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by: Mrs. Oleta Okuneva


Mrs. Oleta Okuneva
GPA 3.74

Harry Dansby

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Harry Dansby
Class Notes
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This 10 page Class Notes was uploaded by Mrs. Oleta Okuneva on Saturday September 26, 2015. The Class Notes belongs to COB 218H at James Madison University taught by Harry Dansby in Fall. Since its upload, it has received 34 views. For similar materials see /class/214049/cob-218h-james-madison-university in College of Business at James Madison University.

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Date Created: 09/26/15
Legal Environment of Business Ch 1 9142011 50700 PM Business Law the enforceable rules of conduct that govern the actions of buyers and seller is market exchanges The functional areas of business affected by business law include corporate management production and transportation marketing research and development accounting and finance and human resource management There are several purposes served in having law Law provides order serves as an alternative to altercation facilitates a sense that change is possible encourages social justice guarantees personal freedoms and serves as a moral guide Classification of the Law o Private Law law that involves suits between private individuals or groups o Public Law law that involves suits between private groups or individuals and their governments o Civil Law the body of laws that govern rights and responsibilities either between persons or between persons and their government o Criminal Law a classification of law involving the rights and responsibilities an individual has with respect to the public as a whole Sources of Business Law o Federal and state sources of business law include constitutional law statutes judicial decisions administrative law treaties and executive orders 0 Constitutional Law the general limits and powers of a government as interpreted from its written constitution 0 Statutory Law the assortment of rules and regulations put forth by legislatures 0 Model LawsUniform Laws laws created to account for the variability of laws among states National Conference of Commissioners NCC Cases 0 Executive Orders the president and state governors can issue directives requiring that officials in the executive branch perform their functions in a particular manner Common LawCase Law the collection of legal interpretations made by judges They are considered 0 be law unless otherwise revokes by a statutory law Precedent a tool used byjudges to make rulings on cases on the basis of key similarities to previous cases Stare Decisis a principle stating that rulings made in higher courts are binding precedent for lower courts Administrative Law the collection of rules and decisions made by administrative agencies Treaty a binding agreement between 2 states or international organizations Schools ofjurisprudence Natural Law idea that there are certain ethical laws and principles that are morally right and above the laws devised by humans Legal Positivism an interpretive guide that urges is as its followers to design our legal system on the basis of the belief that legitimate political authority deserves out obedience when its issues arise Identification with the Vulnerable society should be fair Particular attention is therefore paid to the poor the ill and the elderly Historical School Tradition uses traditions as the model for the future laws and behavior Legal Realism context must be considered as well as law Context includes factors such as economic conditions and social conditions CostBenefit Analysis all costs and benefits are given monetary values Critical thinking is defined as the ability to understand what someone is saying and then to apply a set of evaluative criteria to determine the worth of what was said Business Ethics Ch 2 9142011 50700 PM In addressing the topics of business ethics and social responsibility several key topics are important to comprehend o Ethics the study and practice of decisions about what is good or right o Business ethicsthe application of ethics to the problems and opportunities experienced by businesspeople o Ethical dilemmaa problem regarding what a firm should do in situations where no clear just decision is available o Social responsibilitybusiness represents expectations that the community imposes on firms doing business within its borders WPH Approach provides future business managers with some ethical guidelines or practical steps that serve as a dependable stimulus to ethical reasoning in a business context o The WPH process of ethical decisionmaking first involves a determination of who is affected by the decisionmaking process These individuals are known as stakeholders and include consumers owners or investors management employees the communityatlarge and future generations W Who purpose or values involved in the decisionmaking process 0 Freedom right to act without restriction from rules imposed by others the right to possess the capacity or resources to act as one wishes the right to escape the cares and demands of this world entirely 0 Security the right to possess a large enough supply of goods and services to meet basic needs the right to be safe from those wishing to interfere with your property rights the right to achieve selfconfidence such that risks are welcome 0 Justice the right to receive the products of your labor the right to treat all humans identically regardless of race class gender age and sexual preference the right to provide resources in proportion to need the right to possess anything that someone else was willing to grant you 0 Efficiency right to maximize the amount of wealth in society the right to get the most from a particular output the right to minimize costs 0 HHOW o The Golden Rule Do to others as you want them to gratify youquot Be considerate of others feelings as you want them to be considerate of yours Treat others as persons of rational dignity like you Extend brotherly or sisterly love to others as you would want them to do to you Treat others according to moral insight as you would have others treat you Do to others as God wants you to do to them 0 The Public Disclosure Test Also known as the Television Test Imagine as the business actions are always being recorded and how the public would view those actions 0 Universalization Test What would the would be like if everyone copied our decision Is what I am about to do the kind of action that were others follow my example makes the world a better place for me and the ones I love Elements of a Crime o actus reuswhich represents wrongful behavior or a guilty act o mens reawhich demonstrates a wrongful or guilty state of mind such as purpose knowledge recklessness or negligence Classification of Crimes o Felonies o are serious crimes punishable by imprisonment for greater than one year or death o Misdemeanors o are less serious crimes punishable by fines or imprisonment for less than one year c Petty offenses o are minor misdemeanors punishable by small fines or short jail sentences White collar crime is generally defined as a variety of nonviolent illegal acts against society that occur most frequently in the business context Specific White Collar Crimes o Bribery o is generally defined as the offering giving soliciting or receiving of money or any object of value for the purpose of influencing the judgment or conduct of a person in a position of trust o Extortion 0 otherwise known as blackmail represents the making of threats for the purpose of obtaining money or property o Fraud 0 consists of a variety of means by which an individual intentionally uses some sort of misrepresentation to gain advantage over another person Fraud generally requires proof of the following three elements a 1 a material false representation made with the intent to deceive n 2 a victim s reasonable reliance on the false representation a 3 damages o Embezzlement o is defined as the wrongful conversion of another s property by one who is lawfully in possession of that property o A computer crime 0 is generally defined as any wrongful act that is directed against computers uses computers to commit a crime or involves computers Criminal Procedure o First the government through a prosecutor always brings the criminal case o Second in a criminal case the objective is punishment in the form of a criminal fine andor imprisonment o Finally because the potential impact of losing a criminal case is so much more serious than the impact of losing a civil case the Constitution provides a number of safeguards for the criminal defendant Civil Procedure o the party filing the case the plaintiff can be an individual business or government entity o the objective is to remedy a wrong done to the plaintiff so the defendant will either have to pay money damages or be subject to an equitable remedy in the form of an injunction or an order of specific performance The Fourth Amendment of the United States Constitution o prohibits unreasonable searches and seizures It generally requires a warrant before a search or seizure can occur and restricts the issuance of warrants by requiring probable cause The Fifth Amendment of the United States Constitution o prohibits double jeopardy grants the defendant the privilege against selfincrimination and guarantees the right to due process The Sixth Amendment of the United States Constitution o including the right to a speedy and public trial o the right to a trial by an impartial jury of one s peers o the right to be informed of the accusations against oneself o the right to confront witnesses o the right to call favorable witnesses to one s defense o and the right to counsel at various stages of criminal proceedings The Eighth Amendment of the United States Constitution o freedom from excessive bail o excessive fines o cruel and unusual punishment The Fourteenth Amendment of the United States Constitution o extends the right to due process to all state matters and grants most constitutional rights to defendants at the state level PreTrial Procedure o Arrest o Booking o first appearance o indictment o arraignment Trial Procedure o jury selection o trial with the burden of proof on the prosecution jury deliberations o the jury verdict o sentencing hearing if the defendant is found guilty Defenses to Crimes o Infancy o Mistake o Intoxication o Insanity o Duress o Entrapment o Necessity o justifiable use of force The Racketeer Influenced and Corrupt Organizations Act or RICO o prohibits persons employed by or associated with an enterprise from engaging in a pattern of racketeering activity o RICO provides that anyone whose business or property has been damaged as a result of racketeering can sue to recover treble damages and attorney fees in a civil action US Legal System and Alternative Dispute Resolution 9142011 50700 PM Original Jurisdiction the power to hear and decide cases when they first enter the legal system Appellate Jurisdiction power to review previous judicial decisions in personam jurisdiction which refers to the power to render a decision affecting the rights of specific persons before the court subjectmatter jurisdictionwhich refers to the power to hear certain kinds of cases Question Of Law an issue with the interpretation or application of a law Question Of Fact a question about a specific event or characteristic in a case Example whether a white student yelled racial slurs in school is a question of fact Whether the first amendment protects that students rights to yell racial slurs is a question of law Federal courts have exclusive subjectmatter jurisdiction over the following types of litigation o admiralty cases bankruptcy cases federal criminal prosecutions cases in which one state sues another state claims against the United States federal patent trademark and copyright claims other claims involving federal statutes that specify exclusive federal jurisdiction Requirements for Litigation o Standing 0 Actual injury traceable to defendant o Case or Controversy 0 Court able to resolve the dispute o Ripeness 0 Decision able to affect the parties immediately The pretrial steps in civil litigation include o informal negotiations o pleadings o service of process o the defendant s response o pretrial motions o discovery o the pretrial conference The stages of a trial include jury selection opening statements the examination of witnesses and presentation of evidence closing arguments jury instructions Posttrial motions include o the motion for judgment in accordance with the verdict o the motion for judgment notwithstanding or in spite of the verdict o the motion for a new trial Appellate Court o Affirmation an appellate court that accepts a lower courts ruling on a case o Modification an appellate court that grants an alternative remedy Decision was correct but the remedy was not o Reversal an appellate court that overturns the lower courts ruling o Remand an appellate court that returns the case to the lower court for a new trial Alternative Dispute Resolution ADR o Negotiations bargaining process in which disputing parties interact informally to attempt to resolve their dispute


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