Assignment 2

What is LAW and ETHICS ?

Definition of Law

Law is determined by the individuals Moral, Political, Religious, and Ethical views, and influenced by the society in which he or she lives. Moreover, law can be defined as a set of rules, develop over a long period of time to regulate interaction between people. It set standard of conduct between one group of individual and another as well as between individuals and the government, which are enforceable through sanction.
A concept that is closely associated with law is JUSTICE. Justice basically means that which is right or fair. Furthermore, Justice is what right minded members of the community of those who have the right spirit within them believe to be fair.


Law and Ethics.

Ethic is not a Law but Law is a part of Ethics. Although law is important as a source of rules and conduct, society would still be unable to function effectively unless its individuals possess some form of moral standards and belief which may be termed as ethical considerations.
The purpose of laws is to govern the conduct of all members of society , both natural and artificial.
Ethical guides of rules, and their impact upon relationships. Law and ethics are often related, particularly in the area of business law. Business adopt codes of ethics or conduct to guide employers and employees when considering ethical issues during the decision making.
For example, Bankers are guided by the BNM/GP7, the codes of ethics issue by Bank Negara Malaysia of the minimum standard required in a bank code of conduct.

The following are some of the legal rules relevant to business law which have ethical considerations:

• Web issue such as privacy and cyber-squatting
• intellectual property consideration
• consumer protection

REFERENCE

•  Notes chapter 4 from EIB 20103 BUSINESS ETHIC and CORPORATE GOVERNANCE 1