The rule of law gives a guideline or a framework to everyone in the business on how to act and conduct themselves. The law involves protecting liberties and rights, mating peace and order, resolving disputes, and establishing standards for an organization (Pagnattaro et al., 2018). Law holds businesses accountable for every action they partake therefore making. Therefore, the rule of law creates a stable environment and provides guidance and direction to every business area, including protection of the business, consumers from harmful products, and limits the government from undertaking abusive practices against the business.
Fundamental concepts and principles of American legal in business law include ignorance of the law is no defense. This concept states that one cannot defend their actions by arguing that they dint know what they were doing was illegal (Pagnattaro et al., 2018). Therefore, not knowing the law is not a defense for a criminal act. The other concept is that a person is innocent till proven guilty. This concept states that unless a person is proven beyond the burden of proof by the prosecution, the person is termed innocent.
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Ethics are the standards for morals that determine right or wrong in business. They are used to outline the acceptable behaviors in business and go beyond government control. Some ethics in business include the principle of integrity that requires the staff to operate to utmost honesty and straightforwardness as they carry out their duties. The other is the principle of confidentiality which requires workers to refrain from disclosing confidential work information.
Although there is increased emphasis on the value and ethics being built in the operations of many corporations, I feel that no changes have occurred. It is not surprising to watch endless cases of misselling and accountancy on our media platforms in the media (GoodCorporation, 2013). Despite the changes in regulation and increased scrutiny that has led to the likelihood of these malpractices being exposed, I believe it is up to an individual to become accountable for their actions to bring a difference in the overall corporate conduct. Consequently, human nature is to act on the underlying principles of ethics and behavior, and it is not a surprise for them to not change at all.
GoodCorporation, 2013. Are business ethics getting worse?. [online] GoodCorporation. Available at: <https://www.goodcorporation.com/business-ethics-debates/are-business-ethics-getting-worse/> [Accessed 17 January 2022].
Pagnattaro, M., Cahoy, D. and Magid, J., n.d. The legal and regulatory environment of business. 18th ed. New York: McGraw Hill.