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LEGL 2700 Test 2 Jason Epstein/117 Exam Questions with Solutions
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LEGL 2700 Test 2 Jason Epstein/117 ExamQuestions with Solutions
Ethics v Law - -Ethics is the set of morals or values that govern the actions
of an individual or group. It may be the same as the existing law, or it may
exhibit a stricter standard
-4 Sources of Ethical Values - -1. Legal Regulation
2. Business org. Codes of Ethics
3. Professional Codes of Ethics
4. Individual Values
-Formalism - -affirms absolute morality; duty based view; lying is wrong
because it's wrong
-Consequentialism - -concerned with moral consequences of actions; lying
is wrong because the would be consequences if you were caught
-Utilitarianism - -the doctrine that actions are right if they are useful or for
the benefit of a majority; part of the idea of consequentialism
-Businesses (and modern economy theory) - -lean heavily on
consequentialism
-Interdependence of Economies - -greater risk for a contagion to spread
based on bad ethical decisions; can cause greater contagion of breakdowns
-Group Dynamics - -a person who normally would not act in a morally or
ethically wrong way would be more likely to do so in a group
-Negotiations - -the process used to persuade someone to do what you
want (or don't want) them to do
-positional negotiation - -competitive style, not based on interests on
underlying conflict
-principled negotiation - -armed with data, more sophisticated, better for
long-term business relations
-Principled negotiation premises - -1. Separate people from problems
2. Deal with people's interests
3. Generate options
4. Use objective criteria
-Why talk about ethics? - -1. Keep us out of trouble
, 2. Use to our advantage
-corporate culture
-win trust of clients, suppliers, investors
-Ethics relation to Law - -The law is the floor, ethics is doing more than what
is required from the law
-contracts - -legally enforceable promise or exchange of promises; doesn't
have to be in writing
-Why are contracts important? - -predictability in the exchange of
resources-key to our economy
-sources of contract law - --legislation (especially UCC -sale of goods)
-common law (non-goods, even if not statutory)
-Real Estate transactions - -always have to be in writing
-counteroffer - -with the presentation of counteroffer, there is an implied
rejection of original offer
-Elements of Contract - -1. Offer
2. Acceptance
3. Consideration
4. Capacity
5. Legality
-Bilateral contract - -a promise from two parties
-unilateral contract - -one party makes a promise that the other party can
accept only by actually doing something
-express contract - -terms of the contract are laid out
-implied contract - -terms are uncertain
-implied-in-fact - -conduct creates and defines the terms of the contract
-implied-in-law - -quasi-contract where a party was unjustly enriched; if a
doctor helps you from choking in a restaurant
-Executed contract - -parties have performed their promises
-executory contract - -contract not fully performed on both sides
-Offer - --contains a specific promise and a specific demand
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