Managerial Environment Outline Pre-Midterm.pdf

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Department
International Business
Course
I_BUS 415
Professor
Migdal
Semester
Spring

Description
Chapter 1: Legal Heritage and the DigitalAge Key Terms & Concepts: 1. AdministrativeAgency Law Courts 2. Administrative Rules and Regulations Law and Economics School (Chicago School) 3. Analytical School Law Merchant 4. Bill Legislative Branch (congress) 5. Brown vs. Board of Education Merchant Court 6. Chamber Moral theory of law Natural Law School 7. Civil Law Order 8. Code Book 9. Codified Law Ordiance 10. Command School Precedent 11. Committee Romano-Germanic civil law system 12. Conference Committee Sociological School 13. Constitution of the United States ofAmerica Stare decisis 14. Court of Chancery (equity court) State constitution 15. Critical Legal Studies School State Statute 16. English Common Law Statute 17. Executive Branch (President) Subcommittee 18. Executive Order Treaty 19. Federal statute U.S. Congress U.S. House of Representatives 20. French Civil Code of 1804 (Napoleonic Code U.S. Senate 21. German Civil Code of 1896 22. Historical School 23. Judicial Branch 24. Judicial decision 25. Jurisprudence 26. Law A) Sources of Law in the U.S 1) U.S. Constitution 2) state constitutions 3) federal and state statutes 4) ordiances 5) administrative agency rules and regulations 6) executive orders 7) judicial decisions by federal and state courts B) Businesses must obey laws in the U.S as well as the countries they work in C) Law, in its generic sense, is a body of rules of action or conducts prescribed by controlling authority, and having binding legal force. That which must be obeyed and followed by citizens subject to sanctions or legal consequences is a law. 1) Law forbids persons from engaging in certain undesirable activities D) Functions of the Law 1) Keeping the peace 2) Shaping moral standards 3) Promoting social justice 4) Maintaining the status quo 5) Facilitating orderly change 6) Facilitating planning 7) providing a basis of compromise 8) Maximizing individual freedom E) The law is fair, but has occasional flaws due to misjudging (Brown v. Board of Education) F) Jurisprudence—the philosophy or science of the law 1) There are difference theories about how law developed i. Natural Law School a) law is based on what is “correct” b) emphasized moral theory of law—law should be based on morality and ethics c) discovered by humans through use of reason and choosing between good and evil ii. Historical School a) law is aggregate of social traditions ans customs that have developed over centuries b) law is an evolutionary process iii. Analytical School a) law is shaped by logic b) emphasis on logic of result rather than on how the result is reached iv. Sociological School a) law is means of achieving and advancing certain sociological goals b) purpose is to shape social behavior v. Command School a) law is set of rules developed, communicated, and enforced by the ruling party rather than a reflection of the society's morality, history, logic, or sociology b) law changes when ruling class changes vi. Critical Legal Studies School a) legal rules are unnecessary and used as an obstacle by the powerful to maintain the status quo vii. Law and Economics School a) promoting market efficiency should be the central goal of legal decision making b) also called Chicago School G) History of American Law 1) English Common Law i. law developed by judges who issued their opinions when deciding cases ii. followed precedents iii. divided into: a) Law Courts I. local courts ran under the high branches of government that only determined monetary award for damages b) Chancery (Equality) Courts I. the court that was higher than law courts, and took precedence over decisions II. determined decisions based on situation c) Merchant Courts I. courts developed to enforce rules that merchants had between them H) Sources of Law in the United States 1) Constitutions i. the Constitution of the United States ofAmerica is the supreme law of the land a) if its unconstitutional then it is unenforceable b) issues are broad in Constitution because the founding fathers wanted them to adjust to evolving social issues c) created three branches of government and allotted them powers I. Legislative Branch (Congress)--to make (enact) the law II. executive branch (president)--to enforce the law III. judicial branch (courts)--interpret and determine the validity of the law 2) State constitutions i. have powers not given to federal government ii. patterned after U.S. Constitution iii. laws are valid unless conflicting with U.S. Constitution or other federal law 3) Treaties i. interactions with foreign governments ii. need advice and consent from two-thirds of the Senate iii. laws that become part of the supreme law 4) Federal statutes i. Statutes—written laws that establish certain courses of conduct that covered parties must adhere to ii. The Commerce Clause empowers U.S. Congress to enact federal statutes to regulate foreign and interstate commerce a) organized by topic in code books (known as codified law) 5) State Statutes i. made by state legislatures 6) Ordinances i. permitted by local government bodies a) cities, municipalities, counties, school districts, and water districts ii. also codified 7) Executive Orders i. executive branch includes president and state governors ii. power delegated from legislative branch and confirmed with constitutions 8) Regulations and Order ofAdministrativeAgencies i. agencies created to enforce and interpret statutes enacted by congress and state legislatures a) many regulate business ii. adopt administrative rules and regulations to interpret and enforce 9) Judicial Decisions i. written opinions of judge explaining legal reasoning ii. Doctrine of Stare Decisis a) precedents of previous courts for current courts on decision making in certain cases b) stare decisis= “to stand by the decision” c) promotes uniformity of law within jursidiction I. allows for fairness and predictability Chapter 2: Ethics and Social Responsibility of Business Key Terms and Concepts: 11. Moral Minimum 1. Code of Ethics 2. Corporate Citizenship 12. Pyramid Scheme 3. Ethical Fundamentalism 13. Qui tam Lawsuit 4. Ethical Relativism 14. Rawl's Social Justice Theory 5. Ethics 15. Sarbanes-OxleyAct of 2002 6. Ethics and the Law 16. Section 406 of the Sarbanes- 7. False Claims Act OxleyAct 8. Kantian Ethics 17. Social Responsibility 9. Law 18. Stakeholder Interest 10. Maximize Profits 19. Utilitarianism A) Ethics and the Law 1) are intertwined because they sometimes demand the same response in conflict B) Business Ethics 1) There are 5 major theories of Ethics: i. Ethical Fundamentalism a) looking to an outside source of ethical rules or commands I. could be a book or a person b) some determine that it does not give a right to determine right and wrong 2) Utilitarianism i. moral theory with origins a) dictates that people most choose the action or follow the rule that provides the “greatest good to society” I. difficult to measure the good an action will supply 3) Kantian Ethics i. people owe moral duties that er abased on universal rules ii. based on the idea that people use reasoning to determine ethical behavior a) universal rules are based on: I. consistency—all cases are treated alike, with no exceptions II. reversibility—actor must abide by the rule he or she uses to judge morality of someone else's conduct III. *it is difficult to reach consensus to universal rules 4) Rawls's Social Justice Theory i. the idea that everyone is in a social contract to obey moral rules and behaviors ii. fairness is considered the essence of justice iii. judgment should be done by the ignorant to ensure fairness iv. less advantaged in society must receive assistance in order to realize potential 5) Ethical Relativism i. holds that individuals must decide what is ethical based on their own feelings about right and wrong ii. if a person believes they are right or wrong then they cannot be criticized for it C) Social Responsibility of Business 1) Business decisions effect society dramtically 2) Social Responsibility—requires corporations & businesses to act with awareness of the consequences and impact that their decisions will have on others 3) there are 4 theories of social responsibilities of business i. Maximize Profits a) should maximize profits for shareholders ii. Moral Minimum a) corporation's duty is to make a profit while avoiding causing harm to others I. must avoid or correct social injury iii. Stakeholder Interest a) a corporation must consider the effects its actions have on stockholders and constituencies (both theirs and others) iv. Corporate Citizenship a) business has a responsibility to do well I. help solve social problems that it did little, if anything, to cause b) corporations should promote the same social goals as individual members of society I. owe a debt to society to make it better Chapter 3: Courts, Jurisdiction, andAdministrativeAgencies A) There are two major court systems in the U.S.A 1) federal court systems 2) court systems of the states, Washington DC, and territories of the U.S.A 3) each have varied jurisdiction to hear different lawsuits B) State Co
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