1. What are the primary sources of law?
It is a document that establishes the law on a particular issue. The U.S. Constitution, a statute, an administrative rule, and a court decision are all primary sources of law. 2. What is common law tradition?
A body of general rules and that applied throughout the entire English realm. 3. What is a precedent? When might a court depart precedent? It is a court decision that furnishes an example or authority for deciding subsequent case involving identical or similar facts. 4. What is the difference between remedies at law and remedies in equity? Remedies at law have to do with payment of money or property as compensation for damages. Remedies in equity have to with issuing specific performances, recessions, and injunctions. 5. What are some important differences between civil law and criminal law? Civil law deals with the definition and enforcement of all public and private rights. Whereas criminal law defines and governs the actions that constitute crimes. Criminal law has to do with wrongful actions committed against society for which society demands redress.
1. What is business ethics and why is it important?
Business ethics are so important because they constitute right and wrong behavior. Acting ethical or unethical in a business sense, can mean millions (or billions) of dollars up or down for corporations and the people involved. 2. How can business leaders encourage their companies to act ethically? They can work (and live) by the same standard that they apply to the rest of the company. 3. How do duty-based ethical standards differ from outcome-based ethical standards? Duty-based ethics have to do with humility, religion, rights, and freedoms. While outcome-based ethics are focused on the consequence of an action and not the nature of the action itself. 4. What are the six guidelines that employees can use to evaluate whether or not his or her actions are ethical? The six...
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