Business Law – Lecture 1 – 22/07/2013
LAW - a set of rules, made by the state and enforceable by prosecution or litigation
Law can resolve disputes, maintain social order, preserve and enforce community values, protect the
disadvantaged, regulate the economy and prevent the misuse of power. The law can change because of
political change, the need to fix problems within the law, changing community values, pressure from
lobby groups and changing technology.
Justice can be understood as fairness, such as fair compensation or punishment, a fair decision or a fair
distribution of resources.
A legal choice is one that complies with the law; an ethical choice is one that is recognised as ‘good’ and
‘right’. Law and ethics generally correspond.