BUSI 2601 Lecture Notes - Lecture 1: Precedent
25 Aug 2015
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Law: norms and rules that are enacted that will define the rights and obligations of persons. Rules: guides us or obliges us in our behavior. (ie) level of lead in jewelry, selling merchandise that meets certain standards. Without law, people could do whatever they please. Law always comes first, followed by ethics. ethics can be described as the concepts of right and wrong conduct. (ie) eating someone to live when stranded on a boat. Although ethics may work in favour of sacrificing a life to save another, by law, it is illegal to kill someone to save another. Ethics: the moral judgement that encompasses law but allows moral judgement. 3 ways to resolve disputes: negotiate a settlement: mutual discussion and arrangement of the terms of a transaction or agreement. Arbitration is usually the logical choice to resolve a dispute, but is not usually picked because it does not serve organizations as well.
