Microsoft PowerPoint - Final Law Materials XXXXXXXXXX 1 1 The Legal Environment of Business and Business Law © 2021 For FALL 2021, SRING 2022 and SUMMER 2022 BA 3010 BA 3021 MANG 6497 Dinah Payne,...

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Microsoft PowerPoint - Final Law Materials.2021.2022 1 1 The Legal Environment of Business and Business Law © 2021 For FALL 2021, SRING 2022 and SUMMER 2022 BA 3010 BA 3021 MANG 6497 Dinah Payne, Professor of Management, University of New Orleans 2 Ch. 10: Contracts in Summary, ss. 370-435 Ch. 11: Introduction to Contracts and E-Contracts, ss. 436-476 Ch. 12: Contracts: Agreement, ss. 477-508 Ch. 13: Contracts: Consideration, ss. 509-531 Ch. 14: Contracts: Capacity and Legality, ss. 532-554 Ch. 15: Contracts: Genuineness of Asset, ss. 555-574 Ch. 16: Contracts: Statute of Frauds, ss. 575-594 Ch. 1: Business Ethics, ss. 5-57 Ch. 2: Legal Basics, ss. 58-86 Ch. 3: Jurisdiction and Legal Systems, ss. 87-116 Ch. 4: Dispute Resolution, ss. 117- 137 Ch. 5: Constitutional Law for Business, ss. 138-183 Ch. 6: Torts, Strict Liability, ss. 184- 230 Ch. 7: Intellectual Property Law, ss. 231-259 Ch. 8: International Law, ss. 260-332 Ch. 9: Property Law, ss. 333-369 Table of Contents 3 Ch. 23: Negotiable Instruments: Creation and Negotiation of Negotiable Instruments, ss. 792- 832 Ch. 24: Negotiable Instruments: Liability, Discharge, Banks and the Collection Process, ss. 833- 859 Ch. 25: Secured Transactions, ss. 860-901 Ch. 26: Bankruptcy Law, ss. 902- 939 Ch. 27: Agency Law, ss. 940-986 Ch. 17: Third Party Rights and Discharge, ss. 595-624 Ch. 18: Introduction to Sales and Lease Contracts, ss. 625-661 Ch. 19: Title and Risk of Loss, ss. 662-688 Ch. 20: Remedies for Breach of Sales and Lease Contracts, ss. 689-730 Ch. 21: Warranties, ss. 731-753 Ch. 22: Negotiable Instruments in Summary, ss. 754-791 Table of Contents 4 Ch. 34: Discrimination and Employment Law, ss. 1255- 1292 Ch. 35: Accountants’ Legal Liability, ss. 1293-1320 Ch. 36: Accounting Ethics, ss. 1321-1353 Ch. 28: Common Forms of Business in Summary, ss. 987- 1045 Ch. 29: Sole Proprietorships and General Partnerships, ss. 1046- 1081 Ch. 30: Limited Partnerships, ss. 1082-1107 Ch. 31: Corporations and LLCs, ss. 1108-1170 Ch. 32: Securities Regulations, ss. 1171-1218 Ch. 33: Antitrust Law, ss. 1219-1254 Table of Contents 5 Chapter 1: Business Ethics 6 Proportionate Depiction of Areas of Moral Ambiguity: Perceived Reality GrayBlack White Frequency of Occurrence Spectrum of moral dilemmas 1 2 3 4 5 6 2 7 Ethics Belong in Business?  A predicate question to the role of ethics in business is the question of why businesses engage in ethical practices  Most businesses realize that they must participate in society in an ethically symbiotic way, regardless of venue (domestic or international)  Businesses will in fact engage in ethical business practices for one of two reasons, one ethical in nature and one more Machiavellian: we do the right thing because it is the right thing to do and because it makes us look good  Stakeholders increasingly demand more ethical business practice: protest, activist, and consumer groups demand ethics in business  Business itself has come to recognize the importance of ethics in the conduct of business, as is seen in the development and implementation of codes of ethics 8 The End of the Myth of Amoral Business  A series of external and internal factors are putting pressure on firms and other organizations to address their ethics; for example, the increasing influence of Non-Governmental Organizations (NGOs), a pervasive media in search of stories, the effect of corporate accountancy scandals such as Enron and WorldCom and increasing legislation and the growth of Socially Responsible Investment (SRI) all heighten the need for business ethics  Stakeholders, who should be included in decisions with ethical overtones, include anyone, group, entity that is positively or negatively impacted by some action; they can include a wide array of those affected depending on the action being considered, i.e., society at large, employees, management, relevant professional associations, governmental regulators, competitors, consumers and current and future financial supporters of the firm  The environment and non-human inhabitants are also stakeholders 9 Ethics and the Law  Ethics is a set of moral principles/values that governs the conduct of a person or group: ethics concerns the ability to judge between right and wrong, good or bad; ethics is the activity that determines what is moral: it is an IMPORTANT ACTIVITY  Law can be defined as a series of promulgated rules designed to regulate the conduct of natural individuals and fictitious entities and all other organizations in society; it is intended to assure order among people with regard to actions, safety and property or public policy  What is moral is not necessarily the same thing as the promulgated law: something may be legal, but some people may think it is immoral and something may be illegal, but some people may think it is moral: A VERY IMPORTANT POINT  Moral dilemmas are serious issues and governments can’t make decisions for us on moral issues 10 Spiral of Culture and Law Again, law and ethics are not necessarily the same Generally speaking, the law is derived from a society’s concept of what is morally right or wrong Attitudes Beliefs Behaviors Values 11 Responsibility, Being Right and Ethics  One is morally responsible for one’s knowing and willing behavior and for knowingly and willingly not acting when there was a duty to act  Being right can be described in two ways:  Subjective right: what the individual feels is right  Objective right: what society as a whole feels is right  Failsafe: it’s better to be both subjectively and objectively right, since one is more likely to be right, though of course one could still be wrong  We all have certain rights and responsibilities: typically, where one has a right, there is a corresponding responsibility  We are morally responsible for discharging our moral duties and legally and possibly morally responsible for discharging our legal duties  Failure to meet our responsibilities makes us causally responsible for problems that follow 12 Primary and Secondary Responsibility  Humans can be primarily or secondarily responsible for acting or failing to act  Those primarily responsible are those that were directly responsible for causing harm, while those secondarily responsible are only indirectly responsible:  Each person/entity, however, is responsible at some level for harm directly or indirectly one/it caused The ethical question is how responsible is each of multiple actors in a situation which causes harm?  Corporations can only be secondarily responsible: corporations are not animate beings, they are merely fictitious legal entities, existing on paper or electronically and so do not themselves cause any action to happen, whether good or bad  The business’s culture (corporate culture), however, has a tremendous impact on how members of the firm respond to ethical dilemmas 7 8 9 10 11 12 3 More Responsibility and Excusing Conditions 13  The only person who can hold one morally responsible really is one’s self, though others can allege moral and legal responsibility  Because only one can hold oneself responsible, excusing conditions must be used in good faith  Three excusing conditions mitigate or destroy moral responsibility: they are the reasons we act the way we do  Conditions preventing the possibility of action: we cannot be responsible for that which we cannot prevent  Conditions of lack of necessary knowledge: we can’t be responsible for that of which we are ignorant in good faith  Conditions of lack of necessary freedom: we cannot be responsible for things we have not freely chosen to do 14 Types of Ethics  There are four types of ethics: descriptive, normative, meta ethics and special ethics  Descriptive ethics is closely associated with the fields of anthropology, sociology and psychology; the purpose of descriptive ethics is to study and describe a culture’s mores  Comparisons and/or contrasts are made of different moral systems, beliefs, practices, values, attitudes, etc. Descriptive ethics do not assess value related to the “morality” of an action: cannibalism is practiced by this group  Normative ethics is a systematic attempt to create and morally support a cohesive moral system upon which managerial decisions can be made and defended; these ethics assess ethical validity  Normative ethics is the source of the basic principles upon which such decisions are made and defended: cannibalism is bad  Normative ethics provides the “defense” mechanism 15 Types of Ethics, Con’t.  Metaethics are the mechanics of the debate in the ethical dialogue, like definitions  Metaethics clarify and evaluate what presumptions, underlying beliefs, attitudes or values, the moral argument’s validity  For example, the “good use” of tax money could be different for different people: one with 3 children might find a good use to be the support of public schools, while someone without children might think good use of tax money to be road repair  Special ethics: these ethics are related to specific fields, like business ethics, which is a type of special ethics dealing with moral dilemmas found in the engagement of business  Business ethics is the interaction of ethics and business  Business ethics focus on core business values reputed to be held by many business people (freedom, etc.) 16 Moral Absolutism and Pluralism  Moral absolutism is the idea that there are indeed moral principles that are eternal and omnipresent, regardless of time or culture  A variation of this approach is that there are moral principles that are absolute in a given time and culture, moral principles that allow us to live peacefully in a society This is the approach most society’s seem to espouse  A difficulty with moral absolutism, however, is that some things may not be considered absolutely right or wrong given the context of an action: the identification of a moral absolute may be difficult  Moral
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Answer To: Microsoft PowerPoint - Final Law Materials XXXXXXXXXX 1 1 The Legal Environment of Business and...

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