Answer:

1) What is introduction to business law? What is its role and why it is important?

All profit-seeking operations and businesses that provide products and services that are required by an economic system are included in the definition of business. The principles and regulations defined by a government, which are applicable to citizens and implemented by judicial judgment, are referred to as law.

Law is a set of rules developed and implemented by social or governmental institutions in order to control conduct. a) Idealistic b) Positivistic c) Historical d) Sociological e) Realistic a) Idealistic b) Positivistic a) Historical b) Sociological e) Realistic a) Idealistic b) Positivistic a)

Business law is the branch of the legal system that ensures the orderly conduct of business relations and the just resolution of valid disputes. To avoid misunderstandings and injury in our business relationships, it defines a set of rules and prescribes actions.

Commercial or Business Law's Scope: Contract law is concerned with any arrangement made with individuals in society, whether specific or general, as well as various commercial activities. The law of sale of goods is concerned with the agreement between two traders in only commercial transactions. Economic and other Legislation: Also known as "General Law," this area of law deals with both business and society, establishing rules for privileges, responsibilities, and obligations for all members of society.

Business law is used to keep things in order among businesses, brands, and corporations. They safeguard the company's and employees' interests, as well as assisting in the establishment of a protocol on how things should be done. For a variety of factors, it is important that companies have their own legal system to protect them. For instance, these laws prescribe and specify what is and is not permissible in the workplace. Furthermore, they provide a sense of continuity that aids companies in maintaining that scheduled order, as well as security in resolving any conflicts that may arise.

2) How are business ethics similar to, or different from, personal ethics? Why?

A code of conduct enforced on an individual or a member of a particular profession is known as business ethics. The code of ethics that governs an individual's entire life is known as personal ethics.

When an individual enters a company, they learn about business ethics. Personal ethics are learned from family, faith, friends, and the people in one's immediate environment.

Punctuality, time management, confidentiality, and openness are examples of business ethics. Honesty, transparency, and dignity are examples of personal ethics.

While personal and business ethics are basically the same, there are major variations in how they are practiced and when they should be expressed. Both are moral values that guide conduct, and a person's personal ethics code and a company's business ethics code are often very similar.

The main distinction between personal ethics and business ethics is who drives the actions and the consequences that follow. Companies and individuals have different goals, legal responsibilities, and societal demands imposed on them.

3) Why is having sound and acceptable business ethics important? With examples.

Good ethical business practices can have a huge impact on something that can either benefit or hurt a company. Regardless of where you go, you would have a decent reputation. If your company is already offline but you want to move it online, you will be able to do so. It's true that on the internet, your credibility and image are extremely important. People talk online almost everywhere, and social media sites are a place for them to do so. You are probably well aware of the implications of what this entails. There are numerous other advantages of having a company reputation based on proper ethics.

To begin with, it is much easier to maintain healthy attitudes with your workers and be much more profitable if you run an ethical company.

This occurs for a number of reasons, as you can see shortly. When workers work in an excessively stressful or unpleasant atmosphere, it has a clear negative effect on productivity. Employee morale, on the other hand, will rise if they believe they are working for a good business. Employees would also want to commit more to the task at hand if the management team in charge follows an ethical norm. You can get work done by making indirect threats, but the quality of the work will suffer as a result.

It can be very helpful for a business to be considered as an ethical company by its customers. In the business world, there are many problems with confidence. When a business becomes too big, it can develop a monopolistic position in some markets.

In the majority of instances, customers will choose a reputable business that offers high-quality goods. When you run your company ethically, you'll almost certainly end up with a lot of profits and customer satisfaction.

Employees at many workplaces have a pessimistic attitude toward their bosses. Of course, not all workers share this sentiment, as employees hold a wide variety of viewpoints. A manager or executive who is known for acting ethically would have an easier time gaining support from their colleagues and employees. Magical things will happen in a company with certain people in all of the main positions. Employees would have a higher sense of morale, which will result in a slew of good outcomes for the company.

Making bad decisions that aren't based on ethnicity will lead you down a dark path of making increasingly unethical decisions over time. You can apply this to your company when thinking about young children and how ethical attitudes and decisions affect them. If they believe they can get away with anything, even if it is evil, children will continue to do it. If children appear to be misbehaving, they may engage in other nefarious activities and make bad decisions. In a sense, the courts serve as the parents of corporations who need to avoid engaging in unethical practices.

Reference:

https://www.slideshare.net/PratishaSwain/introduction-to-business-law-81654458

http://www.thelawpracticedoctor.com/importance-of-business-law/

https://bizfluent.com/info-7742837-similarities-personal-ethics-business-ethics.html

https://en.calameo.com/books/003349297f89277e62d7e#:~:text=Read-,Why%20Having%20Sound%20Business%20Ethics%20Is%20So,The%20Success%20Of%20Your%20Business&text=fully%20aware%20of.-,There%20a%20many%20more%20benefits%20to%20a%20reputation%20fueled%20by,and%20be%20much%20more%20productive.