Definition of law:
A collection of rules or principles intended to limit and direct human behavior.
Roles of law:
Influence behavior – social stability
Resolve disputes – courts provide a consistent mechanism
Maintain social values – honesty and integrity through contract law
Provide a method for social change
Sources of law:
Constitutions – US and State
Legislatures – US and State – statutory law
Administrative Agencies – regulations
Judicial decisions – common law
Classifications of law:
Public law
Private law
Criminal law
Civil law
Substantive law
Procedural law
Ethics
Public image of business has declined.
Possible explanation: ethical standards have fallen
Legislation to address issues of corporate dishonesty has mushroomed
Unethical behavior can arise from bad decisions in business or from the environment created by government – campaign contributions and direct bribes.
Cases:
United States v Stanley – LSD given to soldier. Scalia: soldier can’t sue. Brennan: soldier can sue individuals because they must consider their actions individually.
Davis v Baugh Industrial Contractors – employee killed while inspecting a contractors leaky pipe. Chambers: Completion and Acceptance Doctrine is outmoded, incorrect and harmful. Owner should not assume all responsibility once he inspects and accepts the work. Today, things are too complex and owners are incapable of recognizing substandard performance.
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