BUS 404 Wroldsen Midterm 1 Study Guide

2 ethical frameworks - 1. formalism - affirms an absolute morality. A particular act is in itself right or wrong 2. consequentialism - moral consequences of actions rather than with the morality of the actions themselves 3 types of property - 1. public property - public resources that belong to the government (ie. roads, public buildings, public lands, and monuments) 2. private property - resources that you own as an individual 3. common property - applies to resources like land that more than one individual owns jointly 4 Legal Philosophies - 1. natural law - law contains universal moral principles 2. positive law - law is simply the commands of the state backed up by force and punishments 3. historical approach - contemporary law should focus on legal principles that stood the test of time 4. legal realism - goe sbeyond the words of law to examine what police, administrators, prosecutors, and judges are actually doing as they enforce, interpret, and apply laws B Corporation - a business that explicitly seeks to blend its social objectives with its financial goals benefit corporations - formed as a benefit corporation pursues a social purpose legally required to consider other stakeholders broad vs narrow legal argument - broad - looking at the bigger picture, more than just what laws are relevant narrow - looking at what laws apply to the case citizens united - a non-profit advocacy group that sued the Federal Election Commission for preventing the broadcast, in the months leading up to the 2008 election, of a political pay-per-view video they had produced. civil law - relies more on legislation than judicial decisions to determine what teh law is