BU231 Chapter Notes - Chapter 1: World Trade Organization, Business Ethics, Debt Management Plan
Document Summary
: the law sets basic rules and standards of behaviour that are enforced by the government and also by individuals and groups with the help of government. The law binds us all; we cannot opt out of the legal system. Why do we have law: law is needed to protect persons, property, and society as a whole; prohibits actions that may harm another. Assault: also, law gives government the power to act in the best interest of the country. Policy, fire-fighting etc: law regulates individuals" interaction with each other. Rule of law: established legal principles that treat all persons equally and that government itself obeys. Public law: law that regulates the conduct of government and the relation s between the government and private persons. Private law: law that regulates the relations between private persons and groups of private persons. The law provides an element of certainty in determining contractual and property rights; which is essential for business.
