Unit 2: Legal Environment Flashcards
Legal environment, ethical/moral/legal issues in business
UCC (Uniform commercial Code)
Laws designed to make biz transactions smoother/more predictable across the US
Stare Decisis
Judges obligated to follow precedents established by prior court cases UNLESS past ruling doesn’t apply OR court decides past ruling was wrong
Written Opinions of the Court: Plurality Opinion
Opinion of the most judges, but not enough for the majority
Written Opinions of the Court: Per Curiam Opinion
Doesn’t indicate which judge wrote the opinion
Constitutional Power: States
Full Faith & Credit Clause
In civil matters, each state must recognize others on deeds, will, contracts, etc..
Constitutional Power: States
Privileges & Immunities Clause
Prevents states from imposing burdens on citizens of another state
Constitutional Power: Clauses
Commerce Clause
Stops states from making laws that interfere with interstate (btwn states) commerce
Constitutional Power: Clauses
Supremacy Clause
Constitution is the supreme law of the land
Bill of Rights: Amendments
1st
4th
5th
14th
1st - Freedom of speech
4th - Right to unreasonable search/seizure
5th - Self incrimination
14th - Equal protection of the law, due process
Ethical Philosophy: Duty Based Ethics
Every person (corp) has a duty to others both human and planet. Based on religious or philosophical reasons
ex: Chic-fil-a closed on Sunday
Ethical Philosophy: Outcome Based Ethics
Focuses on consequences of an action, maximize benefits and minimize harm
Ethical Philosophy: Corporate Social Responsibility (CSR)
Duty based and outcome based concepts.
Ethical Philosophy: IDDR (I desire to do right)
Systemic approach,
4 steps
1. Inquiry
2. Discussion
3. Decision
4. Review
Principle of Rights Theory
Pursue w/o infringing on others rights
Common Law
Body of law established by court decisions
