B Law Chapter 1&2

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Terms in this set (48)
Social Ethics Theoryfocus is on a person's obligations to other members in society and also on the individual's rights and obligations within societySocial Egalitariansbelieve that society should provide all its members with equal amounts of goods and services regardless of their relative contributionsDistributive Justicestresses equality of opportunity rather than resultsLibertariansstress market outcomes as the basis for distributing society's rewardsIntuitionisma rational person possesses inherent power to assess the correctness of actionsgood personindividuals should seek out and emulate good role modelsChoosing an Ethical SystemKohlberg's stages of moral development is a widely accepted modelCorporations as Moral Agentsbecause a corporation is a statutorily created entity, it is not clear whether it should be held morally responsibleRegulation of Businessgovernmental regulation has been necessary because all the conditions for perfect competition have not been satisfied and free competition cannot by itself achieve other societal objectivesCorporate Governancethe system of governing a company so that the interests of corporate owners and other stakeholders are protectedprofitabiltybecause corporations are artificial entities established for non-profit activities, only social obligation should be to return as much money as possible to shareholders.unfairnesswhenever corporations engage in social activities such as supporting the arts or education, they divert funds rightfully belonging to shareholders and/or employees to unrelated third partiesAccountabilitya corporation is subject to less public accountability than public bodies areexpertisealthough a corporation may have a high level of expertise in selling its goods and services, there is absolutely no guarantee that any promotion of social activities will be carried on with the same degree of competenceThe Social Contractan implicit agreement among the members of a society to cooperate for social benefitsLess Government Regulationby taking a more proactive role in addressing society's problems, corporations create a climate of trust and respect that has the effect of reducing government regulationLong-Run Profitscorporate involvement in social causes creates goodwill, which simply makes good business senseDefintion of Laware rules made by the government that tell in a society how they should actFunctions of Lawto maintain stability in the social, political, and economic system through dispute resolution, protection of property, and the preservation of the state, while simultaneously permitting ordered changeLaws and Moralsare different but overlapping: law provides sanctions while morals do notLaw and Justiceare separate and distinct concepts; justice is the fair, equitable, and impartial treatment of competing interests with due regard for the common goodSubstantive Lawlaw creating rights and dutiesProcedural Lawrules for enforcing substantive lawPublic Lawlaw dealing with the relationship between government and individualsPrivate Lawlaw that involves suits between private individuals or groupsCivil LawA law that governs relationships between individuals and defines their legal rights.Criminal Lawlaw establishing duties which, if violated, constitute a wrong against the entire communityConsitutional Lawfundamental law of a government establishing its powers and limitationsCommon Law Systembody of law derived from Roman law and based on comprehensive legislative enactmentsinquisitorial systemsystem in which the judiciary initiates, conducts, and decides casesstare decisisLet the decision stand; decisions are based on precedents from previous casesEquitybody of law based upon principles distinct from common law and providing remedies not available at lawdecreedecision of a court of equitySpecific Performancedecree ordering a party to perform a contractual dutyinjunctiondecree ordering a party to do or refrain from doing a specified actRecissionan equitable remedy invalidating a contractmaxima general legal principleAppellanta person who files an appeal