Business Law Notes
Business Law Notes- July, 10, 2008
Review from previous class session July 3, 2008
The Rules of Law regulate relations
Public Law: Relations between state and individuals
• Exercise of power for state authority
• Based on the Roman-German Tradition
• Associated with the meaning of ‘Res Publica,’ (which means State & Society collectively)
• Great Importance placed on Public Law-according to the European Continental Tradition
Anglo-Saxon Law: Based on Common Law
• Case Law (law arrived through court decisions :Is the American term for Anglo-Saxon Common Law
• The American Law is a continuity of English Law
European Continental law: Based on the Legal Theory and Legal Codes
Statutes: Come from parliaments of the state
Acts: Come from Congress
Ordinances: Come from Municipal/Local Government
Notes from New Material
Ethical Issues and the World of Business
Relationship between Ethics and Law-
• What is ethical is not always included in the law
• What is permitted by the law is not always ethical
Unethical Acts can be considered legal
Ethical considerations can be transferred to law because a moral obligation today can become a law tomorrow
There is a connection but no identification between law and ethics because any sensation of the law has to do with some ethical ideas (something is wrong or something is right)
Adam Smith – Founder of Political economy
• Believed in the Theory of the Invisible Hand, which is close to the individualism of the Anglo-Saxon Law
• The theory covers all individual actions that lead to the benefit of the whole society
•
Ethics: Identified with the Principle of...
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