Ethics and morals
can be defined as the study of what
constitutes right or wrong behavior.
Business ethics focuses on how moral and
ethical principles are applied in the business
The law reflects societys convictions on what
Nature of Corporations
formed in compliance with
statutory requirements, is a legal entity
separate and distinct from its owners,
and can have perpetual existence.
Personnel: The shareholder-owners
elect directors, who set policy and hire
may be unenforceable if it
lacks voluntary consent (mutual
Mistake of Fact
Mutual Mistakes: If both parties have made a mistake
about a material fact, the contract can
Agency is the most common and most
important legal relationship.
Principals use agents to be able to conduct
multiple business operations simultaneously
in various locations.
The principal has the right
Administrative agencies, which create
administrative law, regulate many areas
of our community and businesses.
A significant cost of doing business
requires compliance with administrative
and agency laws.