MGT393H5 Chapter 1: Chapter 1 (Law, Society, and Business) - MGT393 (2019)
Document Summary
Role of law; legal risk management; ethics; courts & legislation; charter; validity. Brief description of what law does: the law sets basic standards of behaviour that are enforced by government and by individuals/groups with the help of government. The law binds all of us; we cannot opt out of the legal system. First, law is needed to protect persons, property, and society as a whole; it prohibits conduct that society believes to be harmful to others. The law punishes someone who commits illegal conduct. Law also prescribes simple but vital rules that allow us to get on with our everyday lives, e. g. driving on the right side of the road. Second, law gives government the power to act for the benefit of society and to raise taxes to pay for those activities. We expect our government to operate in accordance with the rule of law; established legal principles that treat all persons equally and that government itself obeys.
