BLAW 150 Lecture Notes - Lecture 2: Substantive Law, Procedural Law, Business Ethics
Document Summary
Business law versus business ethics while staying within the confines of an increasing array of business laws is necessary for success in business, it is not sufficient. Businesses must also recognize additional limitations and expectations placed upon them by business ethics, those principles and values that define what is right and wrong. While ethical principles normally start with what is legal, they often impose a higher standard that recognizes a multitude of stakeholders beyond just suppliers, customers, and employees. While the focus of this document is on what the law requires of business, ethical standards will also be discussed. The legal system we begin this section with an overview of the. Canadian legal environment to set the stage for subsequent sections, where specific types of law pertaining to businesses, such as tort law and contract law, will be examined. Categories of law the law can be categorized in several ways.
