Law+and+ethic+in+Business



**Law and ethic in the context of business. ** The law supports the more self-serving strategy of ethics in business. The law also reinforces generally accepted ethical principles in other ways, the common-law principle known as caveat emptor (let the buyer beware) has been much modified, not only by legislation such as the Fair Trading Act 1986 and the Consumer Guarantees Act 1993, but also by doctrines developed by the courts, which, together with statutes such as these, afford some protection to consumers. Ethics tries to derive a set of rules from the morality of society and, to a large extent, from personal attitudes of the “ethicist” involved. Usually the moral code and the legal code in a state or society will reinforce each other, thus in New Zealand today, murder, burglary, and supplying heroin or cocaine are action that are both illegal and generally condemned as immoral by the majority of the population.  There other situations where the law provides protection for those who are vulnerable and prevents their unscrupulous exploitation by those who have advantage over them. Like: l Duress-the obtaining of consent by means of improper pressure, especially taking unlawful advantage of economic circumstances. l Undue influence-the taking of unfair or improper advantage of a position of dominance which would arise out of a special relationship, such as family or professional ties as between a solicitor and client. l Unconscionable bargain-a doctrine arising out of an old principle of equilty, namely that the courts should intervene in the case of a contract of bargain, one party to which was, by reason of age or lack of education or experience, at a serious disadvantage in relation to the other party, who had taken unfair advantage of the situation. The principle has been given a new lease of life in New Zealand in the last twenty years.  Very often it is held that business is not bound by any ethics other than abiding by the law. law presumes the accused is innocent until proven guilty and that the state must establish the guilt of the accused beyond reasonable doubt. As per liberal laws followed in most of the democracies, until the government prosecutor proves the firm guilty with the limited resources available to her, the accused is considered to be innocent. Though the liberal premises of law is necessary to protect individuals from being persecuted by Government, it is not a sufficient mechanism to make firms morally accountable.  http://en.wikipedia.org/wiki/Business_ethics
 * What is the Law and ethic of business? **
 * Where the law acts to protect the weak and vulnerable? **
 * Where law and ethic diverge? **
 * Where can you find out more information about the duty of employment law? **