Textbook Notes (369,072)
Canada (162,366)
Commerce  (111)
COMM 231 (60)
Chapter 1

Chapter 1 - Review Notes Lecture Notes on Chapter 1, also Chapter Summary.

3 Pages

Course Code
COMM 231
Joseph Radocchia

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Chapter 1 – Law and Society How do we define law?  Law is needed to protect persons and property; it prohibits conduct that society believes to be harmful to others.  The law punishes a wrongdoer who is found guilty of such conduct, and usually also gives the victim a right to obtain compensation from the wrongdoer.  Law gives government the powers to act for the benefit of society in general. o It authorizes government to provide policing, fire fighting, education, and health care – and to raise taxes to pay for those activities o Rule of law – established legal principles that treat all persons equally that government itself obeys  Law provides a framework that gives us broader freedom of choice; it enables us to make legally binding agreements enforceable in the courts  Law provides an element of certainty in determining contractual and property rights Natural Law  Two main streams within natural law theory o First is based on religious belief. When establishing a set of moral and ethical values, it prescribes rules of conduct based on these values o Second, it rests on the assumption that people are rational and by applying their inherent abilities of reason and logic to their perception of the world, they will arrive at basic principles of justice  Both streams lead to basic views” fundamental, immutable moral principles are expressed in general legal principles, and may be formulated in detailed rules for a particular society Definitions  Normative Law – made by government establishing standards of behavior and regulating human conduct  Positive law- ascertainable rules that are binding-the law that “is”  Legal positivists – those who insist upon a clear distinction between law and morals  Federal country – where powers are divided between the national government and a number of provinces or states  Basic law – a constitution that is habitually obeyed by the citizens of a country and that they regard as legitimate and binding Law and Business  Businesses are expected to and do live up to a higher ethical standard than is imposed on them by law. It is common for their activities to be governed or influenced by “codes of conduct” that require better behavior  Binding codes – are regulated by a code of conduct or a similar set of rules laid down by a governing body or trade association  Voluntary codes- used as a substitute for government regulation: there is an implicit threat  Self-imposed codes – Adopted and published their own codes of conduct especially in relation to employment conditions and environmental protection  Firms have a higher ethical standard than is required by law because that’
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