To identify potential legal issues, before they arise - providing opportunity to implement risk management mechanisms.
Knowledge/understanding assists in recognising when lawyers are required.
Allows individuals the access and awareness in relation to what can/cannot be done in the commercial context.
A system that involves a collection of rules and principles that regulate relationships and conduct. The law imposes penalties, creates institutions and confers rights.
Law impacts all areas of business, empowers in commercial dealings with others, allows individuals to understand and manage risk and is important due to impacts of legal rules on business situations.
Rules of conduct, recognised by the power of state.
Rules of conduct that are enforced by goodwill and peer pressure.
- Social Values
- ensuring reasonable predictability
- encouraging/discouraging certain conduct
- imposing obligations on individuals/organisations to meet legal responsibilities
- allows enforcement of rights and responsibilities
- provides remedies when injustices have been done.
- Paying for goods/services and being provided with them
- Owning property - no one else can inhabit
- Driving safer - everyone has a drivers license
- Discourages violent behaviour and exploitation
- Enforces contract, honor obligations
- Power to wind up company debt
- Replacement/Refund - defective goods
- Safe to consume food products
- Council members must make decisions conforming to protocol.
- Police allowed to arrest individuals who commit a crime
- ATO given power to investigate false declaration on tax return
- Commonwealth minister can impose mandetory safety standards
- Damages to be awarded - individual harmed by negligent conduct
- Customer provided with replacement item when their item is damaged or defective
- Order of specific performance - contract party terms refusal.
Statements of broad fundamental viewpoints, setting policy and philosophical direction in an area of law.
Legal rules have more detailed mechanisms and principles.
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