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Unilateral Contract Contract based on one party's making a promise that calls for action. Ex: (Only one promise, Eg: Prof. Smith promising 6 hours of work for $100.) Bilateral Contract Contract based on both parties making promises to each other. Express Contract Contract is commu...

Patel and Underwood were equal shareholders in a corporation called Trackfield, Inc. ("the corporation"). Patel was seriously injured in an accident and was in a coma for two years, so Underwood assumed all responsibility for operating the corporation. Underwood was not familiar with the legal req...

The legal environment includes the court system, administrative agencies, alternatives to litigation, the laws and legal systems of other nations Constitutional Law The U.S. Constitution is the Supreme Law of the land Statutory Law Enacted by legislative bodies Includ...

1. Andres and Bernardo signed a contract which required Andres to loan $20,000.00 to Bernardo which Bernardo agreed to repay by making payments of $500/month for 80 months. Andres made the $20,000.00 loan to Bernardo who made five of the $500.00 loan payments to Andres before Andres gave notice that...

1st Amendment Freedom of Religion, Speech, Press, Assembly, and Petition 2nd Amendment Right to bear arms 3rd Amendment No quartering of soldiers. Needs permission and consent to go to a persons house. 4th Amendment Freedom from unreasonable searches and seizures 5th ...

Doctrine of Legislative Supremacy statutory law prevails if conflict arises with common law What is the supreme law of the land? The Constitution Who has authority to declare act of congress unconstitutional? Federal Courts Warrantless Searches certain administrative searche...

Environmental change Rate at which a company general and specific environments change stable environment rate of change is slow dynamic environment rate of change is fast punctuated equilibrium theory Companies go through long periods of stability followed by short periods o...

Manager's functions planning organizing controlling leading Planning defining goals and strategies Organizing distributing tasks Controlling monitoring activities and make corrections Leading motivating directing selective most effective form of communication ...

Power a capacity one person has to influence the behavior of another person so that the other person acts in the way they want them to Who has power? Everyone has some level of power 5 bases of power 1. reward power 2. coercive power 3. legitimate power 4. expert power 5. refere...

Manager's functions planning organizing controlling leading Planning defining goals and strategies Organizing distributing tasks Controlling monitoring activities and make corrections Leading motivating directing selective most effective form of communication ...

Organizational Culture the basic assumptions and beliefs shared by members of an organization, which defines an organization's view of itself Work Flow is the way work is organized to meet the organization's production or service goals Decentralization is the transfer of responsib...

Strengths and weaknesses are ________ to the organization. Select one: a. internal and/or external factors b. factors not belonging c. external factors d. internal factors d To convince lenders and investors to put their money into the venture, a business plan must prove to them that it...

Ethics of Intuition -Individuals rely on their personal insights, feelings, and instincts when facing a difficult problem -"Sleep-test ethics" -People rely on their gut Potential Problems With Ethics of Intuition Decisions based on feelings and not facts The Manager's Practi...

Ethics of Intuition -Individuals rely on their personal insights, feelings, and instincts when facing a difficult problem -"Sleep-test ethics" -People rely on their gut Potential Problems With Ethics of Intuition Decisions based on feelings and not facts The Manager's Practi...

contextual intelligence The ability to understand the impact of environmental factors on a firm and the ability to understand how to influence those same factors. management The act of working with and through a group of people to accomplish a desired goal or objective in an efficient and e...

business environment The combination of all contextual forces and elements in the external and internal environments of a firm. Leadership The ability to drive change and innovation through inspiration and motivation The Pillars of Management 1. Strategic Position 2. Organizational...

Business is all about what? Results and achieving them the right way What is the Global Business System? Business is a global system of interdependent and interconnected parts Every job in some way is related to what 4 financial measures? - How is Revenue impacted? - How is Cost im...

Organizational Design The formal systems, levers, and decisions an organization adopts or employs in pursuit of its strategy. Organizational design decisions How will jobs be divided and how much much autonomy will be allowed throughout the organization? Should jobs be formalized, structur...

Organizational Design The formal systems, levers, and decisions an organization adopts or employs in pursuit of its strategy. Division of Labor The manner in which work in a firm is divided among employees Vertical Specialization How much an employee creates, executes, and administe...

Great Man Theory A theory of leadership that explained leadership by examining the traits and characteristics of individuals considered to be historically great leaders. Trait-based Leadership Theory A theory of leadership that tries to reveal a set of universal traits and skills that are r...

"Great Man" theory explained leadership by examining the traits and characteristics of individuals considered to be historically great leaders Acquired needs theory Individuals are driven or motivated by three types of needs: 1) Need for Achievement 2) Need for Affiliation 3) Need for ...

Management getting work done through others Organizational Strategy A corporate-level strategy that addresses the question "What business are we in?" and unites all parts of the organization. -Recognize threats and opportunities -Lead and organize resources to effectively compete ...

Three Components of developing business Strategy Who: Customers What: Products and Services How: Process/approach help firm choose between low cost differentiation, focused or combination Porter's 5 Forces Model Provides a framework to assess an industry's long-run profit potential a...