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Ethics

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The study of what constitutes right and wrong behavior

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Business ethics

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Focuses on what constitutes ethical behavior in the business world

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Corporate compliance programs

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One way that businesses can better promote ethical behavior in the workplace is to institute:

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Sarbanes-Oxley Act

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An act that requires companies to set up confidential systems so that employees and others may "raise red flags" about suspected illegal and unethical auditing and accounting practices.

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Compliance with the law

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The "moral minimum" of business ethics

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Duty and outcome based

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Two fundamental approaches to ethical reasoning in a business environment

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Principles rooted in religion

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Duty-based ethical standards very often derive from:

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Categorical Imperative

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The morality of an action should be judged by the effects the action would have if everyone in the same situation or category acted the same way.

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The outcome of actions

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The primary focus of utilitarian ethics

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Foreign Corrupt Practices Act

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An act that prohibits the bribery of a prime minister of a foreign country to further the chances that the company paying the bribe will obtain a lucrative government contract.

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Confederal

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The form of government established in the US right after the Revolutionary War

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Congress to regulate commerce

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The commerce clause of the US Constitution authorizes

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The US Constitution is the supreme law of the land

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The supremacy clause of the U.S. Constitution states that:

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Supremacy Clause

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When a federal law takes precedence over a conflicting state law

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To promote any objective Congress deems worthwhile, so long as it does not violate the Bill of Rights

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Congress may choose to spend taxpayers money:

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Bill of Rights

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The first ten amendments to the US Constitution:

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The power of the federal government only

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The Bill of Rights limited:

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Fullest possible protection

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Courts traditionally give the rights guaranteed in the 1st Amendment:

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not be protected under the Constitution

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Speech consisting of a false statement that harms someone's good reputation will:

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The establishment clause

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prohibits the government from creating a state-sponsored religion

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Enabling legislation is passed by Congress

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The legal action taken to create a federal administrative agency

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Securities and Exchange Commission

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An example of an independent regulatory agency

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Executive agencies are subject to the authority of the president to a greater degree than the independent regulatory agencies are

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The major difference between independent regulatory agencies and executive agencies

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Article I of the Constitution

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The basis for all administrative law

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The fourth branch of government

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Administrative agencies are often referred to as:

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Publish a notice of the proposed rulemaking proceeding in the Federal Register

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The first step when an administrative agency decides to create a new rule

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Duces tecum

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Compels and individual or organization to hand over books, papers, records, or documents to an administrative agency

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Administrative Law Judge

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Charges that an individual or firm violated an administrative rule are first brought before:

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Initial Order

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Following a hearing, an administrative law judge first issues:

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Government-in-the-sunshine Act

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Meetings of administrative agencies must be open to public observation

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Beyond a reasonable doubt

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The standard of proof in a criminal law case is:

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Felony

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For this type of crime you may face federal or state penitentiaries, death penalty, life imprisonment

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Misdemeanor

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You paid a fine and nothing more. You probably committed a:

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Responsible Corporate Officer

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Corporate officers may be held liable for statutory violations committed by employees under their supervision

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Larceny

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Wrongfully or fraudulently taking and carrying away someone's personal property

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Embezzlement

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When a person wrongfully appropriates property that has been entrusted to him or her by another

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Duress

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Being induced to commit a crime by wrongful threatening, a defense to a crime

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Cyber crime

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not a new type of crime but a new way of committing crime- in cyberspace

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Counterfeit Access Device and Computer Fraud and Abuse Act

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Makes a crime those who access or attempt to access computers online, without authorization, to obtain classified, restricted, or protected data

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Provide remedies for the invasion of protected interests

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The basic purpose of tort law:

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Defamation

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Harm to someone's good reputation

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Bona fide competition

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a legitimate defense to wrongful interference

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Conversion

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the wrongful taking, using, or retaining possession of personal property that belongs to another

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Duty of care

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The duty to act as a reasonable person would act in the same circumstances

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Palsgraf v. Long Island Railroad Co.

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Landmark case that established "foreseeability" as a test for proximate cause

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the facts speak for themselves

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Res ipsa loquitur

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Rylands v. Fletcher

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The modern concept of strict liability traces its origins to what famous English case?

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Manufacturers and sellers

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Which groups are product liability laws aimed at holding accountable?

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1. Warning defects 2. Design Defects 3. Manufacturing defects

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Three categories of product defects from the Restatement (3rd) of Torts

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Assumption of risk

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A defense to product liability

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Contract Law

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The type of law that primarily governs franchises

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Must be given a reasonable time to wind up the business

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If no set time is given in a franchise agreement for winding up a franchisee's business, a franchisee:

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Franchisee will be provided with a remedy for wrongful termination

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If a court decides that a franchisor has arbitrarily or unfairly terminated a franchise:

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1. An equal right in the management of the business 2. The sharing of profits or losses 3. Joint ownership in the business

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Essential elements to determine if a partnership exists

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An aggregate or entity

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Partnerships may be classified as general or limited and also as:

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Dissolution

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The first stage in the termination of a partnership

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LLC

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Has the tax characteristics of a partnership, plus the liability of a corporation, was first authorized in the US in 1977 by Wyoming

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Foreign investors are allowed to become LLC members

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A great benefit to LLC

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LLC member

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Someone who has an ownership interest and the limited liability of the company's debts

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There is no uniform law governing them

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A disadvantage to an LLC

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Manager-managed LLC

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The managers may be members only, nonmembers only, or a combination of both

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File a certificate of limited partnership

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In order for an LP to be legally valid, it must:

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Bankruptcy of a general partner

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a LP may be dissolved by this event

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State and federal governments

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Corporations are taxed by:

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S-Corporation

answer

A corporation whose shareholders have limited liability but avoid corporate income taxes

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Articles of incorporation

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Informs about the corporation, including its organization and functions

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Pierces the corporate veil

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The court disregards the corporate entity and exposes the shareholders to personal liability

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Duty of loyalty and care

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The fiduciary duties of directors and of corporate officers

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Business judgment rule

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Corporate directors and officers are immune from liability for exercising poor business judgment in certain circumstances

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Proxy

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(n.) an agent, substitute; a written permission allowing one person to act in another's place

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Preemptive right

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Stockholders' right to maintain their proportionate interest in a corporation with any additional shares issued.

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Cash, property, or services rendered

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A buyer may use these methods to purchase shares of stock

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Agency

answer

A fiduciary relationship between two parties, in which one party agrees to represent or act for the other

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Ratification

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A principal's approval or affirmation of a contract that was formed by someone who was not an agent or by an agent who was not authorized to form the contract

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Loyalty, Performance, Notification

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duties of an agent

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Withholding further performance and demanding an accounting

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A remedy an agent may seek when the principal breaches a duty owed to the agent

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The power of attorney

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The person who is given this power has express authority to act as an agent

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Disclosed Principal

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A principal whose identity is known to a third party at the time of a contract

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Respondeat Superior

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The principle is responsible for the agent's torts that are committed in the course and scope of employment

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Vicarious Liability

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Means that an employer may be held liable for an agent's tort regardless of whether the employer know about the action or was personally at fault

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1. Purpose is achieved 2. Lapse of time 3. Operation of LAw

answer

Methods for terminating an agency

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Deceptive Advertising

answer

when a reasonable consumer is misled by an advertising claim

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Cease-and-desist order

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an order requiring that unfair or deceptive advertising be stopped

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Telephone or mail-order sales

answer

The greatest source of complaints to the nation's Better Business Bureaus

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Regulation Z

answer

Rules designed to implement the provisions of the Truth-in-lending act

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Cooling off laws

answer

Permit buyers of goods sold door to door to cancel their contracts within a specified time period, usually two or three days

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Safe and effective

answer

In order for the FDA to approve a drug for sale, the pharmaceutical company must show it is:

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Court may rescind the credit contract

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If a creditor fails to follow exactly the provisions of the TILA:

question

true

answer

State consumer protection laws often provide more extensive protections for consumers than federal laws

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