Business and the Law

Question 1

Why do I need the law if I am in business?

Answer 1

In almost every aspect of life, the law plays a critical role in determining how things operate.

Question 2

List three reasons why understanding the law is essential for Business.

Answer 2

1. Understand the different government bodies and their taxes.
2. To ensure that business promises are kept and agreements enforceable.
3. To resolve disputes with customers, suppliers, and competitors.

Question 3

What sorts of people form a legal system?

Answer 3

Politicians, judges, lawyers, bureaucrats, citizens, parliaments, courts, the police force, government departments small businesses, and corporations.

Question 4

What is law?

Answer 4

The law is a system of rules made by the state and enforceable by prosecution or litigation.

Question 5

What is the source of a legal rule?

Answer 5

Legal rules are made by the government. In Australia, laws are made by either the legislature (parliament) or the judiciary (court).

Question 6

What are the 6 purposes of law?

Answer 6

1. Resolving disputes
2. Maintaining social order
3. Reinforce community values
4. Help the disadvantaged
5. Stabilise the economy
6. Prevent the misuse of power

Question 7

What are the characteristics of a legal system that complies with rule of law?

Answer 7

1. The law will be applied equally to everyone, regardless of his or her social status, culture, religion, or political belief.
2. The courts will uphold the legal rights of the citizens, including the right to personal freedom.
3. No person will be punished other than for conduct that is expressly made illegal.

Question 8

What are four ways in which laws can be categorised?

Answer 8

1. Substantive and procedural law
2. Public and private law
3. Civil and criminal law
4. Domestic and international law