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Study Guide Exam 1

by: Maremi Obregon

Study Guide Exam 1 BSLW235

Maremi Obregon

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About this Document

Important information Professor Shared in Class for our first exam. 60 Multiple Choice Chapters 1-4
Legal, Ethical and Global Environment of Business
Marion Mogielnicki
Study Guide
business, businesslaw, Law, mancuso, bslw235
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This 1 page Study Guide was uploaded by Maremi Obregon on Tuesday October 11, 2016. The Study Guide belongs to BSLW235 at Montclair State University taught by Marion Mogielnicki in Fall 2016. Since its upload, it has received 36 views. For similar materials see Legal, Ethical and Global Environment of Business in Business Law at Montclair State University.


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Date Created: 10/11/16
BSLW235_07 Study Guide for Midterm 1 60 Multiple Choice (Chapters 1-4)  Federal Laws do not trump Statutory laws  The United States Court system is based on England o The two courts are called Equity and Law  Appellant is the person bringing the appeal  Specific state laws cannot carry over into other states o For example: Someone from New Jersey cannot sue someone in New York because it does not follow New Jersey laws  The goal/purpose of the Administrative Agency is to perform a specific function (rule-making, adjudicating, and investigating)  In a civil sue, you need a 51% Preponderance of Evidence o Meaning you need to more than certain  Utilitarianism is outcome based decision making o Greatest positive net benefits for the greatest number of individuals o Applying Utilitarianism:  A determination of which individuals will be affected by an action in question  A cost – benefit analysis, which involved an assessment of negative and positive effects of alternative actions on these individuals  A choice among alternative actions that will produce maximum societal utility  The only time a court can step in during an arbitration is if there was some sort of fraud that occurred during the arbitration process  Foreign Corrupt Practices Act (FCPA) o In some countries it is legal to bribe lower government officials in return to have something voted for in favor for that person. FCPA stops bribery.  Ethics is Business Decision Making o A business should evaluate:  The legal implications of each decision  The public relations impact  Safety risks for consumers and employees  The financial implications o Short-Run: a company may increase its profits by continuing to sell a product, even though there is knowledge of the product being defective o Long-Run: because of lawsuits, large settlements, and bad publicity, such unethical conduct can cause profits to suffer  Executive Branch: President  Legislative Branch: Congress= House of Representatives and Senate  Judicial Branch: Supreme Court


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