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Business Chp 3&4

Chp 3 & 4 vocab

TermDefinition
Alternative Dispute Resolution ADR alternatives to traditional litigation for resolving conflicts
Negotiation informal, sometimes without a attorney
Mediation involves neutral 3rd party who talks face to face with parties
Arbitration neutral 3rd party renders a legally binding decision
Submission case referred to arbitrator, then a hearing where parties present evidence and arguments.
Award arbitrators final decision
Conflicts of Law supremacy and commerce clauses of the U.S. constitution give federal law preeminence over state arbitration laws
Choice of Law parties may choose to have the laws of specific state govern their agreement
Court-Annexed Arbitration required by the court prior to a trial. Either party may reject the award and go to trial
Summary Jury Trial mock trial
Online Dispute Resolution involved mainly with domain names and the quality of goods sold online
Ethics the study of right and wrong behavior
Sarbanes Oxley Act requires companies to set up a confidential system so that employees or others can report suspected illegal or unethical behavior
Kantian Ethics premised on the belief that humans are different from objects and should be treated differently
Categorical Imperative asks what would happen if everyone in society acted that way
Principle of rights belief that every duty gives rise to a corresponding right EX:smoking
Utilitarianism action is ethical based on whether it produces the greatest good for the greatest number of people
Stakeholder Approach corporations have a duty not only to shareholders but other groups affected by corporate actions
Stakeholders owners, employees, suppliers, customers, and community
Foreign Corrupt practices act prohibition against bribery of foreign officials
Created by: RCP22