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Corporate, Legal and Ethical, Responsibility > Chapters 1-7 > Flashcards

Chapters 1-7 Flashcards

1
Q

What is capitalism

A

an economic and political system in which a country’s trade and industry are controlled by private owners for profit, rather than by the state

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2
Q

What is democratic capitalism

A

favors business to create wealth and government to regulate as needed

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3
Q

Name a country with democratic capitalism

A

united states

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4
Q

what is state capitalism

A

employs the market to build wealth, which is controlled and distributed by the state for its political purposes

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5
Q

Name a country with state capitalism

A

Russia

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6
Q

what is the impact of capitalism on equality, fairness, and community in the US and globally

A

steady rise of the poverty line, extravagant wealth side by side with punishing poverty, remarkable prosperity with occasional periods of distress (overall good quality of life)
mixed feelings about adapting capitalism, quantity is often not important

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7
Q

how does capitalism affect globalism

A

we are americanizing everything

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8
Q

how can economy benefit from privatization

A

2 patterns: contracting out where government turns over a portion of its duties to a private firm (garbage collection), the sale or lease of public assets (airports)

the market can make decisions more efficiently and effectively than government while also maximizing personal freedom

brings reduced cost and improved expertise

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9
Q

What are communism ideas

A

economic justice for all
concern about growing imbalance between rich and poor
erosion of society’s moral core by pursuit of wealth and self interest

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10
Q

what are socialism ideas

A

embraces democracy
calls for aggressive government intervention
aims to retain benefits of industrialism
goals: liberty, social welfare, fulfilling work, community, equality, rationality

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11
Q

what is social capitalism and what country has it

A

government intervention is dominant economic force

China

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12
Q

what ethic issues are associated with banking crisis

A

***greed

ignorance

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13
Q

what cause the banking crisises

A

subprime mortgages and credit default swaps

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14
Q

what is business ethics

A

the measurement of business behavior based on the standards of right and wrong

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15
Q

what are some approaches to marking ethical decisions

A

Teleological: a decision that maximizes the ratio of good over evil

deontology: what is right, regardless of the consequences

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16
Q

what does the foreign corrupt practices act cover and why was it passed

A

chief federal weapon against bribery abroad

prevents illegal and unethical practices

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17
Q

what does the false claims act provide

A

forbids fraud in government contracts- rewards those who stop fraud (whistle blowers-retribution)

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18
Q

What are PACS

A

political action committee

solicit and disburse voluntary campaign contributions

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19
Q

how does globalization affect corporate ethics

A

exploits cheap labor abroad

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20
Q

what is corporate social responsibility generally

A

decision makers are obligated to take actions which protect and improve the welfare of society as a whole along with their own interests

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21
Q

what are three approaches to social responsibility and explain

A

profit maximization: dominant concern lies in maximizing shareholders interest
long term company interest: middle ground, recognize the imperative of a strong return on the shareholders investment but they also believe that achieving that return may require heightened sensitivity to the welfare of employees, consumers, and the community
triple bottom line: social, environmental, and financial

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22
Q

what is shareholder approach

A

profits and shareholders must remain consuming concerns of management

skilled focus on bottom line will result in greatest good for society

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23
Q

what is stakeholder approach

A

identifying the new duties and assessing whether the corporation in meeting those duties

build stakeholder relationships

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24
Q

what is the purpose of the legal system

A

foster and maintain capitalism

maintain order
resolve conflict
preserve dominant values
guarantee freedom

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25
Q

what is the highest law

A

constitution- US

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26
Q

who makes statutes (branch)

A

laws that are adopted by congress and state legislative bodies

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27
Q

who makes case law (branch)

A

judicial

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28
Q

what does administrative law control

A

regulations

EX: federal trade commission, human right commission

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29
Q

how does a case begin

A

file a complaint

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30
Q

what are the parties called

A

plaintiff and defendent

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31
Q

what does substantive law control

A

elements of the crime

create, define, and regulate legal rights and obligations

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32
Q

what does procedural crime control

A

rules the court has to follow

embraces systems and methods available to enforce rights specified in substantive law

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33
Q

who is the plaintiff in a criminal case

A

the government, state or federal

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34
Q

who is the plaintiff in a civil case

A

the person who brought civil action to court

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35
Q

what is subject matter jurisdiction

A

where the case can be tried based on what the case is about (subject matter)

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36
Q

what is personal jurisdiction

A

judicial authority over someone

  1. defendant is a resident of that state
  2. personally present in that state
  3. long arm statute that allows someone out of that state but has been conducting business in that state to be summoned
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37
Q

name federal subject matter jurisdiction requirement

A

those involving a federal question

diversity of citizenship and over $75k

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38
Q

what is state court subject matter jurisdiction

A

imposes bounds on the classes of cases a court may hear

may hear most types of cases but a criminal court or probate court is limited in the subject matter it may hear

39
Q

what is venue

A

where do we bring the trial

40
Q

what does motion for summary judgement ask

A

the party filing the motion is claiming that no facts are in dispute therefore the judge may make a ruling about the law without taking the case to trial

41
Q

name the alternative to litigation

A

mediation: neutral 3rd party is introduced into the resolution process
arbitatration: neutral 3rd party is given the power to determine a binding resolution of the dispute

private trials: mutually agreed upon sometimes labeled rent a judge

mini trials: each organization presents its version of the case to a panel of senior executives from each organization

42
Q

what does the bill of rights protect

A

protects personal freedoms from encroachment by the federal government

43
Q

where do you find the bill of rights particularly in the constitution

A

first 10 amendments

44
Q

what is the purpose of the constitution

A

identifies goals for society
est. a national government
controls relationship between national and state government
defines and preserves personal liberty
contains provisions to enable government to perpetuate itself

45
Q

what are the branches of government and their powers

A

legislative: makes the laws
executive: carries out the laws
judicial: interprets the laws

46
Q

what is federalism

A

constitution provides for shared powers among national, state, and local governments

the division of authority between the federal government and the states to maintain workable cooperation while diffusing political power

47
Q

what is the purpose of the commerce clause

A

gives federal government the power to regulate commerce among the states and with other nations

48
Q

what amendments protect freedom of speech, religion, firearms

A

speech and religion: 1st

49
Q

where is the right to privacy found

A

found no where but interpreted from the first amendment

50
Q

what does the due process clause of the fourth amendment protect

A

the right of the people to be secure in their persons, houses, papers, and effects against unreasonable searches and seizures, shall not be violated and no warrants shall issue but upon probable cause

51
Q

what is the exclusionary rule and what amendment creates it

A

as a matter of due process evidence secured in violation of the fourth amendment may not be used against a defendant at trial

52
Q

what amendment prevents the government from taking land

A

5th

53
Q

name two types of permissible government taking of land

A

total taking: providing just compensation

exaction/mitigation: allows land development only if the owner dedicates some property interest(money) to the government

54
Q

what two amendment contains due process clause

A

5th and 14th

55
Q

what does the 14th amendment due process clause protect

A

forbids government to deprive citizens of life, liberty, or property without due process of law

56
Q

what does UCC stand for

A

Uniform Commercial Code

57
Q

what does UCC govern

A

a body of rules designed to render commercial law consistent across 50 states

58
Q

what are the elements necessary for a contract

A 
agreement
consideration
capacity
genuineness of assent
legality of purpose
59
Q

what is necessary for a valid offer

A

intent to enter a contract
definiteness in terms of the offer
communication of the offer to the offeree

60
Q

what makes adequate consideration

A

parties have clearly agreed on token or nominal consideration in an effort to present the transaction as a contract rather than a gift

61
Q

explain promissory estoppel

A

an equitable doctrine that protects those who foreseeably and reasonably rely on the promises of others by enforcing such promises when enforcement is necessary to avoid injustice

62
Q

name three situations when a person may not have capacity to enter a contract

A

intoxication
mental incompetence
minority

63
Q

what is necessary to prove fraud

A

misrep of material facts
the misrep was intentional
the injured party justifiably relied on the misrep
injury resulted

64
Q

what is the difference between duress and undue influence

A

D: genuine assent is not secured and a contract may be rescinded because one of the parties is forced to agree

U: the first party to an apparent contract can escape its terms by demonstrating that the second party so dominated her that she did not act independently (example:old or infirm lose there independence of thought)

65
Q

what is a bilateral contract

A

a promise for a promise

66
Q

what is a unilateral contract

A

a promise for an act

67
Q

what is an executory contract

A

not finished until all parties fully perform

68
Q

what is an executed contract

A

when all parties have completed their performances, the contract is executed

69
Q

what can make a contract unenforceable

A

fail to fulfill some other legal rule

70
Q

what makes a contract void

A

missing a critical legal requirement

71
Q

name a situation when contracts must be written to avoid the statutes of fraud

A

collateral contract
the sale of land
promises that cannot be performed in a year
contracts for the sale of goods at a price of $500+
contracts in the consideration of marriage
executor/administrator’s promise

72
Q

what is parole evidence rule

A

when the written document is intended as the parties final expression of their contract oral evidence of prior agreements or representations cannot be used to vary the terms of the document

73
Q

name 3 types of third party beneficiary contracts

A

creditor beneficiary
donee beneficiary
incidental benficiary

74
Q

how do contracts end

A

conditions: performance is only required if specified conditions are met
performance/breach:complete performance or failure to perform
lawful excuses:when performance is either impossible or impractical
agreement: parties reach an accord when they agree to a performance different from the one provided for in their contract
operation of law:bankruptcy, , statute of limitations

75
Q

what remedies are avilable

A 
compensatory damages
consequential damages
incidental damages
nominal damages
punitive damages
rescission and restitution
mitigation
liquidated damages
specific performance
injunction
reformation
quasi contract
76
Q

what is it called when a nonbreaching party must do whatever they can to limit damage

A

mitigation

77
Q

what is it called when the parties agree to what damages will be

A

liquidated damages

78
Q

what are three kinds of torts

A

intentional: involve voluntary acts that harm a protected interest
negligence: involves situations in which harm is cause accidentally
strict liability: a no fault concept where an individual or organization is responsible for harm without proof of carelessness

79
Q

what are intentional torts against people

A

battery: intentionally touching another in a harmful or offensive way without legal justification or consent of that person
assault: intentionally cause another to reasonably believe that he is about to be a victim of battery
False imprisonment: intentionally confining someone against his or her will
Fraud: intentional misrep of facts
defamation: uttering an untruth about another
invasion of privacy: unconscionable exposure of private lives
intentional infliction of emotional distress

80
Q

do you have to touch or injure someone to commit assault? battery?

A

battery - yes

assault - no

81
Q

can you commit false imprisionment if you accidentally lock someone in a closet

A

no, it has to be intentional

82
Q

can you commit slander or libel if no one hears or sees the falsehood

A

no to be slander or libel you must

  1. make a false statement
  2. harm the victims reputation
  3. publication of the statement other than the defamed
83
Q

if you take a persons name or image and use it without their consent what is it called

A

invasion of privacy- misappropriation

84
Q

what are the defenses to trespast

A

consent
mistake
necessity
self defense

85
Q

what is it called if you impair a persons use of property

A

nuisance

86
Q

what is the difference between product liability and strict liability

A

P:refers to legal responsibility of manufactures and sellers to compensate buyers, users, and in some cases bystanders for the harm from defective products

S:civil wrong springing from defective and unreasonably dangerous products where responsibility automatically attaches without proof of blame or fault

87
Q

what is necessary for negligence

A

duty
breach of duty
causation
injury

88
Q

what are defense to negligence

A

comparative negligence: weighing relative negligence of parties
contributory negligence: contribution by the plaintiff to his own harm constitutes a complete bar recovery
assumption of risk

89
Q

what types of negligence are there

A

Gross: a person is responsible for you but has a complete disregard for yourself which causes the injury

vicarious: a person is responsible for someone else actions
comparative: the injury is caused by both the defendant and the injured
contributory: the plaintiff ends up being blamed for there own injuries

90
Q

what does res ipsa loquittuir mean

A

the thing speaks for itself. rule of evidence establishing a presumption of negligence if the instrumentality causing the injury was in an exclusive control of the defendant, the injury would not ordinarily occur unless someone was negligent, and their is no evidence of other causes

91
Q

does the risk utility test for design defect compare benefits of product design to risk of defense

A

holds that a product is negligently designed if the benefits of the products design are outweighed by the risk that accompany the design

92
Q

what is the difference between an implied warrantee and expressed warrantee

A

E: exist if a seller of goods states a fact or makes a promise regarding the character or quality of the goods

I: arise by operation of law when a seller enters a contract for the sale of goods

93
Q

is there a strict liability claim if the consumer uses the product in a manner that it was not intended

A

yes

94
Q

what are the stick liability defenses

A

assumption of risk

product misuse

Corporate, Legal and Ethical, Responsibility (5 decks)

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