COMMERCE 4SD3 Chapter 1: 4SD3 Chapter 1 Reading and Notes
14 Feb 2019
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Document Summary
Law sets basic standards of behaviour that are enforced by governments and by individuals and groups with the help of government. Law is needed to protect persons, property and society as well as gives government the power to act for the benefit of society and regulates individual"s interactions with each other. Rule of law established legal principles that treat all persons equally and that government itself obeys. Public law law that regulates the conduct of government and the relationship between government and private persons. Private law / civil law regulates the relationships between private persons and groups of private persons. Law often reflects only a minimum standard acceptable to most people. Morals and ethics are optional standards of behaviour that people ought to observe even though doing so is not compulsory. To further encourage compliance, must laws, if broken trigger penalties or consequences. Legal liability responsibility for the consequences of breaking the law.
