Paper Topic:

Business Law

Running head : Role of Constitution

Role of the Constitution

Name

School

Professor

Course

Role of the Constitution

The Constitution and legal system plays a vital role in the whole society which includes the business sector . Being the fundamental law of the land the Constitution alloted to each governmental structures different and unique duties and responsibilities . In addition , it also laid down the primary guidelines that each classes of people and every individual has to comply in harmony with others . As to business regulation , the Constitution provided in

Sec . 8 , Art . I the regulating power to the Congress . It provides in part , the Congress shall have power to lay and collect taxes , duties , imposts and excises , to pay the debts and provide for the common defense and general welfare of the United States but all duties , imposts and excises shall be uniform throughout the United States (US Constitution Online , 2008 . It further provides , Congress have the power to regulate commerce with foreign nations , and among the several states , and with the Indian tribes (US Constitution Online , 2008 . In the stated provision , the Constitution granted the Congress with power to impose taxes and regulate the business transactions and affairs

The taxing and regulating power of the Congress is based upon the fundamental purpose and role of the business sectors . In the society commerce comprises almost all transactions which includes trading selling , banking , lending , among others . The daily existence of the society almost revolves in business because it is the very source of every person 's needs and is considered as the backbone of economy . The country is dependent on business or commerce as well . Being the backbone of economy , the Constitution deemed it to be regulated to ensure that the welfare of the public is not at stake . The regulation power extends to the proscription and penalisation of using commerce for immoral dishonest , or anything that may spread evil or harm in the general public (Find Law for Legal Professionals , 2008 . Moreover , the regulation also extends to ensure fair and healthy competition in the business world and avoid monopoly and abuses by powerful and wealthy businessmen

The legal system plays the role of resolving the disputes arising from violations of business codes . The legal system ensures that every party in a business dispute are provided with due process . In addition , it also resolve the legal issues arising from laws and regulations applicable to business . Moreover , the legal system determines the justifiable punishments that should be imposed upon violators Furthermore , the legal system acts as mediator to bring back the harmony that may have been distracted by disputes

In the business world , violations are unavoidable . Some will always have to resort to doing fraudulent activities to the jeopardy of the people . Few years ago , several scandals of different big companies were the headlines in prestigious newss . The Rite Aid , for example , has been subjected to legal adjudications because of the accounting frauds (The New York Times , 2008 . Several executive officers of...

3 pages

104.0 KB

Free sing-up