Business Law- Chapters 1 And 2

Front 1

Ethics

Back 1

A set of moral principles or values that governs the conduct of an individual or group.

Hint 1

Principles and values

Front 2

Ethical fundamentalism

Back 2

A theory of ethics that says a person looks to an outside source for ethical rules or commands.

Hint 2

Example is bible

Front 3

Utilitarianism

Back 3

A moral theory stating that people must choose the action or follow the rule that provides the greatest good to society.

Hint 3

Greatest good.

Front 4

Kantian ethics (Duty ethics)

Back 4

A moral theory stating that people owe moral duties that are based on universal rules, such as the categorical imperative "Do unto others as you would have them do unto you."

Hint 4

Universal rules

Front 5

Ethical Relativism

Back 5

A moral theory stating that individuals must decide what is ethical based on their own feelings about what is right and wrong.

Hint 5

Right and wrong.

Front 6

Rawl's social justice theory

Back 6

A moral theory asserting that fairness is the essence of justice. The theory says that each person is presumed to have entered into a social contract with all others in society to obey moral rules that are necessary for people to live iin peace and harmony.

Hint 6

Social Contract

Front 7

Social Responsibility

Back 7

A theory stating that corporations and businesses should act with awareness of their consequences and impact that their decisons will have on others.

Hint 7

Concious deicsons.

Front 8

Maximizing profits

Back 8

A theory of social responsibility stating that a corporation's duty is to make profit.

Hint 8

Responsibility of profit

Front 9

Moral Minimum

Back 9

A theory of social responsibility stating that a corporation's duty is to make a profit while avoiding causing harm to others.

Hint 9

Profit without harm.

Front 10

Section 406 of the Sarbanes-Oxley Act

Back 10

A section of the act that requires a public company to disclose whether it has adopted a code of ethics for senior financial officers.

Hint 10

Code of ethics.

Front 11

Stakeholder interest

Back 11

A theory of social responibility stating that a corporation must consider the effects that its actions have on persons other than its stakeholders.

Hint 11

Not just stakeholders.

Front 12

Corporate citizenship

Back 12

A theory of social responsibility stating that a business has a responsibility to do good.

Hint 12

Do good.

Front 13

Law

Back 13

That which must be obeyed and followed by citizens, subject to sanctions or legal consequences; a body of rules of action or conduct prescribed by controlling authority and having binding legal force.

Front 14

Functions of Law

Back 14

Keep the peace. Shape moral standards. Promote social justice. Maintain the status quo. Facilitate orderly change. Provide a basis for compromise. Maximize individual freedom.

Hint 14

8

Front 15

Jurisprudence

Back 15

The philosophy of science of law.

Front 16

Natural Law School

Back 16

Law is based on what is "correct".

Front 17

Historical School

Back 17

Law is aggregate of social traditions and customs that have developed over centuries.

Front 18

Analytical School

Back 18

Law is shaped by logic.

Front 19

Sociological School

Back 19

Law is a means of achieving and advancing certain sociological goals.

Front 20

Command school

Back 20

Law is a set of rules deveoped, communicated, and enforced by the ruling party rather than a reflection of the society's morality, history ,logic, or sociology.

Front 21

Critical Legal Studies School

Back 21

Maintains that legal rules are unnecessary and that legal disputes should be solved by applying arbitrary rules based on fairness.

Front 22

Law and Economics School

Back 22

Believes that promoting market effciency should be the central concern of the legal decison making.

Front 23

English Common Law

Back 23

Law developed by judges who issue their opinions when deciding a case. The principles announced in these cases became precedent for later judges deciding similar cases.

Front 24

Constitution of the United States of America

Back 24

The supreme law of the United States.

Front 25

Treaty

Back 25

A compact made between two or more nations.

Front 26

Statute

Back 26

Written law enacted by the legislative branch of the federal and state governments that establishes certain courses of conduct that soverned parties must adhere to.

Front 27

Ordinance

Back 27

Law enacted by local government bodies, such as cities and municipalities, counties, school districts, and water districts.

Front 28

Executive order

Back 28

An order issued by a member of the executive branch of the government.

Front 29

Administrative agencies

Back 29

Agencies (such as the Securities and Exchange Commission) that the legislative and executive branches of the federal and state goverments are empowered to establish.

Front 30

Judicial decision

Back 30

A decison about an individual lawsuit issued by a federal or state court.

Front 31

Precedent

Back 31

A rule of law established in a court decision. Lower courts must follow the precedent estabished by higher courts.

Front 32

Stare decisis

Back 32

Latin for "to stand by the decision." Adherence to precedent.

Front 33

Socratic method

Back 33

A process that consists of a series of questions and answers and a give-and-take inquiry and debate between a professor and students.

Front 34

IRAC method

Back 34

A method used to examine a law case. IRAC is an acronym that stands for issue, rule, application, and conclusion.

Front 35

Legislative branch

Back 35

Congress. Has the power to make the law.

Front 36

Executive branch.

Back 36

President. Had the power to enforce the law.

Front 37

Judicial branch

Back 37

Courts. Has the power to interpret and determine the validity of law.