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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
what is the highest law
constitution- US
26
who makes statutes (branch)
laws that are adopted by congress and state legislative bodies
27
who makes case law (branch)
judicial
28
what does administrative law control
regulations EX: federal trade commission, human right commission
29
how does a case begin
file a complaint
30
what are the parties called
plaintiff and defendent
31
what does substantive law control
elements of the crime create, define, and regulate legal rights and obligations
32
what does procedural crime control
rules the court has to follow embraces systems and methods available to enforce rights specified in substantive law
33
who is the plaintiff in a criminal case
the government, state or federal
34
who is the plaintiff in a civil case
the person who brought civil action to court
35
what is subject matter jurisdiction
where the case can be tried based on what the case is about (subject matter)
36
what is personal jurisdiction
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
37
name federal subject matter jurisdiction requirement
those involving a federal question diversity of citizenship and over $75k
38
what is state court subject matter jurisdiction
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
what is venue
where do we bring the trial
40
what does motion for summary judgement ask
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
name the alternative to litigation
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
what does the bill of rights protect
protects personal freedoms from encroachment by the federal government
43
where do you find the bill of rights particularly in the constitution
first 10 amendments
44
what is the purpose of the constitution
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
what are the branches of government and their powers
legislative: makes the laws executive: carries out the laws judicial: interprets the laws
46
what is federalism
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
what is the purpose of the commerce clause
gives federal government the power to regulate commerce among the states and with other nations
48
what amendments protect freedom of speech, religion, firearms
speech and religion: 1st
49
where is the right to privacy found
found no where but interpreted from the first amendment
50
what does the due process clause of the fourth amendment protect
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
what is the exclusionary rule and what amendment creates it
as a matter of due process evidence secured in violation of the fourth amendment may not be used against a defendant at trial
52
what amendment prevents the government from taking land
5th
53
name two types of permissible government taking of land
total taking: providing just compensation exaction/mitigation: allows land development only if the owner dedicates some property interest(money) to the government
54
what two amendment contains due process clause
5th and 14th
55
what does the 14th amendment due process clause protect
forbids government to deprive citizens of life, liberty, or property without due process of law
56
what does UCC stand for
Uniform Commercial Code
57
what does UCC govern
a body of rules designed to render commercial law consistent across 50 states
58
what are the elements necessary for a contract
``` agreement consideration capacity genuineness of assent legality of purpose ```
59
what is necessary for a valid offer
intent to enter a contract definiteness in terms of the offer communication of the offer to the offeree
60
what makes adequate consideration
parties have clearly agreed on token or nominal consideration in an effort to present the transaction as a contract rather than a gift
61
explain promissory estoppel
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
name three situations when a person may not have capacity to enter a contract
intoxication mental incompetence minority
63
what is necessary to prove fraud
misrep of material facts the misrep was intentional the injured party justifiably relied on the misrep injury resulted
64
what is the difference between duress and undue influence
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
what is a bilateral contract
a promise for a promise
66
what is a unilateral contract
a promise for an act
67
what is an executory contract
not finished until all parties fully perform
68
what is an executed contract
when all parties have completed their performances, the contract is executed
69
what can make a contract unenforceable
fail to fulfill some other legal rule
70
what makes a contract void
missing a critical legal requirement
71
name a situation when contracts must be written to avoid the statutes of fraud
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
what is parole evidence rule
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
name 3 types of third party beneficiary contracts
creditor beneficiary donee beneficiary incidental benficiary
74
how do contracts end
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
what remedies are avilable
``` compensatory damages consequential damages incidental damages nominal damages punitive damages rescission and restitution mitigation liquidated damages specific performance injunction reformation quasi contract ```
76
what is it called when a nonbreaching party must do whatever they can to limit damage
mitigation
77
what is it called when the parties agree to what damages will be
liquidated damages
78
what are three kinds of torts
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
what are intentional torts against people
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
do you have to touch or injure someone to commit assault? battery?
battery - yes assault - no
81
can you commit false imprisionment if you accidentally lock someone in a closet
no, it has to be intentional
82
can you commit slander or libel if no one hears or sees the falsehood
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
if you take a persons name or image and use it without their consent what is it called
invasion of privacy- misappropriation
84
what are the defenses to trespast
consent mistake necessity self defense
85
what is it called if you impair a persons use of property
nuisance
86
what is the difference between product liability and strict liability
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
what is necessary for negligence
duty breach of duty causation injury
88
what are defense to negligence
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
what types of negligence are there
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
what does res ipsa loquittuir mean
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
does the risk utility test for design defect compare benefits of product design to risk of defense
holds that a product is negligently designed if the benefits of the products design are outweighed by the risk that accompany the design
92
what is the difference between an implied warrantee and expressed warrantee
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
is there a strict liability claim if the consumer uses the product in a manner that it was not intended
yes
94
what are the stick liability defenses
assumption of risk | product misuse

Corporate, Legal and Ethical, Responsibility (5 decks)

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