Exam 1 Flashcards
What is a bill
Draft or proposed statute that a legislature has not yet passed or the executive has not yet approved
What is a statute
created by legislative body
Levels: federal statutes, state statutes, ordinances (local government)
A written law passed by a legislative body
What is an ordinance, and what types of issues do ordinances generally regulate
Statutory law applying to local government
Passed by local government to regulate local issues (zoning ordinances)
What is the common law
Essentially law made by the courts, i.e, law that has not specifically been passed by the legislature but is based ont he fundamentals of previous cases that had similar facts
What is administrative law
Authorizes the exercise of authority by executive branch and independent agencies
Agencies: administer details of statutes, have broad powers to impose regulations, make policy, and enforce law in designated area
What is the difference between substantive law and procedural law
Substantive is iindividual rights and duties
Procedural is structre of rules for pursuing rights
What system of law is the U.S. system of common law derived from
English legal doctrines. A comvination of constitutional law, statutory law, administrative law, and common law
Can a person be prosecuted criminally and sued civilly for the very same act
yes
What is the difference between money damages and specific performance
Remedy at law is general like money damages
Specific performance is equitable relief and awarded by a court to “make a party whole”
What is the difference between primary and secondary sources of law
Primary law is generally a combination of constitutional law, statutory law, administrative law, and common law at the federal, state, and local levels
Secondary law has no independent authority or legally binding effect by are often used to assist courts (restatements of law, model state statutes)
How did the U.S. Supreme Court rule in SOuth Dakota v. Wayfair, inc. (2018)
In favor of South Dakota allowing states to require online retailers to collect sales taxes on in-state sales.
What does the categorical imperative test consist of
what if everybody took that same action
What is the broadcast news test
How would I feel if the business decision was announced to the public on social media or the local and national news
What three aspects of justice does the popular depiction of justice in Lady justice represent
Ethics, justice, and law
what are morals
Generally accepted standards of right and wrong in a given society or community
How does the narrow view of Milton Friedman on corporate social responsibility differ from the moderate and broad views of corporate social responsibility
Narrow view=greed is good
Moderate and broad= just follow the law and good corporate citisenship and social license to operate
What reporting obligations do all employees have under an effective values management program
ethics violations
what is a compliance department
Unit whitin an organization staffed by lawyers and nonlawyers that helps the organization follo rules and regulations and maitain the company’s overall culture and spirit of values and ethics
What is the difference between the principles-based approach, the consequesnces-based approach, and the contract-based approach to ethical decision-making
Consequences: the greatest good for the greatest number of people, less harmfull consequences for majority of community
Contract: imagines the world in which people must negotiate their own ethical rules and principles
Principles: based on general or universal morals like religion, virtue, natural law, and duty-based ethics
What is the triple bottom lines
Conventional creation of economic value (profit) + creation (or destruction) of environmental and social value