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10 Cards in this Set
- Front
- Back
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WHAT DOES THE MODERN ENVIRONMENT OF BUSINESS MEAN?
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MANAGERS IN ALL FIRMS FACE A VARIETY OF ETHICAL, LEGAL, SOCIAL, POLITICAL AND INTERNATIONAL ISSUES THAT MAKE BUSINESS INCREASINGLY COMPLEX
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WHAT IS LAW?
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A COLLECTION OF PRINCIPLES AND RULES THAT ESTABLISH, GUIDE, AND ALTER THE BEHAVIOR OF MEMBERS IN SOCIETY
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WHAT ARE RULES?
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INCLUDE BOTH FORMAL RULES(LAW) OF SOCIETY AND INFORMAL RULES AS DICTATED BY CUSTOMS, TRADITIONS AND SOCIAL ETHICS
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WHY DO LAW AND THE LEGAL SYSTEM SERVE IMPORTANT FUNCTIONS IN AN ORDERLY SOCIETY?
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LAW HELPS TO DEFINE ACCEPTABLE BEHAVIOR.
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TO ENSURE ORDER, THE LEGAL SYSTEM PROVIDES A FORMAL MEANS THROUGH WHICH DISPUTES CAN BE RESOLVED
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THE LAW MAINTAINS THE IMPORTANT VALUES OF A SOCIETY AND THE LEGAL SYSTEM PROVIDES A WAY TO ENCOURAGE CHANGES IN SOCIAL CONSCIOUSNESS
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WHAT DOES THE SOURCES OF LAW INCLUDE?
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-U.S. AND STATE CONSTITUTIONS
-CONGRESS AND STATE LEGISLATURES -JUDICIARY BRANCH AND EXECUTIVE BRANCH (THE PRESIDENT AT THE FEDERAL LEVEL AND GOVERNORS AT THE STATE LEVEL) -THE STATE AND FEDERAL ADMINISTRATIVE AGENCIES -MULTIPLE SOURCES THAT FORM THE INTERNATIONAL LEGAL ENVIRONMENT OF BUSINESS |
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WHY ARE JUDGE-MADE LAW OR COMMON LAW THE ORIGINAL SOURCE OF LAW IN THIS COUNTRY/
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IT ENCOURAGES JUDGES TO USE PRIOR DECISIONS, OR PRECEDENTS, FOR GUIDANCE IN DECIDING NEW DISPUTES. THE DOCTRINE OF STARE DECISIS HELPS GIVE CONSISTENCY TO CASE LAW.
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ON WHAT BASIS CAN LAW BE CLASSIFIED?
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WHETHER ITS PUBLIC OR PRIVATE, CIVIL OR CRIMINAL, SUBSTANTIVE OR PROCEDURAL.
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THE PUBLIC IMAGE OF BUSINESS AND OTHER INSTITUTIONS HAS DECLINED. DISHONESTY IS BELIEVED TO BE MORE PREVALENT THAN IT WAS IN YEARS PAST.
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TO OVERCOME REAL AND PERCEIVED PROBLEMS, THE BUSINESS COMMUNITY IS ENCOURAGING CODES OF ETHICS AND FIRMS ARE ENFORCING COMPLIANCE PROGRAMS
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THE TERMS ETHICS AND MORALS ARE GENERALLY INTERCHANGEABLE
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THEY SHOULD NOT BE CONFUSED WITH STATEMENTS ABOUT ETIQUETTE OR GOOD MANNERS OR WITH RULES OF LAW.
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