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Week 2

Business Law

TermDefinition
Ethics A branch of philosophy dealing with values that relate to the nature of human conduct and values associated with that conduct.
Positive Law Law enacted and codified by governmental authority.
Business Ethics Balancing the goal of profits with values of individuals and society.
Natural Law A system of principles to guide human contact independent of, and sometimes contrary to, enacted law and discovered by man's rational intelligence.
Civil Disobedience The term used when natural law proponents violate positive law.
Kant's Categorical Imperative A standard of ethics that requires that we avoid one sided benefit for us as a result of the conduct or decision.
Theory of Justice The Locke and Rawlsian standard for ethics that requires that we all agree on certain universal principles in advance.
Social Contract The agreement under Locke and Rawls as to what our ethical standards will be.
Conflict of Interest Conduct that compromises an employee's allegiance to that company.
Primum Non Nocere Above all, do no harm.
Rights Theory Nozick's theory of ethics that we all have a set of rights that must be honored and protected by government.
Entitlement Theory Another name for Nozick's theory that we all have certain rights that must be honored and protected by government.
Ethical Egoism Theory of ethics that we should all act in our own self-interest.
Utilitarians Theory of ethics based on doing the most good for the most people in making decisions.
Moral Relativists Those who make decisions based on circumstances and not on the basis of any predefined standards.
Stakeholders Those who have a stake, or interest, in the activities of a corporation; include employees, members of the community in which the corporation operates, vendors customers, and any others who are affected by the actions and decisions of the corporation.
Stakeholder Analysis The term used when a decision maker views a problem from different perspectives and measures the impact of a decision on various groups.
Integrity The adherence to one's values and principles despite the costs and consequences.
Federal System The system of government in which a central government is given power to administer to national concerns while individual states retain the power to administer to local concerns.
Constitution A body of principles that establishes the structure of a government and the relationship of the government to the people who are governed.
Tripartite Three-part division of government. The tripartite is legislative branch, judicial branch, and executive branch.
Legislative Branch The branch of government formed to make laws.
Executive Branch The branch of government formed to execute the laws.
Judicial Branch The branch of government formed to interpret laws.
Bicameral A two-house form of the legislative branch of government.
Delegated Powers Powers expressly granted the national government by the Constitution.
Shared Powers Powers that are held by both state and national governments.
Police Power The power to govern; the power to adopt laws for the protection of the public health, welfare, safety. and morals.
Ex Post Facto Law A law making criminal an act that was lawful when done or that increases the penalty when done. Such laws are generally prohibited by constitutional provisions.
Preemption The federal government's superior regulatory position over state laws on the same subject area.
Bedrock View A strict constructionist interpretation of a constitution.
Living-Document View The term used when a constitution is interpreted according to changes in conditions.
Commerce Clause That section of the U.S. Constitution allocating business regulation between federal and state governments.
Due Process Clause A guarantee of protection against the loss of property or rights without the chance to be heard.
Quasi-Judicial Proceedings Forms of hearings in which the rules of evidence and the procedure are more relaxed but each side still has a chance to be heard.
Privileges and Immunities Clause A clause that entitles a person going into another state to make contracts, own property, and engage in business to the same extent as citizens of that state.
Created by: veronicastarry80
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