Nature of Law | Definition of Law “a rule of civil conduct prescribed by the supreme power in a state, commanding what is right, and prohibiting what is wrong’ (Blackstone)Functions of Law to maintain stability in the social, political, and economic system through dispute resolution, protection of property, and the preservation of the state, while simultaneously permitting ordered change. Legal Sanctions are means by which the law enforces the decisions of the courts.Law and Morals are different but overlapping; law provides sanctions, while morals do not.Law and Justice are separate and distinct concepts; justice is the fair, equitable, and impartial treatment of competing ...view middle of the document...
Administrative Law body of law created by administrative agencies to carry out their regulatory powers and duties. |
Definitions | Ethics study of what is right or good for human beings.Business Ethics study of what is right and good in a business setting. |
Ethical Theories | Ethical Fundamentalism individuals look to a central authority or set of rules to guide them in ethical decision making.Ethical Relativism actions must be judged by what individuals subjectively feel is right or wrong for themselves.Situational Ethics one must judge a person’s actions by first putting oneself in the actor’s situation.Utilitarianism moral actions are those that produce the greatest net pleasure compared with net pain. * Act Utilitarianism assesses each separate act according to whether it maximizes pleasure over pain. * Role Utilitarianism supports rules that on balance produce the greatest pleasure for society. * Cost-Benefit Analysis quantifies the benefits and costs of alternatives.Deontology actions must be judged by their motives and means as well as their results.Social Ethics Theories focus is on a person’s obligations to other members in society and also on the individual’s rights and obligations within society. * Social Egalitarians believe that society should provide all its members with equal amounts of goods and services regardless of their relative contributions. * Distributive Justice stresses equality of opportunity rather than results. * Libertarians stress market outcomes as the basis for distributing society’s rewards.Other Theories * Intuitionism a rational person possesses inherent power to assess the correctness of actions. * Good Person individuals should seek out and emulate good role models. |
Ethical Standards in Business | Choosing an Ethical System Kohlberg’s stages of moral development is a widely accepted model (see Figure 2-1,...