BL 260 Chapter Notes - Chapter 1: Equitable Remedy, Regulatory Agency, Rescission
Document Summary
Establish rights, duties, and privileges that are consistent with the values and beliefs of their society or its ruling group. *law: consists of enforceable rules governing relationships among individuals and between individuals and their society; expressed in the us constitution or state constitutions. To make good business decisions, a basic knowledge of the laws and regulations governing these activities is beneficial-if not essential. *liability: the state of being legally responsible (liable) for something, such as debt or obligation. Areas of the law that can affect business decision making. Business decision makers need to consider not just whether a decision is legal, but also whether it is ethical. Ethics: the principles governing what constitutes right or wrong behavior. Sources of law or classified as either primary or secondary. Commission: case law and common law doctrines. A law in violation of the constitution, if challenged, will be declared unconstitutional and will not be enforced, no matter what its source.
