COMM1800

COMM1800 - Laws that affect ethics Sarbanes-Oxley(SOX act...

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Unformatted text preview: Laws that affect ethics Sarbanes-Oxley (SOX) act protects whistleblowers from any company retaliation. This requires that all public corporations allow employees to submit concerns regarding accounting and auditing procedures anonymously. (Though they don’t have to be employees) Foreign Corrupt Practices Act- concerned with bribes involving foreign officials and accounting transparency. Types of law:- Business Law- Rules, statutes, codes, and regulations that are established to provide a legal framework within which businesses may be conducted and that are enforceable by court action. (product liability, sales, consumer protection, taxes, bankruptcy, fair competition)- Statutory Law- State and federal constitutions, legislative enactments, treaties of the federal government- in short, written law.- Common law- Body of law that comes from decisions handed down by judges (unwritten law). Guided by precedent principles. Best states for legal fairness are Delaware, Nebraska, Virginia, Iowa, and Connecticut. Worst states for legal fairness are West Virginia, Louisiana, Mississippi, Alabama, and Hawaii. An example of a common law is a Tort law (A wrongful act that causes injury to a person’s body, property or reputation. Often non criminal. Includes negligence (unintentional) and product liability- harm that results from production, design, sale or use of products; strict- regardless of fault)....
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This note was uploaded on 02/27/2011 for the course COMM 1800 taught by Professor Kemp during the Spring '11 term at UVA.

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COMM1800 - Laws that affect ethics Sarbanes-Oxley(SOX act...

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