ICDC business law and ethics vocabulary

acceptance

element of a contract that all parties involved must agree to the terms of contract.

Breach of contarct

when one or more parties do not follow the agreed terms of a contract without having a legitimate reason.

Capacity

a person is legally able to enter into a binding agreement.

Code of Conduct

handbook that outlines expectations of employee behavior.

Code of Ethics

document that dictates how business should be conducted.

Confidentiality

specific information about a company or its employees is never shared, except wit those who have clearance to receive it.

Consideration

element of a contract stating that something of value must be promised in return.

Consumer bill of rights

basic expectations of fair treatment of consumers.

Contract

legally binding agreement between two or more people or businesses.

Contract Law

regulates how contracts are written, executed, and enforced.

Corporate Culture

how the owners and employees of a company think, feel, and act as a business.

Litigation

Process of going to court/taking legal action

Place utility

Making products available when needed

Novelty

New or Unknown

Secondary Diversity

Diversity you cannot tell by appearance

Intrinsic

Internal

Variable expenses

Changes in expenses

Fiduciary Duty

Highest ethical level of car, acting in others self interest

Obsolescence

nothing/no longer used

Blanket order

Multiple deliveries of a good at a fixed price over a set period of time

Contract purchase order

a legally binding document created by a buyer and sent to a seller, outlining the types, quantities, and agreed prices for products or services

Planned Purchase order

a long-term purchasing agreement that outlines specific items, quantities, and prices, but leaves delivery dates flexible

Standard Purchase Order

One-time purchase of a specific good or service

Six Sigma Method

Data Driven methodology used to improve businesses also called the DMAIC method ( Define, measure, analyze, improve,control) This method also uses martial arts terminology

Taguchi Method

A statistical approach to engineering that reduces cost and focuses on improving product quality consistency ( product research, design and development)

Kaizen Method

Japanese philosophy of continuous improvement focusing on eliminating waste and enhancing productivity

SWOT method

Strength, weaknesses, opportunities and threats

PESTLE method

Political, economic, social, technological, environmental and legal factors that impact an organization

MOST method

Maynard operation sequence technique. used for analyzing and setting time standards for manual tasks

Private Nusiance

legal claim arising when someone’s property causes harm to another’s enjoyment of their own land

Employer Identification Number (EIN)

number assigned by the IRS for business to use for income tax purposes

Lease

Contract to rent something

Philanthropy

Promoting the welfare of others

Proprietary information

any work created by company employees on the job that is owned by that company.