Chapter 2 Business Law

How people should behave.

Any choice about how a person should behave that is based on a sense of right and wrong.

The rules by which you live your life.

argued that a corporate manager's primary responsibility is to the owners of the organization, that is, to shareholders.

From the Greek word for obligation; the duty to do the right thing, regardless of the result

An act is only ethical if it would be acceptable for everyone to do the same thing.

a correct decision is one that maximizes overall happiness and minimizes overall pain, thereby producing the greatest net benefit.

The opportunities one has at birth, based on one's natural attributes and initial place in society.

The rules for society that we would not propose if we did not know how lucky we would be if we won the lottery

Rawls' suggestion that society should reward behavior that provides the most benefit to the community as a whole

If your decision ended up on the front page would you be ok with that?

A belief that some acts are always right or wrong

A belief that a decision may be right even if it is not in keeping with our own ethical standards

Had to decide whether to fight for slavery or let the south win through votes.

Slow Down, Do not trust your first instinct, remember your life principles

A truthful statement that is nonetheless misleading

An Organization's obligation to contribute positively to the world around it