What is business law including a discussion of law and ethics.
► Listen on DSound
► Listen from source (IPFS)
We will discuss:
• What law is
• Why we need law
• The relationship between ethics and law
• Law theory
The first questions we need to address when introducing any new topics are:
• What is it?
• Why do we need to know it?
Law defined by Merriam Webster:
a (1) : a binding custom or practice of a community : a rule of conduct or action prescribed (see prescribe 1a) or formally recognized as binding or enforced by a controlling authority
(2) : the whole body of such customs, practices, or rules The courts exist to uphold, interpret, and apply the law.
Reason – for social harmony, stability, and justice
https://www.merriam-webster.com/dictionary/law
In reviewing the definition of law, we see that law is a function of the customs of a community, a set of rules the community abides by in some way. A formal application of the law will generally need to be enforced by individuals that have the power and authority to do so.
If we were to define law by its purpose, we may say that the reason for law is to achieve a degree of harmony in society. The need for things like harmony, justice, and safety are some of the driving forces that lead us to accept the restrictions that a formal law can impulse, to accept a kind of social contract that we generally abide by.
The law will provide rights and duties to people and society. In other words, we have laws that outline what we as citizens can do as well as laws that restrict our behavior. For example, we have a right to the pursuit of life, liberty, and property. However, in our pursuit of life, liberty, property the law does not allow us to cause harm to others in most circumstances.