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Study Notes on Laws, Ethics, and Business Law

Importance of Laws in Community

  • Role of Rules:

    • Laws are essential to prevent chaos in communities, including schools.

    • Attendance rules in schools can be likened to laws; without them, education would be ineffective.

Purpose of Laws

  • Laws as Social Structures:

    • Laws dictate customs and practices in various areas:

    • Crime against individuals and property.

    • Managing social relationships and conflicts.

    • Involvement in business and finance.

  • Types of Laws:

    • Criminal Law: Involves crimes and their punishments.

    • Civil Law: Deals with disputes between individuals or organizations.

  • Enforcement of Law:

    • Enforced by authorities, primarily through the court system rather than police.

    • Courts are responsible for determining guilt and applying consequences.

  • Cultural Reflection of Laws:

    • Laws mirror the society and the culture that produces them.

    • Example: In Louisiana, there are laws against tying an alligator to a fire hydrant, which reflects local culture; such a law would not exist in Minnesota.

Reasons for Creation of Laws

  • Protect General Safety:

    • Laws like crosswalk signals protect pedestrians and cyclists.

    • Seatbelt and speed laws also aim to enhance safety.

    • Age restrictions on alcohol and tobacco are designed for public safety.

  • Resolve Disputes Civilly:

    • Laws provide mechanisms to resolve conflicts, like property disputes, through the court system rather than violence.

    • Example: A neighbor builds a shed partially on someone else's property; legal avenues exist for resolution instead of direct confrontation.

  • Protect Liberties and Rights:

    • Laws help protect individuals’ rights, often rooted in constitutional principles.

    • Current discussions around free speech and the right to protest illustrate this point.

  • Maintain Community Order:

    • Laws contribute to making communities safe, productive, and peaceful.

Business Law

  • Definition:

    • Business law governs how businesses operate in aspects like

    • Starting

    • Managing

    • Buying

    • Selling

    • Closing businesses.

  • Types of Law in Business:

    • Contains both criminal and civil laws.

    • Criminal Example:

    • Embezzlement—stealing money from a company, resulting in criminal charges and potential jail time.

    • Civil Example:

    • Noncompete clauses in employment contracts prevent employees from joining competing firms with proprietary information for a set time.

    • Violating such clauses may result in lawsuits but not criminal charges.

  • Rationale for Business Laws:

    • Protects employees and company assets.

    • Offers a framework for resolving disputes civilly to encourage productivity and peace in business practices.

Ethical Behavior

  • Definition:

    • Ethical behavior includes acting with integrity, honesty, professionalism, and fairness.

  • Personal vs. Business Ethics:

    • Personal Ethics:

    • Individual beliefs or moral compass guiding decisions.

    • Business Ethics:

    • Ethics adopted collectively by a corporation.

    • There can be alignment, but sometimes they differ.

  • Skills for Ethical Behavior:

    • Good communication skills are crucial for effectively expressing ethics and making sound decisions.

    • Important to treat others well and avoid discrimination.

Unethical vs. Illegal Behavior

  • Unethical Behavior:

    • Lacks moral principles; may include deception, dishonesty, and failure to honor commitments.

    • Example: Submitting blank assignments online to delay fulfilling work responsibilities.

  • Illegal Behavior:

    • Fails to comply with laws, leads to potential legal consequences.

    • Examples include theft, workplace violence, and harassment.

  • Comparison of Unethical vs. Illegal:

    • Showing up late to class is unethical within the context of personal responsibility, but may not invoke legal consequences.

Sources of Law

  • Four Main Sources:

    1. United States Constitution:

    • Fundamental document outlining the structure and principles of laws.

    1. Statutes:

    • Laws passed by state or federal legislatures.

    • Important to recognize that the term 'statute' means law for comprehension in tests.

    1. Case Law:

    • Develops through court decisions and precedents established over time.

    1. Administrative Regulations:

    • Rules created by governmental agencies, like the FDA's regulations on food safety.

Summary and Study Advice

  • Study Time:

    • Importance placed on preparation for assessments.

    • Ensure understanding of key concepts for better retention and performance.