Can business executive know about insider trading and employment law and environmental law and tort law and all of the others? Will a court really hold one person to such knowledge?
2007-10-03 11:32:55 · 4 answers · asked by christine0204 1 in Business & Finance ➔ Careers & Employment ➔ Law & Legal
A court may hold a person responsible for legal knowledge in all these areas. I think it depends on how you represent yourself to the board of directors and the stockholders. It's nearly impossible for one person to understand all the issues, even for a lawyer. Business people need legal counsel.
2007-10-03 11:42:29 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, one person may be held to such knowledge, and it's actually a lot easier to actually have that knowledge than you might think.
For the most part, you simply have to regard employees and customers as human beings to avoid most of the potential lawsuits.
The environmental stuff is tricky, but those problems take years to really build, during which time a person with good judgement will have many opportunities to avoid the traps.
2007-10-03 13:42:08 · answer #2 · answered by open4one 7 · 0⤊ 0⤋
Well..., you are legally responsible for your actions, it does not matter if you did not know that what you did was illegal, it is not a defense. You have in-house counsel and law firms to give you advise or handle your legal issues, some things you should know.
2007-10-06 05:27:25 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They hire attorneys that specialize in each area .
The CEO may not understand the nuances BUT ,
He knows there are those legal issues and has the specialists advise him .
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2007-10-03 13:39:08 · answer #4 · answered by kate 7 · 0⤊ 0⤋