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Business Law and Ethics

This document provides an introduction to business law and ethics. It defines key terms like law, business law, ethics, and ethical principles. It discusses the difference between law and ethics. It also outlines the major sources of law in Tanzania and explains the importance of both law and business law for regulating conduct, resolving disputes, and establishing standards and guidelines for businesses. The document notes that ethics represent the foundation upon which laws are made and that business ethics concern the behavior of businessmen and how they treat customers, employees, and other stakeholders while still aiming to make a profit.

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4K views17 pages

Business Law and Ethics

This document provides an introduction to business law and ethics. It defines key terms like law, business law, ethics, and ethical principles. It discusses the difference between law and ethics. It also outlines the major sources of law in Tanzania and explains the importance of both law and business law for regulating conduct, resolving disputes, and establishing standards and guidelines for businesses. The document notes that ethics represent the foundation upon which laws are made and that business ethics concern the behavior of businessmen and how they treat customers, employees, and other stakeholders while still aiming to make a profit.

Uploaded by

steven martin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Business Law and Ethics

TOPIC ONE
GENERAL INTRODUCTION
LAW vs BUSINESS LAW

 Law is a broader terms and can be defined differently by an author depending


on the aspect which he/she tries to cover
 Different meaning in different places/society at different times
 Term law denotes different kinds of rules and Principles which regulate
human conduct and behavior.
 From the view point of society, Law means justice, Morality, Reason, Order
and righteous.
 From the court view, Law means rules of court, decree, judgment, orders of
court,
Law

 Most basic definition according to different various academic authors


 Law is a system of rules laid down by a body or person with the power and
authority to make rules enforceable by public authority requiring members of
the community to meet certain standard of conduct.
 Law is a system of rules grounded on fundamental principles of public
morality.
 Breaking of any law give rise to sanctions and punishment.
 Laws are enforceable.
Business Law

 Law is a body of principles and rules recognized and applied by the state in
the administration of justice.
 Business Law is a body of rules and principles which are involved in protecting
liberties rights, maintaining orders, resolving disputes and establishing
standards for the business concerns in the business dealings with the
government agencies and individuals
Source of Law/ source of business Law

 In law, a person can not argue from the sky


 Every argument/standing must be backed up by legal authority.
1. The Constitution of the United Republic of Tanzania of 1977
Mother Law
Every law of the land shall be in conformity with the provisions in the
constitution
It provides the blue print of the state legal system
It provide rights and obligations in general
Source of Law

2. Legislations/ Statutes/Act of the Parliament


Made by the Legislature
Legislature is divided into 2
a) Parliament
b) President
Law to be enforceable must be passed by the parliament as a bill and accented
by the president
3. Delegated Legislation/ By law/ regulations/ Circulars
Source of Law

3. Customary and Islamic Laws – Judicature and Application of Law Ordinance


0f 1961
4. Common Law/ English Laws- Reception Clauses 22nd July 1920
For Customary, Islamic and Common Law to be used, they must not be in
contradiction with the state laws and they can only be used when there is a gap
in the state law.
5. Case Law and Precedents
Court decisions passed by the court of records which are the High Court of
Tanzania and court of Appeal of Tanzania
Importance of Law/Business Law

 Most Important: Law Brings peace and harmony in a society; Human


civilization
 Law establishes rules and principles on how people are suppose to live in a
society. / Set standards
 Law deters crimes/ prevents chaos from happening
 Protection of personal rights and enjoyment of personal rights and privileges.
 Promoting the common good
 Resolving disputes over limited resources
Importance of business Law

 Business law comprises of different laws which have direct link with business
transaction depending on the nature of each business.
 Business law helps preventing chaos from happening within the business
environment.
 Business law sets the guideline on the conduct of the business regarding
different issues ie. Incase your entity will employ different individuals then
business law will look on employment regulatory.
 Business law provide reasonable expectation on how the business should
operate in order to protect the business owner’s interest and customers of
that business
Importance of Business Law

 Basic setup of business: define different types of business set up ie


Partnership, Company
 Clarify ownership of the business entitles
 Defines regulations for business operations
 Provides means by which disputes can be resolved
 To protect intellectual property of the business entities
 Provide business security
 Protect employer and employee rights
Ethics vs Law

 Ethics refers to the whole set of values, rules and principles of justice and
conduct imposed on the individual and group of consciousness as founded in
the imperative of good.
 Ethics is a set of standards or code or value system worked out from human
reason and experience by which free human actions are determined and
differentiated from what is right or wrong , good or evil
 Ethics, Law and Morality have common value structure.
 Ethics and Law both aims at disciplining people conduct in society by setting
out reciprocal rights, obligations and penalties for those who do not comply
with them
Law vs Ethics

 Ethics represents the foundation upon which laws are made


 Ethics deals with personal conduct and moral duty
 Ethics are largely unwritten
 Laws are the value and code of conduct which the authority in power
prescribes for security and enforce them.
Ethics vs. Business Ethics

 Business Ethics is an art and services for maintain harmonious relationship


with society, its various groups and Institutions as well as recognizing the
moral responsibility for the rightness and wrongness of business conduct
 Business ethics concerns with behavior of businessman in doing business. How
do you treat your customers, employees, fellow businessman.
 Businessman should consider ethical principles while making decisions in order
to achieve the basic objective of survival.
Business Ethics

 Business should have a balance between the needs of the stakeholders and
their desire to make profit.
 Codes od conduct that business are excepted to follow while doing business.
 Principles and standards guiding behavior of people in business
Ethical Principles

 Integrity
Do what you think is right
Do right instead of maximizing profit
 Loyality
Trust and for trust loyalty needs to be demonstrated
Businessman should be loyal to the institution and persons in their daily conduct.
 Fairness
People should be treated equally.
Ethical Principles

 Respect and concern


Help those who are in need and seek their accomplishment ins such a manner
that the business objective of the firm are achieved.
Respect employees dignity, privacy, autonomy and rights.
Treat people equally and rightly
 Honesty
 Leadership
Discussion and General Understanding
questions
 Effects of:
 Liberalization
 Privatization
 Globalization
In business arena taking to account of business Ethics
 Differentiate between law and Ethics
 Why do we need law in governing Business
 What are the source of Law in Tanzania
 Evaluate the principles of Ethics in business environment
 Explain atlist 5 ethical traits

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