Legal Question in Business Law in New York
Can one person really understand all of the legal issues. For example, can a business executive know about insider trading and employment law,environmental law, tort law, and all of these others? Will a court really hold one person to such knowledge?
1 Answer from Attorneys
One person is not expected to remember or know everything. For corporate officials there are compliance officers and lawyers who are available for consultation.
Ironically, the only people who are allowed to claim ignorance of the law as an excuse are public officials and employees. Yes, the same people who are supposed to know more about the laws than anyone else. (Look at qualified immunity decisions.) If you're not a public official or employee, you are supposed to know the law or seek legal advice.
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