MGMT 254 FINAL EXAM STUDY GUIDE
Substantive Law - Answers - law that creates, defines, and regulates rights a
responsibilities.
Procedural Law - Answers - specifies the steps that must be followed in enforcing those
rights and liabilities.
Equity - Answers - a body of law that provides justice when the law does not offer an
adequate remedy or the application of the law would be terribly unfair.
Right - Answers - a legal capacity to require another person to perform or refrain from
performing an act.
Duty - Answers - an obligation of law im-posed on a person to perform or refrain from
performing a certain act.
Right of Privacy - Answers - the right to be free from unreasonable intrusion by others.
Positive Law - Answers - if an act is legal, then it is moral. absent illegality, all behavior
is ethical under this simple standard.
Natural Law - Answers - higher standards of conduct than positive law. must be
followed even if against codified law. a law can be legal and unethical.
Kant's Categorical Imperative - Answers - you cannot use others in a way that gives you
a one-sided benefit. you need to be fair and also must want to do it for the right reasons.
Locke and Rawl's Theory of Justice - Answers - standard for ethics that requires that we
all agree on certain universal principles in advance.
Locke and Rawl's Social Contract - Answers - the agreement as to what our ethical
standards will be.
Rights Theory - Answers - everyone has a set of rights and its up to the government to
protect them.
Ethical Egoism Theory - Answers - We should act in our own self-interest and only
judge ourselves
Utilitarian Theory - Answers - We should do the good for the most amount of people
, Moral Relativists - Answers - Standards should be based upon the circumstances, and
there should not be predefined standards
Stakeholder Analysis - Answers - the term used when a decision maker views a
problem from different perspectives and measures the impact of a decision on various
groups
Blanchard/Peale Test - Answers - Is it legal? Is it balanced? How does it make me feel?
Front of the Newspaper Test - Answers - Evaluate whether you'd want your decision
published to everyone.
Laura Nash Model - Answers - Requires examination of the dilemma from all
perspectives. Defining the problem helps avoid the dilemma again. Ask for the
perspective of family and friends.
The Sherman Act - Answers - Price discussion (price fixing) among competitors is
considered an attempt to monopolize.
Tying - Answers - When the seller makes a buyer who wants to purchase one product
buy an additional product that he or she does not want.
Mergers along the Supply Chain - Answers - Test is whether the vertical merger will
foreclose or lessen competition.
Freedom of Information Act - Answers - Federal law permitting citizens to request
documents and records from administrative agencies.
Exhaustion of Administrative Remedies - Answers - requirement that an agency make
its final decision before the parties can go to court
Arbitrary and Capricious - Answers - When an agency changes its prior decisions and
customary actions, it must give its reasons. In the absence of such an explanation, a
reviewing court can set aside the agency action.
Felony - Answers - a criminal offense that is punishable by confinement in prison or by
death
Misdemeanor - Answers - a criminal offense, less serious than a felony, punishable by a
prison sentence of one year or less
Conspiracy - Answers - agreement to commit an unlawful act
Money Laundering - Answers - knowingly participating in a financial transaction
designed to conceal the source of the funds.
Substantive Law - Answers - law that creates, defines, and regulates rights a
responsibilities.
Procedural Law - Answers - specifies the steps that must be followed in enforcing those
rights and liabilities.
Equity - Answers - a body of law that provides justice when the law does not offer an
adequate remedy or the application of the law would be terribly unfair.
Right - Answers - a legal capacity to require another person to perform or refrain from
performing an act.
Duty - Answers - an obligation of law im-posed on a person to perform or refrain from
performing a certain act.
Right of Privacy - Answers - the right to be free from unreasonable intrusion by others.
Positive Law - Answers - if an act is legal, then it is moral. absent illegality, all behavior
is ethical under this simple standard.
Natural Law - Answers - higher standards of conduct than positive law. must be
followed even if against codified law. a law can be legal and unethical.
Kant's Categorical Imperative - Answers - you cannot use others in a way that gives you
a one-sided benefit. you need to be fair and also must want to do it for the right reasons.
Locke and Rawl's Theory of Justice - Answers - standard for ethics that requires that we
all agree on certain universal principles in advance.
Locke and Rawl's Social Contract - Answers - the agreement as to what our ethical
standards will be.
Rights Theory - Answers - everyone has a set of rights and its up to the government to
protect them.
Ethical Egoism Theory - Answers - We should act in our own self-interest and only
judge ourselves
Utilitarian Theory - Answers - We should do the good for the most amount of people
, Moral Relativists - Answers - Standards should be based upon the circumstances, and
there should not be predefined standards
Stakeholder Analysis - Answers - the term used when a decision maker views a
problem from different perspectives and measures the impact of a decision on various
groups
Blanchard/Peale Test - Answers - Is it legal? Is it balanced? How does it make me feel?
Front of the Newspaper Test - Answers - Evaluate whether you'd want your decision
published to everyone.
Laura Nash Model - Answers - Requires examination of the dilemma from all
perspectives. Defining the problem helps avoid the dilemma again. Ask for the
perspective of family and friends.
The Sherman Act - Answers - Price discussion (price fixing) among competitors is
considered an attempt to monopolize.
Tying - Answers - When the seller makes a buyer who wants to purchase one product
buy an additional product that he or she does not want.
Mergers along the Supply Chain - Answers - Test is whether the vertical merger will
foreclose or lessen competition.
Freedom of Information Act - Answers - Federal law permitting citizens to request
documents and records from administrative agencies.
Exhaustion of Administrative Remedies - Answers - requirement that an agency make
its final decision before the parties can go to court
Arbitrary and Capricious - Answers - When an agency changes its prior decisions and
customary actions, it must give its reasons. In the absence of such an explanation, a
reviewing court can set aside the agency action.
Felony - Answers - a criminal offense that is punishable by confinement in prison or by
death
Misdemeanor - Answers - a criminal offense, less serious than a felony, punishable by a
prison sentence of one year or less
Conspiracy - Answers - agreement to commit an unlawful act
Money Laundering - Answers - knowingly participating in a financial transaction
designed to conceal the source of the funds.
