Term Paper on "Canadian Business and the Law"

Term Paper 8 pages (2218 words) Sources: 1

[EXCERPT] . . . .

Financial ethics is Canada advocate for ethical behaviors in trading practices, sales practices, tax payment, consultancy services, trading conditions, financial contracting, auditing and executive compensation among others.

Ethics of human resource management advocate for ethical practices by employers in Canada during the recruitment or selection process of new employees, during orientation, performance appraisal, training and development. The industrial relations, health and safety issues are also covered in the ethics of HRM. Important to note is that in the recent past, ethics of HRM in Canada have been reviewed to include discrimination issues at the work place, fairness of the employment contract and privacy of both the employer and the employee.

The ethics of sales and marketing outline the ethical values, principles and ideas of which a sales person or a marketer ought to a bid to. The ethics of production on the other hand simply gives guidelines of which manufacturing companies should ensure that their production method and final products produced don't cause any harm to both the consumer and environment. The ethics of production also cover issues to do with product testing; problems attributed to new technology and the relationship between the environment and the business organization i.e. pollution and carbon emissions.

The ethics of property, property rights and intellectual rights in Canada seeks not only to promote creativity in the country, but it also aims at protecting the original works of authors, artists and other creative persons in the society. There is an office in place that is mandated with this task of ensuring that these ethics are strictly adhered. This office gives patent right to original works and prohibits any unauthorized use of such works, thereby protecting also the income generated by creativity.

The relations between ethics and law in business

Very often a business is presumed to be ethical just by simply following the law and Milton Friedman was once quoted saying that "ethics is nothing more than abiding by customs and laws that have been set." As such business organizations in Canada are expected to observe the laws of business and code of ethics in their spirited effort to make profit.

The general business ethics that have been mentioned above makes it explicitly clear that law of business and ethics are closely related and moreover they are independent variables. A business organization that engages in unethical practices or doesn't observe the code of ethics laid down is presumed to have broken the law and will be liable in the court of law, while a business organization that breaks the law such as unfair financial reporting will be considered to be unethical since it has engaged in unethical financial practice.

It is however important to note that the liberal premise of law is not adequate to make business organizations adhere to ethical morals and principles, since the law can either be challenged or interpreted differently in the court of law. DuPlessis, Enman, Gunz and O'Byrne (2011, 12-22) in their studies encourage businesses to be ethical since it is evident that ethical businesses tend to make more profits than those that aren't, because ethical businesses attract consumers who are loyal and will always be satisfied with services and goods that are offered. Ethical business practices also create good will for the company in the market since shareholders and consumers will have trust such companies.

Conclusion

To begin with the Canadian business law is evidently composed of many laws that affect the daily operations of each and every business operating in the country. The most important laws as mentioned above include the law of contract and law of tort which basically covers a wide area on legal issues concerning business organizations is Canada. In the second topic the conclusion can be substantiated that business ethics and laws of business are indeed positively related as they operate hand in hand with each other.

When looking at the important aspects of the Canadian legal system laws such copyright law, patent law, trade mark law, property law, labor and employment laws were also mentioned. And again in the code of business ethics similar ethics were also mentioned. This tends to confirm Milton Friedman quote that suggested ethics is nothing more than abiding by customs and laws.

Work Cited

DuPlessis D., Enman S., Gunz S., O'Byrne S., (2011),… READ MORE

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