Business Law, Ethics and Compliance
Business law and ethics questions reward precision about definitions. A contract needs offer, acceptance, consideration, intention, capacity and legality; know the difference between a contract and a tort, and the remedies of damages, specific performance and rescission. In agency, distinguish actual from apparent authority and know when the principal is bound. Corporate forms differ on limited liability and personal guarantees, and directors owe duties of care and loyalty. Employment questions mix contract and statute - discrimination, termination and consultation. Intellectual property: patents require novelty, inventiveness and utility; trademarks require distinctiveness and use; copyright arises automatically on fixation; trade secrets depend on confidentiality. Competition law prohibits price-fixing and abuse of dominance; anti-bribery laws such as the FCPA and UK Bribery Act reach extraterritorially. Data protection requires a lawful basis, distinguishes consent from legitimate interest, and grants data-subject rights.
Ethics frameworks: utilitarian (outcomes), deontological (duties and rules), virtue (character) and stakeholder analysis.
Traps: equating legal with ethical; treating everyone does it as a defence; assuming training equals culture; missing indirect bribery through intermediaries.
Worked rule: apply the sunlight test - if the decision would be uncomfortable on the front page, escalate before acting, and document the reasoning.
Example: a sales agent paying a consulting fee to a public official's relative is a red flag for indirect bribery even when no contract names the official.