Chapter Two: Ethics
Two Systems of Ethics
Formalism asserts an absolute morality or ethics- certain behaviors are always
Consequentialism is concerned more with the moral consequences of actions than
the morality itself. Most business ethics is cons
Chapter Three Study Guide
Functions of individuals in court systems:
Judge/Justice/Magistrate- determine applicable laws; deciding questions of law
Jurors- determine questions of fact; fact-finders
Lawyers have three primary roles:
1. Counselor- discuss a
White collar crime is crime committed by businesspeople-often upper-level executives.
Felonies are crimes punishable by over 1 year imprisonment.
Misdemeanors are punishable by less than one year imprisonment. Information is filed by
A contract involves a promise or exchange of promises. Most contracts are informal and we are
unaware of their existence. A contract is a legally binding agreement.
A unilateral contract involves an agreement with only one promise, one promi
Chapter Five: Alternative Dispute Resolution
Positional Bargaining One party makes lowest reasonable offer while other
counters with highest reasonable offer: each adjusts position to eventually reach a
Ch. 4 Litigation
Litigants: the parties to the lawsuit- plaintiff and defendant
A complaint is filed at which point subject matter jurisdiction and standing to sue
Standing to sue requires:
1. The case involves a case
Oral contracts generally are valid and enforceable except under the statute of fraud.
Statute of Fraud requires a written contract in certain situations:
Interest in Land
Collateral contracts to pay the debt of another- this is a contract w
Chapter One: Study Guide
Factors which may contribute to why a nation is economically weak:
1. Lack of natural resources
2. Warm climate
3. Poor education
4. No/small private market
5. Lack of a strong and consistent legal system- MOST IMPORTANT
Law is ma
Property is the legal concept fence of the right to exclude others.
An owner of property is prohibited from using it in a way which hurts others resources.
Nuisance can be public or private
The doctrine of coming to the nuisance exempts some
When laws are not consistent the order of priority is
1. The U.S. Constitution
2. U.S. Laws
3. State and Local Laws
This is established by the supremacy clause of the Constitution. The supremacy
clause gives courts the right to interpret federa