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Buss. Law - Ch. 2
Business Law - Chapter 2 - Legal Reasoning, Ethical Behavior, and more
| Term | Definition |
|---|---|
| legal reasoning | a method of critical thinking and persuading with analytical thinking at its core but enhanced by factors appropriate to the legal environment |
| deductive reasoning | reasoning largely based on the use of major premise, a minor premise, and a conclusion |
| analogical reasoning | reasoning that occurs by comparing a current situation with past situations having similar characteristics |
| dialectical reasoning | an analytical process requiring consistent examination and dialog, often with one's self |
| jurisprudence school | the study of the philosophy of the law; captures how individuals think about law and its application |
| rights/duties system | a variety of philosophical theories holding that rights and duties flow from fundamental human precepts |
| consequential system | a number of philosophical theories based on the idea of whether an action is ethical and determined by examining the consequences of the proposed action |
| game theory | business owes a duty to society to conduct commerce in a manner that follows the accepted rules for conducting the "game" of business |
| Corporate Social Responsibility (CSR) | the approach to conducting business that takes into consideration internal and external communities. Two approaches to CSR are popular in the literature today |
| stakeholder model | a form of CSR; under this approach to corporate social responsibility, a corporation owes duties to a firm's employees, customers, and suppliers, along with a number of "communities and environments" |
| triple bottom line model | a form of CSR; this approach to corporate social responsibility relies on notions associated with sustainability and requires corporate decision makers |
| critical thinking | a process whereby the thinker is more deliberate and contemplative as he/she engages in the thinking |
| inference | requires in most applications of analogical reasoning; a conclusion made after evidence is presented that proves a fact to be "true" |
| 1) identify the general area(s) of law 2) determine relevant facts 3) decide the specific legal rules or precedents applicable to the facts 4) apply the rules or precedents 5) draw a supportable conclusion | what are the five steps of the legal reasoning process? |
| natural law | states that law comes from nature or reason |
| positive law | states that the law is a command of the government, without any necessary connection to morals |
| legal realism | states that pragmatic application defines the law |
| sociological | states that societal values should be reflected in the law |
| law and economics | states that the application of economic theory can explain the law |
| critical legal studies | this is a progressive, anti-ruling class orientation |
| 1) natural law 2) positive law 3) legal realism 4) sociological 5) law and economics 6) critical legal studies | what are the six major schools of jurisprudence? |
| pragmatic application | dealing with things sensibly and realistically in a way that is based on practical rather than theoretical considerations |
| economic consequences | actual financial losses that you have experienced, or will experience, as a result of the harm the defendant caused you |
| business ethics | ethical principles and moral problems that can arise in a business environment |
| malum in se | a Latin phrase meaning "evil itself" that describes crimes such as battery, theft, and rape. these crimes are both criminal and morally disgraceful |
| malum prohibitum | a phrase that describes crimes society has deemed illegal, such as the use of different types of drugs and prostitution. these crimes are criminal, but not necessarily morally disgraceful |
| utilitarianism | the doctrine that actions are right if they are useful or for the benefit of a majority |
| profit maximization | finding what factors will yield the highest level of profit |
| religious standard theory | suggests that basic precepts of faith should form the basis for individual and entity ethical standards |
| Kantianism | this ethical theory gives the most value to human rights |
| - religious standard theory - Kantianism - justice school | what are some popular theories that make up the rights/duties system? |
| - utilitarianism school - profit maximization school - self-interest school | what are some popular theories that make up the consequential system? |
| justice school | the theory that society should impose a "veil of ignorance" behind which rules for society are created without recognizing individual personal characteristics |
| self-interest theory | the belief that a person acts ethically when he/she makes a decision that benefits him/her in the long run |
| laissez fair | theory which the profit maximization theory is based off of, a theory that rejects government intervention in the economy |
| 1) decide legality 2) establish the problem clearly 3) determine relevant values 4) explore views of stakeholders 5) consider the impact on the decision maker 6) reflect on possible courses of action | what are the steps of the framework of ethical decisions? |
| 1) how do i feel emotionally about a specific course of action? do i believe, in my heart, it is the "right" thing to do? 2) how would i feel if the decision were published on the internet or the front page of the local community's newspaper? | what are the two most quoted sets of questions in business ethics literature? |
| 1) follow the law 2) be honest and open 3) be loyal to the corporation 4) treat people with respect 5) be fair and consider the views of others | what provisions do most codes of ethics ask employees? |
| 1) greater shareholder control 2) employ greater percentages of outside directors 3) hire a chief ethics officer | what three structural characteristics are corporations moving towards? |
| caveat emptor | means "let the buyer beware"; the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase is made |
| sustainability | a form of intergenerational ethics that aims to balance the environmental, economic, and social needs of present and future generations |
| Profit, Planet, and People | what are the three ethical P's that corporations consider under the triple bottom line model? |
| ethics | guiding standards of conduct expected of the members of a group |
| ethics | ______ may have no relationship with law when behavior offends the sensibilities of society in a minor way |
| legal | ethics often are used as the basis for creating _____ standards where the law reflects society's view of right and wrong |
| moral; more; less | often the law creates the _____ minimum for acceptable behavior, which means acting ethically requires the individual or entity to sometimes do ____ than the law requires or ____ than the law allows |
| governance | improving the structure of corporate __________ can enhance good ethical decision-making |
| commitment | a culture of ethics begins with a strong __________ from top management |
| traditional; modern | according to the ___________ view, a business has a social responsibility to be as profitable as possible. under the more ______ and prevalent view, a business should function to benefit society. |
Created by:
Kendall Posey
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