LAW 101 Lecture Notes - Lecture 12: Wall Street Crash Of 1929, Social Forces, Capitalism
Document Summary
Importance of business ethics: protection of personal rights: The desire for freedom from economic domination resulted in the free enterprise philosophy that exists in the u. s. Individual freedoms & personal rights cont. as a focus of value discussions followed by legislation if those individual rights are violated: enforcement of individual intent: When someone voluntarily enters into a contract, they have a responsibility to fulfill the promises made in that agreement. Ex: the law will carry out the intentions of the parties to a business transaction. Laws exist to honor intent of parties b/c not all commitments are fulfilled voluntarily. Law may impose requirements that a transaction/agreement be in writing to ensure that the intent of the parties is adequately documented. Law may also place restrictions on honoring intentions. & safety: protection from exploitation, fraud & oppression: Many laws have evolved b/c businesses took advantage of another group.
