Essentials of Business Law and the Legal Environment by Richard A. Mann, Barry S. Roberts
By Richard A. Mann, Barry S. Roberts
Necessities of industrial AND THE felony surroundings, tenth is a perfect selection for the single- or two-term enterprise legislations path that's frequently required for enterprise and accounting majors inside today's enterprise departments. This authoritative, but reader-friendly textual content solutions the desires for teachers who use summarized instead of edited case and preferring a "black letter law" taste instead of a "business applied" procedure.
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Additional resources for Essentials of Business Law and the Legal Environment
Example text
CLASSIFICATION OF LAW Right legal capacity to require another person to perform or refrain from performing an act Duty legal obligation requiring a person to perform or refrain from performing an act Because the subject is vast, classifying the law into categories is helpful. Though a number of categories are possible, the most useful ones are (1) substantive and procedural, (2) public and private, and (3) civil and criminal. See Figure 1-2, which illustrates a classification of law. Basic to understanding these classifications are the terms right and duty.
Immoral acts are immoral, whether or not a businessperson has committed them. In the last few years, countless business wrongs, such as insider trading, fraudulent earnings statements and other accounting misconduct, price-fixing, concealment of dangerous defects in products, and bribery, have been reported almost daily. Ethics can be defined broadly as the study of what is right or good for human beings. It attempts to determine what people ought to do, or what goals they should pursue. Business ethics, as a branch of applied ethics, is the study and determination of what is right and good in business settings.
The more darkly shaded area common to both circles includes the vast body of ideas that are both moral and legal. For instance, “Thou shall not kill” and “Thou shall not steal” are both moral precepts and legal constraints. overlapping: law provides sanctions while morals do not 4 Introduction to Law and Ethics PART I Figure 1-1 Law and Morals Law “You must drive on the right side of the road” “Thou shall not kill” Morals “You should not silently stand by and watch a blind man walk off a cliff” On the other hand, that part of the legal circle that does not intersect the morality circle (the lightly shaded portion) includes many rules of law that are completely unrelated to morals, such as the rules stating that you must drive on the right side of the road and that you must register before you can vote.