Common Law and Pg Essay

Submitted By brittalynn2015
Words: 1083
Pages: 5

Homework Exercise (HE) 1 (Part 1 - Chapters 1-5)
After each question type your answer followed by citing the page(s) in the text that support your answer. Use additional pages as needed. Each question, 1 – 5 is worth 2 pts.

1. What is law? Briefly, list and describe the sources of business law.

Law is rules of conduct, defining rights and responsibilities (Chapter 1, pg. 2). Business law is the rules of conduct between buyers and sellers. There are several sources for business law.
A. Constitutional low refers to the ‘laws’ within the federal and state government. The laws are interpreted from the federal and state written constitution (Chapter 1, pg. 3).
B. Statutory laws are ‘statutes’ put forth by legislators. Tese chehhhhhhhhhhese laws can be found in the United States Code when they are passed by Congress. If they are passed by state legislatures they can be found in state codes (Chapter 1, pg. 3).
C. Case law is a where you will find interpretation of law made by judges. Another name for case law is common law. These laws can be revoked by a statutory law (Chapter 1, pg. 4).
D. Administrative law is a group of laws made by administrative agencies such as EPA, Federal Trade Commission, Nuclear Regulatory Commission, and many more (Chapter 1, pg. 5).
E. A treaty is a binding agreement between states or international organizations. Treaties can also be called international agreements, covenants, etc (Chapter 1, pg. 6).
F. Executive orders are orders requiring that officials in the executive branch perform their duties in a certain way (Chapter 1, pg. 6).
G. Schools of legal interpretation are a group of views guiding legislators and courts to a particular legal solution and away from others (Chapter 1, pg. 6). Below are some of the most common guides.
a. Natural Law - humans have basic human rights (Chapter 1, pg.6).
b. Legal Positivism- if a law is made; it is expected to be obeyed (Chapter 1, pg. 6).
c. Identification with the Vulnerable states that society should be fair (Chapter 1, pg. 6).
d. Historical School Tradition - uses traditions as a model for future laws and behavior (Chapter 1, pg. 7).
e. Legal Realism – context including factors such as economic conditions and social conditions should be considered as well as law (Chapter 1, pg. 7).
f. Cost- benefit analysis – all costs and benefits of a law are given monetary value (Chapter 1, pg. 7).

2. What is an ethical dilemma and define social responsibility. Describe the three-step WPH framework for business ethics.

Ethical Dilemma- A problem where there is no clear solution or right decision is available (Chapter 2, pg. 12).
Social Responsibility- expectations the community imposes on firms doing business within its borders.
WPH Three Step Process is a set of ethical guidelines that urges us to consider whom and action affects, the purpose of an action, and how we view if morality (Chapter 2, pg. 14).
1. W – Who will be affected? (Chapter 2, pg. 15)
2. P – What is the purpose? (Chapter 2, pg. 15)
3. H – How do we make ethical decisions? There are three general tests to use (Chapter 2, pg. 16).
a. The Golden Rule – treat others as you would want to be treated (Chapter 2, pg. 16).
b. Public Disclosure Test – how is the public going to view us after this? (Chapter 2, pg. 16)
c. Universalization Test – What would the world be like if everyone copied us? (Chapter 2, pg. 17).

3. What is Alternative Dispute Resolution (ADR)? List and describe the primary forms of ADR.
Alternative Dispute Resolution is a method in which firms use to solve disputes without going to court (Chapter 3, pg 62). The main forms of ADR are listed below.
a. Negotiation- a bargaining process in which firms interact informally, and no third party is involved (Chapter 3, pg 63).
b. Mediation – a bargaining process in which firms select a neutral third party to help solve a dispute. Each party is to write a brief explanation on why they should win, and the middle party…