About This Chapter
Ethical & Legal Decision Making in Business - Chapter Summary
Whether you are just beginning to study ethical and legal decision making in business or want to refresh your understanding, this chapter can help! Review short lessons developed by top instructors to closely examine white collar crime, corporate crime liability and other related topics. Each lesson is available as an engaging video or written transcript and features a multiple-choice quiz to test your comprehension. If you develop questions while studying these lessons, feel free to submit them to our experts. In no time, you will have the knowledge to:
- Define and describe the social contract of a business
- Differentiate between workplace ethics and the law
- Explain ethical and professional conduct in business for attorneys
- Describe how business decisions impact stakeholders
- Discuss the models, steps and framework of legal ethical decision making
- Share the definition and examples of white collar crime
- Provide the definition and examples of corporate criminal liability
- List and describe ways to deter business crime
1. The Social Contract in Business Ethics
What should a business's place be in the world? Should it just donate money, or work to make the world a better place? Or should it be absolutely neutral? This all goes back to the social contract of business.
2. The Difference Between Workplace Ethics and the Law
In this lesson, you will learn the difference between workplace ethics and the law through a comparison of two employees who each view a situation differently at their job.
3. Attorney Professional and Ethical Conduct in Business
Lawyers play an important part in business, but they must follow model rules regarding ethics. This lesson addresses legal ethics in business law, including malpractice, attorney-client privilege and conflicts of interest.
4. The Impact of Business Decisions on Stakeholders
In this lesson, you will learn about the impact of business decisions on stakeholders and the various difficulties in making appropriate ethical decisions that result in fair outcomes for all constituents.
5. Legal Ethical Decision Making: Models, Steps & Framework
Ethical decision making involves making choices based on what is good for all people. The Golden Rule, public disclosure test and universalization test are three models that consider others in their application.
6. What Is White Collar Crime? - Definition, Statistics & Examples
White collar crimes involve criminal activities committed by people in the regular course of their business and involve bribery, extortion, fraud and embezzlement. These crimes usually end in financial gain for the perpetrator.
7. Corporate Criminal Liability: Definition & Examples
Corporations, just like individuals, can be tried and convicted of committing crimes if managers, directors or even ordinary workers commit the crimes. There are two types: strict liability and vicarious liability.
8. Deterring Business Crime: RICO, False Claims Act, & Sarbanes-Oxley Act
There are three acts that deter corporations from committing crimes that affect customers, shareholders and employees: RICO Act, False Claims Act and Sarbanes-Oxley Act. Each act protects against various crimes, but all of the acts hold businesses accountable for their actions.
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Other chapters within the UExcel Business Law: Study Guide & Test Prep course
- Fundamentals of Business Law
- Legal Classifications & Principles
- Structure of the American Court System
- U.S. Constitutional Principles & Law
- Administrative Law
- Intentional Tort Law
- Negligent Tort Law
- Product Liability and Consumer Protection
- Contract Law Terms
- Principles of Contract Law
- Contracts: Scopes and Meanings
- Capacity in Contract Law
- Contract Law and Third Party Beneficiaries
- Contracts: Assignment and Delegation
- Contract Enforcement
- Contracts: Statute of Frauds
- Contracts: Discharge of Contracts
- Breach of Contract Issues
- Securities and Antitrust Law
- Creditors' Rights
- Sales & the Law
- The Role of Agency in Business Law
- Forms of Business Entities
- Property Law
- UExcel Business Law Flashcards
- Legal Process & Procedures for Business