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Summary

Summary Business Organisation & Law, chapter 1

The law has three functions: - It provides rules to solve conflicts - It has a regulatory function. Rules and regulations on the basis of which society is organized. - What we wish to achieve with law: a society for everybody, protection of the weaker party and a society in which everybody’s interests are respected. This will be often determined by political choices International law Values and standards of society vary in the world. There is no single world government to make and enforce laws. Yet, we use the term ‘international law’. But what is ‘international law’? According to the following definition it is a: “Body of legal rules governing interaction between sovereign states and the rights and duties of the citizens of sovereign states towards the citizens of other sovereign states. It has been built up piecemeal through agreements, compromises, conventions, understandings etc. It isn’t 'World Law' but law between sovereign states, (each government can decide which law it will adhere to or not) and has not been able to solve the problems of inter-state aggression, conflict, terrorism, and war.

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