BUSFIN 3500 FINAL QUESTIONS AND ACCURATE
ANSWERS
How do law and ethics relate to each
other? Do you agree with the position taken
by the authors of The Essentials of the Legal
Environment of Business at pp 4-6. (It's ok
to disagree!) - Answers - what is considered ethical often finds in governmental law.
Laws and ethics are interconnected. I agree with what they talked about because some
are the base of some ethics and vice versa
Can you recall, state, and explain the five
fundamental ethical principles reflected in the
law that have been identified by Blackburn
and Klayman? - Answers - 1. Maintain fiduciary standards to act solely for the benefit of
the person whose property or interests you are entrusted
2. avoid the appearance of conflicts of interests
3. respect confidential relationships
4. exercise due care and diligence in the performance of your duties
5. act in good faith and deal fairly with others
What is a fiduciary? What it is the
fiduciary rule? When does it apply? - Answers - someone who occupies a position of
power, trust and confidence regarding the property of another. fiduciary rule requires the
fiduciary to act solely in the interest of that other person's property and interests. Applies
when one party gives trust and power to another to make decision concerning them
In Design Strategies v. Davis, what did Marc
Davis do that breached his fiduciary
obligation to Design Strategies? What remedy
did the court award to Design Strategies? Do
you think it was fair? - Answers - He acted adversely to his employer b/c he told the
parent company of a competitor about the Contentville contract. His pay was taken
away during the periods that he was acting in this way. he did not injure his comany but
he was still not working for them while employed and i think his punishment fairly
represents this
When does a conflict of interest exist?
Have you observed any conflicts of interest by
others where you have worked? How are
conflicts of interest handled where you work?
(If you are not employed, answer this question
by researching a company where you would
ANSWERS
How do law and ethics relate to each
other? Do you agree with the position taken
by the authors of The Essentials of the Legal
Environment of Business at pp 4-6. (It's ok
to disagree!) - Answers - what is considered ethical often finds in governmental law.
Laws and ethics are interconnected. I agree with what they talked about because some
are the base of some ethics and vice versa
Can you recall, state, and explain the five
fundamental ethical principles reflected in the
law that have been identified by Blackburn
and Klayman? - Answers - 1. Maintain fiduciary standards to act solely for the benefit of
the person whose property or interests you are entrusted
2. avoid the appearance of conflicts of interests
3. respect confidential relationships
4. exercise due care and diligence in the performance of your duties
5. act in good faith and deal fairly with others
What is a fiduciary? What it is the
fiduciary rule? When does it apply? - Answers - someone who occupies a position of
power, trust and confidence regarding the property of another. fiduciary rule requires the
fiduciary to act solely in the interest of that other person's property and interests. Applies
when one party gives trust and power to another to make decision concerning them
In Design Strategies v. Davis, what did Marc
Davis do that breached his fiduciary
obligation to Design Strategies? What remedy
did the court award to Design Strategies? Do
you think it was fair? - Answers - He acted adversely to his employer b/c he told the
parent company of a competitor about the Contentville contract. His pay was taken
away during the periods that he was acting in this way. he did not injure his comany but
he was still not working for them while employed and i think his punishment fairly
represents this
When does a conflict of interest exist?
Have you observed any conflicts of interest by
others where you have worked? How are
conflicts of interest handled where you work?
(If you are not employed, answer this question
by researching a company where you would
