MGMT 3100 Chapter Notes - Chapter 1: Legal Risk, Legal Liability, Debt Management Plan
17 Jul 2016
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Document Summary
Sets basic standards of behavior that are enforced by government and also by individuals and groups with the help of government. Prescribes simple but vital rules that allow us to get on with our lives. Influences and controls behavior of individuals in society. Needed to protect people, property, and society as a whole. Prohibit conduct that society believes to be harmful to others. Give government power to act for benefit of society as whole. Rule of law: established legal principles that treat all persons equally and that government itself obeys. Public law: law that regulates the conduct of the government and relations between government and private persons. Private law/civil law: law that regulates the relations between private persons and groups of private persons. Laws must be just so that most of society views them as fair and voluntarily complies. Most laws naturally evolve from basic moral principles. Moral and ethical values of society shape law.
