Business Law Test 1

Terms-

• Ethics: what society as a whole, or an organization, etc. governs as right or wrong.

• Morals: someone’s own values that govern their attitude toward right and wrong.

Ethical Dilemmas:

• When your sense of right and wrong aren’t in synch with what society deems as right or wrong

Law:

• The system of rules of conduct established by the government or society to maintain stability and 

• When it comes to ethics and morals, why do we have and need laws? 

  • Because people have different ethics and morals, so we need set laws

• If everyones always acted ethically, there would be no need for law.

• Why is Law necessary?

  • Law - system of rules of conduct established by the government or society to maintain stability and justice

  • Laws keep us safe and punish those who don’t follow.

• Business Ethics - the ethical principles used in making business decisions 

  • Business sometimes make unethical decisions for profit

• Law - system of rules of conduct established by the government of society to maintain stability and justice

• Types of Law:

  • US Constitution

    • Most fundamental law in the US is the constitution

      • Constitution overrides everything, can’t go against it EVER

    • Federal Laws - applies to everyone in the US

    • State Laws - apply to people in a certain state

    • Local Laws - apply to people in particular city/town

    • Amendments

      • Purpose - allows us to revisit laws, update us as time passes if need be

      • 1st - freedom of press, speech, religion, assembly

  • Statutory Law

    • Government made law

    • Laws passed by:

      • Congress at federal level

      • State/Local legislation at state level

    • Statute of Limitations

      • Max amount of time someone who wants to initiate legal proceedings from the date of an alleged offense

        • Arrest, suing

  • Case Law (Common Law)

    • Law that is derived from judicial decisions instead of statutes/written law

    • Precedent

      • Previous decisions serving as a guide in deciding verdicts in new cases

    • When Supreme Court rules on a constitutional issue, the judgement sets a precedent for similar cases

  • Administrative Regulation

    • Consists of precise technical law established by Administrative Agencies

    • Lawmakers not experts in every field

    • Federal agencies created by congress to create precise and technical laws for a variety of topics/areas

    • Most agencies fall under control of the executive branch

    • Administrative Agency’s powers/authority

      • Make own laws

      • Enforce their rules

      • Investigate violations of their ruled

        • Most fall under control of the executive branch

        • 85+ federal agencies

• Censorship

  • When the gov cuts out or suppresses communication