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33 Cards in this Set
- Front
- Back
Definition of Law
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a rule of civil conduct prescribed by the supreme power in a state, comanding what's right, prohibiting what's wrong
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Functions of Law
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*maintain stability in soical, political, econ systems through law dispute resolution, protection of property, and the preservation on state. Premits orderd change
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Legal Sanctions
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means by which laws enforce court decisions
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Law & Moral
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different, overlapping. law provides sanction, morals don't
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Subtantive law
Proceedural law |
creates rights & duties
rules for enforcement of law |
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Public Law
Private Law |
governing relatonship between govt & individuals
governing relationships among individuals & legal entities |
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Civil Law
Criminal Lalw |
dealing with right/duties whose violation = wrong 2 legal entity
establishes duties whose violation = wrong 2 entire communities |
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Constitutional Law
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fundamental law of govt est power/limitation
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Judical Law
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common law body developed by courts & Equity, based on principles distinct from law, providing remedies not available at law
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Legislative Law
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statues including treaties & executive orders
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Adminsistrative Law
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rules, regulations, orders, decisions made by adim agencies
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Ethics
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study of whats right or good for humans
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Business Ethics
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study of whats right or good in a business setting
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Ethical Fundamentalism
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individuals look to a central authority/set of rules to guide them in ethical decision making
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Ethical Relativism
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actions must be judged by what individuals subjectively feel is right/wrong for themselves
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Utilitarianism
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moral actions are those that produce the greatest net pleasure, compared with net pain.
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Act Utilitarianism
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assesses each act accordingly to wether it maximizes pleasure over pain
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Rule Utilitarianizm
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supports rules that on balance produce the greatest pleasure for society
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Cost-benefit Analysis
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quaintifies the benefit/cost of alternatives
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Deontology
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actions must be judged by thier motives and means as well as their results
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Social Ethics
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focus on one's obligation to others; individual's rights
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Good Person
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individuals should seek out, emulate good role models
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TV Test
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would we feel comfortable if our actions were broadcast on TV?
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Corporations as Moral Agents
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because corp is a statutorily created entity, it is not clear whether it should be held morally responsible
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Regulation of Business
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govt reg has been necessary because conditons perfect competition has not been met
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Corporate Governance
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vast amounts of wealth, concentrated in a small # of corps, which are run by a small group of corporate offices
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Profitabilty
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only obilgation should be to return as much money as possible to shareholders
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Unfairness
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when corps engage in soical activities, diverting funds that belong to shareholders
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Accountability
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corp is subject to less public accoutability than public bodies
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Expertise
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no guarantee that any promotion of soical activities will be carried on with the same degree of competence.
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The Social Contract
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corps are responsible for society
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Less Goverment Regulation
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create a climate of trust & respect that reduces govt regulation
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Long-Run Profits
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corp involvement in social causes creates good will, which simply makes good business sense
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