BULA1201-Week-1

What is Law?

• A set of rules and regulations enforced by a governing authority

• A philosophy of ethics

• A social tradition

• A means of achieving sociological goals

What does Business Law refer to?

• The body of law that governs business and commercial activities

• The law of crimes

• The law of torts

• The law of property

What are the functions of Business Law?

• Regulates transactions and trade practices

• Promotes market efficiency

• Ensures compliance with ethical standards

• All of the above

What is the difference between Legal and Ethical Responsibilities?

• Legal obligations are mandated by law

• Ethical considerations are based on moral principles

• Both A and B

• None of the above

What is Domestic Law?

• Rules applicable within a particular country

• Rules that regulate international relations

• Rules that govern criminal activities

• Rules that protect consumer rights

What is Public Law concerned with?

• The Constitution and functions of government organizations

• Legal relationships between individuals

• Criminal activities

• Private transactions

What is Criminal Law?

• The law of crimes

• The law of contracts

• The law of torts

• The law of property

What is Civil Law concerned with?

• Rights and duties of individuals and corporations

• The law of crimes

• The law of torts

• The law of marriage