Importance of Legal System
A legal system is always important in all countries to maintain some sort of order within a society. In the world of business this importance of the legal system is crucial to oversee overall business and trades. The legal system involves in legal reasoning, critical thinking skill, and ethical normality. Afterwards, the legal and administrative laws process, public and private law, and applicable international law proceeds. Currently, in our country, we have three sources of law; legislative (statutory), judicial (case law), and executive (executive orders). Other sources of law which work indirectly with our legal system and impacts on business. Without our legal system the stability of our society would be very uncontrollable which would cause businesses to fail in providing a safe work environment for their employees.
Andrew Cohen wrote about an incident back in 2013 which caused complications to the US government. He wrote about “How the Sequester Threatens the US Legal Systems”. Cohen explains “how the alarming impact of the funding “sequester” on the nation’s federal court system. Citizens everywhere will see vital legal rights denied or delayed by the forced budget cuts.”(Cohen, 3013). The cuts imposed by the sequestering had a negative impact on Federal employees, and government programs, as well as law enforcement and litigation programs run in the Federal government. “Beyond a reasonable doubt, the sequester is having a profound and pernicious effect on the government’s ability to observe its constitutional commands — and to provide justice to its citizens” (Cohen, 2013).
Without stability and predictability in our legal system many people will have a difficult time managing their affairs. Especially those who are stuck in an underwater mortgage. Peter Drier, wrote “98 million households still owe more on their mortgages than the market value of their homes” (2014, Drier). If there is no intervention soon for these household they are at risk of joining about five million household that have already experienced foreclosure since the housing bubble burst back in 2007. The government needs to allow the holders of these underwater mortgages to lower the principal on these mortgages, this will make it a little easier for the home owner to make their payments in full and on time.
Cohen, A. (2013). How the Sequester Threatens the US Legal System. Retrieved from: www.theatlantic.com/national/archive/2013/03/how-the- sequester-threatens-the-US-legal-system/273878
Dreier, P. (2014). What housing recovery? Retrieved from: http://search.proquest.com/docview/1522643522?accountid=34899