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Business Law Ch 1
Business Law with UCC Applications Ch 1
| Question | Answer |
|---|---|
| Law | Consists of rules of conduct established by the government of a society to maintain harmony, stability, and justice. |
| Morals | Values that govern a society's attitude toward right and wrong and toward good and evil. |
| Ethic of Responsibility | The ethical principle that says that the first duty of governmental leaders is to protect their own people and their own nation-states. |
| Natural Law Theory | A system of ethical thought that see an unbreakable link joining the law and morality. |
| Positive Law Theory | A legal theory that says that the law originates from an outside source that has emerged from within society. |
| Ethical Relativism | There are no objectives or absolute standards of right and wrong. |
| Situational Ethics | Ethical thought that argues that each of us can judge a person's ethical decisions only by initially placing ourselves in that person's position. |
| Social Contract Theory | Holds that the right and wrong are measured by the obligations imposed on each individual by an implied agreement among all individuals within a particular social system. |
| Descriptive Theory | Describes those values at work within a social system, rather than explaining how the values originated in the first place. |
| Prescriptive Theory | Explains how to come up with the values that permit a society to run smoothly. |
| Utilitarianism | An ethical theory that says that the morality of an action is determined by its ultimate effects. |
| Utility Thinking | A system of thought that focuses the consequences to one person or institution an then weighs the cost against the benefits of performing the action under scrutiny (also known as cost-benefit thinking). |
| Negative Rights Theory | The theory that says that rights are human created to escape moral law. |
| Cost-Benefit Thinking | A system of thought that focuses the consequences to one person or institution an then weighs the cost against the benefits of performing the action under scrutiny also known as cost-benefit thinking). |
| Ethic of Ultimate Ends | The ethical principle that holds that, since people can never know the final consequences of the actions, they must always act to promote benevolence, that is, to do good and avoid evil. |
| Rational Ethics | A system of ethical thought that uses reason as the basis for making ethical judgments. |
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