Question

The Legal and Ethical Environment of Business

What one legal concept did you learn this semester that stood out to you the most? Why?

Answer 1

The legal environment of the business talks about the various implications and exercises of the government and the duties imposed by them on the business. It includes the laws, taxes, commerce and competition, freedom of contract and other various lawful duties which the company should take care of while operating in the same business feild.

The ethical environment of the business other hand talks about the ethical and moral considerations which the business has to take to operate effectively in the business environment. This includes various aspects like the morals, cultures and ethics of the people around in the environment and within the company as well to promote a sense of values and morals in the operational activities of the business.

The one legal concept which I really liked and considered important was the contractual obligation and the tax duties of the companies. A company should pay the tax honestly to the government while commencing its operations because you are using the country's resource and services and thus, it is the moral obligation of your business to pay back the government in the form of taxes which they can use for the infrasturctual development. On the other hand, contracts also play a very important role and it ie very essential for every citizen to understand what a contract comprises of or not and what elements make a contract a valid one.