Function and Role of Law in Business and Society

Functions and Roles of Law in argument and Society Patricia Hackley LAW 421 April 15, 2013 C. J. Hughes come up A review of the organization, the criterion of Rights and the Code of Conduct will be discussed for a better understanding of it role in business. Businesses pack operated for age but the interest lies in the development of and reasons for work out of conduct with the Constitution and Bill of Rights identifying the in force(p)s of the companies and the people. According to CFA Institute, Code of morality were first created in the 1960s.It is the result of the Civil Rights Act of 1964 that promoted businesses to hire equal opportunity officers, to project compliance with the new law (A History of Business Ethics, 2012). The U. S. Occupational Safety and Health Act of 1970 enforced the mandates and the Environmental tax shelter Act forced businesses to internalize the cost of discharging toxic effluent (Ibid). In 1977, The U. S. Government enacted the Foreign Corru pt Practices Act to control actions of U. S. corporations overseas as a result of a series of scandals involving bribery. In an attempt to holler public outcry to get out of South Africa, a free radical of U.S. companies adopted the Sullivan Principles. It was also hoped that South Africa would change payable to these principles. By 1980, intimately companies in South Africa had started adopting ethical codes and training their employees (Ibid). The Responsible Care was essential as a result of a chemical disaster in India in 1984 and in 1986, the Defense Industry Initiative on Business Ethics and Conduct had written code of morality, provided training to employees, established supervise systems, shared best practices and became accountable to the public, due to defense contract irregularities.The 1991 U. S, national official Sentencing Guidelines for Corporations provided incentives to corporation that incorporated ethical structures. If the company could show they had ta ken locomote to address the ethical behavior of the company, the fines would be reduced, if found guilty. The most large legislation to date is the 2002 Sarbanes-Oxley Act which was initiated as a result of scandals involving Enron, Arthur Andersen and different corporations.It requires CEO and CFO to certify fairness and accuracy of financial statements and code of ethics for senior financial officers along with public disclosure. The United States developed a voluntary Global Compact for Corporations, with over 1,500 companies worldwide joining, have nine guiding principles including labor standards, human rights and environmental protection. The Community work Bureau, were I worked as a Site Supervisor, were governed by Federal, State and local anaesthetic laws, along with guidelines from our funding sources.We had annual Code of Conduct training and sign of a new amendment. Middle management and staff were members of the local coalescency that provided arbitration, in the event of employee dispute, or ratify a new contract. at a time we are acquainted with the development of business ethical conduct, we can serve a correlation with the Constitution and Bill of Rights in the puzzle of croak and role in business and society. The Constitutions Bill of Rights, which involve the first ten articles in the Constitution, brings us to the established boundaries of jurisdiction.Congress, under oblige I of the Constitution, has the power to regulate commerce, tax the citizens and commercial entities and the spending governing body funds, bankruptcy, patents, and copyrights and make all in all laws necessary to carry out its powers under the Constitution. (Melvin, 2011). infra the Executive branch, the President carries out laws, the commander in chief to the fortify forces and enters into treaties, pending Senate approval, and appoint federal officers and judges, also requiring Senate approval.Under the Judiciary branch, cases and controversies are s tubborn under federal jurisdiction. The Judicial Review is the ultimate judge of federal constitutional law under the U. S. Supreme Court. (Melvin, 2011). In 1803, the Court command that the Constitution was higher than federal and state statutes, the conflicts between the Constitution and federal or state law, the Court has the authority to strike it down as unconstitutional. This authority can be found under Article III, surgical incision 2 of the Constitution.The standards established classifies these actions in three categories rational basis, intermediate-level scrutiny or strict scrutiny (Melvin, 2011). The craft clause enables Congress to regulate Commerce among several states. It channels interstate commerce such as railways, vehicles utilize in shipping and articles moved in interstate commerce. The Bill of Rights First, twenty-five percent, fifth and Eighth Amendments are directly addressing businesses. The First Amendment guarantees the freedom of speech, press and the right to peacefully assemble.In business, the first amendment provides partial protection provided the speech is truthful and pertain a lawful activity State cannot limit the free go down of information to consumers. To address these concerns and others, a four-part test framework was created to decide if plastered regulations were constitutional commercial speech in advertising, with no political implications. If regulations were constitutional, they passed all four parts of the test. Political speech has full First Amendment protection. The Fourth Amendment protects citizen rights to be secure in their persons, houses, papers and effects.To secure a search secure they must demonstrate probable cause or if they have cause for administrative violations they must have an administrative warrant to gain access to worksites for compliance inspections. The Fifth Amendment protects individuals from being compelled to be a witness against themselves. The business aspect of the Fift h Amendment allows individuals to remain silent during investigations and solicit proceedings. The Fourteenth Amendment protects individuals from being deprived of life, liberty or property without due serve up of law and includes restrictions and actions by state governments.The Due Process Clause has certain procedural requirements and that laws passed must be published for inspection by the public and be specific so the individual understands how the law applies. The have-to doe with Protection Clause prohibits government from denying citizens equal protection of the law. It is interesting that the Bill of Rights has not been amended since it was established in 1866 and it continues to provide citizens with the rights, due process and establishment of laws to govern the ever increasing industry of business.Functions and Roles of Law in Business and Society References Code of Ethics & Standards of Professional Conduct. (2013). Retrieved from http//www. cfainstitute. org/ethics/ codes/ethics/Pages/index. aspx A History of Business Ethics. (2012). Retrieved from http//www. scu. edu/ethics/practicing/focusareas/business/conference/presentations/business-ethics-history. hypertext markup language Melvin, S. P. (2011). The Legal Environment of Business A Managerial Approach scheme to Practice. Retrieved from The University of Phoenix eBook Collection.