or veto the bill. If the bill is vetoed, Congress can approve the bill by a two-thirds majority vote and make the bill law. At the state level the governor is granted executive power. Here in Nevada laws are defined and administer through Nevada Revised Statures (NRS) and Nevada

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