Biz Law-Legal, Ethical and Digital Environment
UNIT 1: Legal, Ethical, and Digital Environment
Chapter 1: Legal Heritage and the Information Age
US law is primarily based on English common law, and other legal systems, such as Spanish and French civil law. ← Sources of law are the US Constitution, state constitutions, federal and state statutes, ordinances, administrative agency rules and regulations, executive orders, and judicial decisions by federal and state courts. ← Businesses organized in the US are subject to its laws and the laws of the countries in which they operate ← Businesspeople owe a duty to act ethically in the conduct of their affairs, and businesses owe a responsibility not to harm society
What is law? Law consists of rules that regulate the conduct of individuals, businesses and other organizations within society. It is intended to protect persons and their property against unwanted interference from others. ← Definition of law: Law, in its generic sense, is a body of rules of action or conduct prescribed by controlling authority, and having binding legal force. That which must be obeyed and followed by citizens subject to sanctions or legal consequences is a law. ← Functions of the law: o Keeping the peace, which includes making certain activities crimes o Shaping moral standards (enacting laws that discourage drug / alcohol abuse) o Promoting social justice (enacting statues that prohibit discrimination to employment) o Maintaining the status quo (passing laws preventing the forceful overthrow of the government) o Facilitating orderly change (passing statutes only after considerable study, debate, and public input) o Facilitating planning (well-designed commercial laws allow businesses to plan their activities, allocate their productive resources, and assess the risks they take) o Providing a basis for compromise (approximately 90% of lawsuits are settled prior to trial) o Maximizing
Chapter 1: Legal Heritage and the Information Age
US law is primarily based on English common law, and other legal systems, such as Spanish and French civil law. ← Sources of law are the US Constitution, state constitutions, federal and state statutes, ordinances, administrative agency rules and regulations, executive orders, and judicial decisions by federal and state courts. ← Businesses organized in the US are subject to its laws and the laws of the countries in which they operate ← Businesspeople owe a duty to act ethically in the conduct of their affairs, and businesses owe a responsibility not to harm society
What is law? Law consists of rules that regulate the conduct of individuals, businesses and other organizations within society. It is intended to protect persons and their property against unwanted interference from others. ← Definition of law: Law, in its generic sense, is a body of rules of action or conduct prescribed by controlling authority, and having binding legal force. That which must be obeyed and followed by citizens subject to sanctions or legal consequences is a law. ← Functions of the law: o Keeping the peace, which includes making certain activities crimes o Shaping moral standards (enacting laws that discourage drug / alcohol abuse) o Promoting social justice (enacting statues that prohibit discrimination to employment) o Maintaining the status quo (passing laws preventing the forceful overthrow of the government) o Facilitating orderly change (passing statutes only after considerable study, debate, and public input) o Facilitating planning (well-designed commercial laws allow businesses to plan their activities, allocate their productive resources, and assess the risks they take) o Providing a basis for compromise (approximately 90% of lawsuits are settled prior to trial) o Maximizing