Exam (elaborations)
LEGL 2700 Test 2 Jason Epstein/117 Exam Questions with Solutions
- Course
- Institution
LEGL 2700 Test 2 Jason Epstein/117 Exam Questions with Solutions
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82013 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now