Bus 101 - Chapter 2

Front 1

Business Ethics

Back 1

principles and standards that determine acceptable conduct in business

Front 2

Social Responsibility

Back 2

a business' obligation to maximize its positive impact and minimize its negative impact on society

Front 3

Ethical Issue

Back 3

an identifiable problem, situation, or opportunity that requires a person to choose form among several actions that may be evaluated as right or wrong, ethical or unethical

Front 4

Bribes

Back 4

payments, gifts, or special favors intended to influence the outcome of a decision

Front 5

Plagiarism

Back 5

the act of presenting someone else's work as your own without mentioning the source

Front 6

Code of Ethics

Back 6

formalized rules and standards that describe what a company expects of its employees

Front 7

Whistleblowing

Back 7

the act of an employee exposing an employer's wrongdoing to outsiders, such as the media or govt regulatory agencies

Front 8

Corporate Citizenship

Back 8

the extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by their stakeholders

Front 9

Consumerism

Back 9

the activities that independent individuals, groups, and organizations undertake to protect their rights as consumers

Front 10

Sustainability

Back 10

conducting activities in a way that allows for the long-term well-being of the natural environment, including all biological entities

Front 11

Business Law

Back 11

refers to the rules and regulations that govern the conduct of business

Front 12

Civil Law

Back 12

defines all the laws not classified as criminal, and it specifies the rights and duties of individuals and organizations; results in fines but not imprisonment (enforced by court system)

Front 13

Lawsuits

Back 13

one individual or organization takes another to court using civil laws

Front 14

Jurisdiction

Back 14

the legal power of a court, through a judge, to interpret and apply the law and make a binding decision in a particular case

Front 15

Trial Court

Back 15

Court must determine the facts of the case, then judge or jury must decide which law or set of laws is pertinent to the case and must then apply those laws to resolve the dispute

Front 16

Appellate Court

Back 16

deals solely with appeals relating to the interpretation of law (case is reevaluated)

Front 17

Mediation

Back 17

form of negotiation to resolve a dispute by bringing in one or more third-party mediators to help reach a settlement

Front 18

Arbitration

Back 18

involves submission of a dispute to one or more third-party arbitrators whose decision is final

Front 19

Mini-Trial

Back 19

both parties agree to present a summarized version of their case to an independent third-party, who advises them of his or her impression of the probable outcome if the case were to be tried

Front 20

Private Court System

Back 20

Similar to arbitration, but takes place in a court

Front 21

Federal Trade Commission

Back 21

most influences business activities related to questionable practices that create disputes between businesses and their customers

Front 22

express warranty

Back 22

stipulates the specific terms the seller will honor

Front 23

implied warranty

Back 23

imposed on the producer or seller by law, although it may not be a written document provided at the time of sale

Front 24

Tort

Back 24

a private or civil wrong other than breach of contract

Front 25

Fraud

Back 25

a purposefully unlawful act to deceive or manipulate to damage others

Front 26

Product liability

Back 26

business' legal responsiblity for any negligence in the design, production, sale and consumption of products

Front 27

Contract

Back 27

a mutual agreement between two or more parties that can be enforced in a court if one party chooses not to comply with the terms of the contract

Front 28

Breach of contract

Back 28

the failure or refusal of a party to a contract to live up to his or her promises

Front 29

Agency

Back 29

a common business relationship created when one person acts on behalf of another and under that person's control

Front 30

Principle vs. Agent

Back 30

Principle in the one who wishes to have a specific task accomplished; Agent is the one who acts on behalf of the principle

Front 31

Real property

Back 31

consists of real estate and everything permanently attached to it

Front 32

Personal property

Back 32

Everything besides real property

Front 33

Sherman Anti-trust Act

Back 33

passed in 1890 to prevent businesses from restraining trade and monopolizing markets

Front 34

Clayton Act

Back 34

prohibits price discrimination, tying and exclusive agreements, and the acquisition of stock in another corp when the effect may be to substantially lessen competition or tend to create a monopoly

Front 35

Sarbanes-Oxley Act

Back 35

criminalized securities fraud and strengthened penalties for corporate fraud