Explain some of the functions of the law
What will be an ideal response?
The concept of law is quite broad. Although a precise definition is difficult, it is generally agreed that law is that which must be obeyed and followed, and the disobedience of which is subject to sanction. The law is often described by the function it serves within a society. The primary functions served by the law in this country are: 1) to keep the peace, which includes making certain activities crimes; 2) to shape moral standards, which includes prohibiting certain activities that society considers inappropriate or wrong; 3) to promote social justice, such as enacting laws that prohibit wrongful discrimination; 4) to maintain the status quo, which includes passing laws preventing the forceful overthrow of the government; 5) to facilitate orderly change, such as passing statutes only after considerable public debate and input; 6) to facilitate planning, such as creating commercial laws that allow businesses to plan their activities and allocate their productive resources; 7) to provide a basis for compromise, since over 90 percent of lawsuits are settled prior to trial; and 8) to maximize individual freedom, which is evidenced by the Bill of Rights.
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Answer the following statement true (T) or false (F)
On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $250,000 with an accumulated depreciation of $210,000. Depreciation has been taken up to the end of the year. Strike found a company that is willing to buy the equipment for $25,000. What is the amount of the gain or loss on this transaction?
A) Gain of $25,000 B) Loss of $15,000 C) Loss of $25,000 D) Cannot be determined