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The laws support fairness and predictability in the modern corporate climate. In addition, they guarantee fair rivalry by defending property rights. A complex web of federal, state, and local statutes make up the company laws. Everyone engaged in business is aware of their obligations and duties thanks to the law.
Despite operating independently from the executive and legislative branches, the federal judicial system in the United States cooperates with them in accordance with the constitution's requirements. Federal rules are passed by Congress and then approved by the President. The judicial branch which also resolves other disputes on federal law determines the constitutionality of federal laws. The federal laws solve disputes between states, cases involving the laws and the treaties of the U.S, cases concerning the ambassadors and public ministers, bankruptcy and as well as habeas corpus issues (Carp, Stidham & Manning, 2013). On the other hand, the state court structure solves criminal cases that involve will and estates, tort and contract cases along with the family law that consists of marriages, divorces, and adoptions. The Oklahoma court structure consists of the Supreme Court, the Court of Civil Appeals, the Court of Criminal Appeals and the 77 district courts. The Administrative Office of the Courts provides the administrative services for the Court system.
The judicial review describes the power of the courts to affirm the acts of other government branches as unconstitutional and unenforceable. For instance, if the Congress approves a law that bans newspapers from printing certain information on political matters, the Court has the power to overrule the law since it is unconstitutional. State courts can also strike down their state laws as per the federal constitution. Although judicial review is normally associated with the Supreme Court in the U.S, most federal and state courts also possess the power (Carp, Stidham & Manning, 2013). The Supreme Court has the ultimate authority on the judiciary. The concept of judicial review is an invention by the U.S.A, and before the 1800s, no country in the world accorded its judiciary such power and authority.
Effects of laws and regulations on the job industry
Laws play a significant role in business. All companies, whether large or small depend on the laws to offer protection to their businesses. In my current place of employment, several rules, regulations along with laws are in effect. The most important law is the law of privacy. Employees working in insurance companies have access to personal information such as the bank accounts information, home address, vehicle information and social security numbers. By just clicking the button, we access the personal information. At the start of every year, my employer ensures that all employees undertake a mandatory class and sign an agreement that clearly states that personal information should only be used only for business purposes.
Alternative Dispute Resolution
Alternative dispute resolution refers to the act of resolving disputes through arbitration and private judging outside the federal or state court systems. In the contemporary society, the ADR mechanism is effective, and normally, the courts only require the conflicting parties to pursue the out-of-court alternative prior to litigation. There are several types of the ADR mechanism that might involve the help of a third party and can be either binding or unbinding. The most common types of ADR are arbitration and mediation though each has its own variations (Nolan-Haley, 2013). Mediation involves a third party known as a mediator who helps the conflicting parties to reach an agreement. The mediator cannot decide on the outcome of the dispute. Arbitration, just like mediation also involves a third party. During the process of arbitration, the arbitrator acts as a trial judge and listens to the grievances of the conflicting parties. Unlike the mediator, the arbitrator decides the outcome of the dispute. In negotiation, the conflicting parties discuss the dispute between themselves to realize a compromise.
The med-arb combines both mediation and arbitration and adopts the benefits of the two methods. The conflict through mediation and if it is unsuccessful, they move on to the arbitration method. The mini-trial involves testing the case by the conflicting parties to shed light on the settlement discussion. Unlike other ADR mechanisms, the mini-trial usually occur after the commencement of formal litigation. As compared to the court system, ADR is far less costly and much quicker. Besides, in ADR, there is a higher degree of confidentiality as opposed to the court system. The court system protects the rights of the involved parties and follows formalities.
Irrefutably, the role of laws in business cannot be under-estimated. Although businesses in the U.S chose from different styles, types of growth and models, the government structure regulates and directs them. The business laws not only define illegality and misconduct but also sets operational as well as financial codes for the businesses to follow (Bernstein, 2015). Laws protect businesses protect businesses from lawsuits from suppliers, competitors, vendors, consumers among others. The law not only protects business but also helps them to generate more sales since the business laws also apply to the contracts as well as agreements with other companies or vendors.
Bernstein, M. H. (2015). Regulating business by independent commission. Princeton University Press.
Carp, R. A., Stidham, R., & Manning, K. L. (2013). Judicial process in America. Sage.
Nolan-Haley, J. (2013). Alternative Dispute Resolution in a Nutshell, 4th. West Academic.
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