Legal Business Environment

Paper Summary:

In this article, the writer discusses that modern businesses have to operate under a variety of laws and regulations. The writer explains that the business manager has to ensure that all federal and state mandate laws are followed to avoid litigation and penalties. Further, the writer points out that in addition to the laws on the books the businesses also have to be sensitive to the public opinion and ethics. The writer also notes that some of the ethical issues are covered by law but others may be related to the public image of the company and may be of equal importance to some businesses.

Outline:
Interaction between Ethics and Law
Comparison of Intangible, Real, and Personal Property Laws
Intangible Property Rights
Impact of Tort and Criminal Law on Business Operations
The Employment-at-will Doctrine and Exceptions
Application of Agency Principles in Business
Bibliography

From the Paper:

"Ethics are learnt from the society and are often imposed upon an individual by the norms of that society. What is permissible ethical behavior in a society is determined by the society; the family, the company or even the law which incorporates the ethics of the society into the legislation. The motivation to follows ethics, which are not a part of the law, comes from within. Even if the law contains a matter which we may also consider ethically correct, the motivation to follow the law comes from outside the individual in the shape of compliance with the state law. Most people knew that slavery was unethical but as it was not sanctioned illegal, it continued until it was declared illegal."
"Our morals tell us the ethics, we know now as we knew before, that discrimination on the grounds of race, color, sex and religion in business transaction is ethically incorrect but the force of law was required to curb the selfishness that is present in all of us."

Sample of Sources Used:

• Business Litigation - An Overview, Retrieved from Internet on 27 May 2006, http://www.stolar-law.com/cm/fsdp/practicecenter/business/business-litigation.asp?focus=overview
• Criminal Law, Wikipedia Encyclopedia, Retrieved from Internet on 27 May 2006, http://en.wikipedia.org/wiki/Criminal_law
• Muhi, C. J., The Employment-at-Will Doctrine: Three Major Exceptions, Monthly Labor Review, January 2001
• Reed, O. L., Shedd, P. J., Morehead, J. W., Robert N. and Corley, R. N., The Legal and Regulatory Environment of Business, ISBN : 0072881119, 2005, McGraw-Hill
• Tort Law, Wikipedia Encyclopedia, Retrieved from Internet on 27 May 2006, http://en.wikipedia.org/wiki/Tort

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