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35 Cards in this Set
- Front
- Back
Business Ethics |
principles and standards that determine acceptable conduct in business |
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Social Responsibility |
a business' obligation to maximize its positive impact and minimize its negative impact on society |
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Ethical Issue |
an identifiable problem, situation, or opportunity that requires a person to choose form among several actions that may be evaluated as right or wrong, ethical or unethical |
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Bribes |
payments, gifts, or special favors intended to influence the outcome of a decision |
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Plagiarism |
the act of presenting someone else's work as your own without mentioning the source |
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Code of Ethics |
formalized rules and standards that describe what a company expects of its employees |
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Whistleblowing |
the act of an employee exposing an employer's wrongdoing to outsiders, such as the media or govt regulatory agencies |
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Corporate Citizenship |
the extent to which businesses meet the legal, ethical, economic, and voluntary responsibilities placed on them by their stakeholders |
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Consumerism |
the activities that independent individuals, groups, and organizations undertake to protect their rights as consumers |
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Sustainability |
conducting activities in a way that allows for the long-term well-being of the natural environment, including all biological entities |
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Business Law |
refers to the rules and regulations that govern the conduct of business |
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Civil Law |
defines all the laws not classified as criminal, and it specifies the rights and duties of individuals and organizations; results in fines but not imprisonment (enforced by court system) |
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Lawsuits |
one individual or organization takes another to court using civil laws |
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Jurisdiction |
the legal power of a court, through a judge, to interpret and apply the law and make a binding decision in a particular case |
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Trial Court |
Court must determine the facts of the case, then judge or jury must decide which law or set of laws is pertinent to the case and must then apply those laws to resolve the dispute |
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Appellate Court |
deals solely with appeals relating to the interpretation of law (case is reevaluated) |
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Mediation |
form of negotiation to resolve a dispute by bringing in one or more third-party mediators to help reach a settlement |
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Arbitration |
involves submission of a dispute to one or more third-party arbitrators whose decision is final |
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Mini-Trial |
both parties agree to present a summarized version of their case to an independent third-party, who advises them of his or her impression of the probable outcome if the case were to be tried |
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Private Court System |
Similar to arbitration, but takes place in a court |
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Federal Trade Commission |
most influences business activities related to questionable practices that create disputes between businesses and their customers |
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express warranty |
stipulates the specific terms the seller will honor |
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implied warranty |
imposed on the producer or seller by law, although it may not be a written document provided at the time of sale |
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Tort |
a private or civil wrong other than breach of contract |
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Fraud |
a purposefully unlawful act to deceive or manipulate to damage others |
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Product liability |
business' legal responsiblity for any negligence in the design, production, sale and consumption of products |
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Contract |
a mutual agreement between two or more parties that can be enforced in a court if one party chooses not to comply with the terms of the contract |
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Breach of contract |
the failure or refusal of a party to a contract to live up to his or her promises |
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Agency |
a common business relationship created when one person acts on behalf of another and under that person's control |
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Principle vs. Agent |
Principle in the one who wishes to have a specific task accomplished; Agent is the one who acts on behalf of the principle |
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Real property |
consists of real estate and everything permanently attached to it |
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Personal property |
Everything besides real property |
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Sherman Anti-trust Act |
passed in 1890 to prevent businesses from restraining trade and monopolizing markets |
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Clayton Act |
prohibits price discrimination, tying and exclusive agreements, and the acquisition of stock in another corp when the effect may be to substantially lessen competition or tend to create a monopoly |
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Sarbanes-Oxley Act |
criminalized securities fraud and strengthened penalties for corporate fraud |