Business Law Chapters 1-7

Front 1

Definition of Law

Back 1

a rule of civil conduct prescribed by the supreme power in a state, comanding what's right, prohibiting what's wrong

Front 2

Functions of Law

Back 2

*maintain stability in soical, political, econ systems through law dispute resolution, protection of property, and the preservation on state. Premits orderd change

Front 3

Legal Sanctions

Back 3

means by which laws enforce court decisions

Front 4

Law & Moral

Back 4

different, overlapping. law provides sanction, morals don't

Front 5

Subtantive law

Proceedural law

Back 5

creates rights & duties

rules for enforcement of law

Front 6

Public Law

Private Law

Back 6

governing relatonship between govt & individuals

governing relationships among individuals & legal entities

Front 7

Civil Law

Criminal Lalw

Back 7

dealing with right/duties whose violation = wrong 2 legal entity


establishes duties whose violation = wrong 2 entire communities

Front 8

Constitutional Law

Back 8

fundamental law of govt est power/limitation

Front 9

Judical Law

Back 9

common law body developed by courts & Equity, based on principles distinct from law, providing remedies not available at law

Front 10

Legislative Law

Back 10

statues including treaties & executive orders

Front 11

Adminsistrative Law

Back 11

rules, regulations, orders, decisions made by adim agencies

Front 12

Ethics

Back 12

study of whats right or good for humans

Front 13

Business Ethics

Back 13

study of whats right or good in a business setting

Front 14

Ethical Fundamentalism

Back 14

individuals look to a central authority/set of rules to guide them in ethical decision making

Front 15

Ethical Relativism

Back 15

actions must be judged by what individuals subjectively feel is right/wrong for themselves

Front 16

Utilitarianism

Back 16

moral actions are those that produce the greatest net pleasure, compared with net pain.

Front 17

Act Utilitarianism

Back 17

assesses each act accordingly to wether it maximizes pleasure over pain

Front 18

Rule Utilitarianizm

Back 18

supports rules that on balance produce the greatest pleasure for society

Front 19

Cost-benefit Analysis

Back 19

quaintifies the benefit/cost of alternatives

Front 20

Deontology

Back 20

actions must be judged by thier motives and means as well as their results

Front 21

Social Ethics

Back 21

focus on one's obligation to others; individual's rights

Front 22

Good Person

Back 22

individuals should seek out, emulate good role models

Front 23

TV Test

Back 23

would we feel comfortable if our actions were broadcast on TV?

Front 24

Corporations as Moral Agents

Back 24

because corp is a statutorily created entity, it is not clear whether it should be held morally responsible

Front 25

Regulation of Business

Back 25

govt reg has been necessary because conditons perfect competition has not been met

Front 26

Corporate Governance

Back 26

vast amounts of wealth, concentrated in a small # of corps, which are run by a small group of corporate offices

Front 27

Profitabilty

Back 27

only obilgation should be to return as much money as possible to shareholders

Front 28

Unfairness

Back 28

when corps engage in soical activities, diverting funds that belong to shareholders

Front 29

Accountability

Back 29

corp is subject to less public accoutability than public bodies

Front 30

Expertise

Back 30

no guarantee that any promotion of soical activities will be carried on with the same degree of competence.

Front 31

The Social Contract

Back 31

corps are responsible for society

Front 32

Less Goverment Regulation

Back 32

create a climate of trust & respect that reduces govt regulation

Front 33

Long-Run Profits

Back 33

corp involvement in social causes creates good will, which simply makes good business sense