Chapter 1: Law and Business Test Bank

Topics: Law, Canadian Charter of Rights and Freedoms, United States Declaration of Independence Pages: 4 (1168 words) Published: October 21, 2013
Chapter 1
Law is so diverse and complex; although what law does is helpful: the law sets basic standards of behavior that are enforced by government and also by individuals and groups • Freedom from violent conflict • Rules of conduct for different reasons Why do we have- need- law?

• 1) Law is needed to protect persons, property, and society as a whole. It can not force someone to do something; ordinarly relations, reasonable, and predictable o ie) by requiring all types of vehicles to drive on the right-hand side of the road • 2) Law gives government the power to act for the benefit of society in general. Providing policing, firefighting, education and helth care. • Rule of Law- established legal principles that treat all persons equally and that government itself obeys. • 3) Law regulates individuals’ interaction with each other; for example, it enables us to make legally binding agreements enforceable in the courts. The law provides an element of certaintiy in determining contractual and property rights- something that is essential for the efficient carrying on of business. Facilitate business and private ordering.

Most laws naturally evolve from basic moral principles that all people accept. Grotuius revivied the second theory of natural law based on fundamentally rational moral principles independent of religion. John Lock as quoted in the United States declaration of Independence “ We hold these truths to be self-evident: that all men are created equal, that they are endowed by their creator with certain unalienable rights, that among these are life, liberty and the pursuit of happiness” How do laws influence behavior?

Individuals voluntarily comply with the law simply because it is the Law, Moreover, to further encourage compliance, most laws if broken, trigger penalties or consequences. Ie) go to jail Legal Liability is the legal responsibility for the consequences of breaking the law Criminal liability is the legal responsibility arising from...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Business Law Module 1 Essay
  • Business Law Chapter 1 Exam Essay
  • Essay about Chapter 11 Business law
  • Assignment of Business Law 1 Essay
  • business law Essay
  • Business Law Essay
  • Test Bank Chapter 1 Essay
  • Essay on Business Law

Become a StudyMode Member

Sign Up - It's Free