The Legal, Ethical, and Regulatory Environment of Business By Fisher and Phillips Prepared by Jimidene Murphey

The Law: Legal and Business Ethics Chapter 1 The Law: Legal and Business Ethics

The Meaning, Nature, and Limits of Ethics Jurisprudence The study of legal ethics Business ethics Values that the business community uses to determine proper conduct Ethics (deontology) The study of conduct that is right, good, and moral in a set of circumstances

Nature - A Priori Ethics are ultimate values Ethics self-justify Ethics sometimes conflict

Ethic of Positive Law Positive law consists of a rule… from a political superior to a political inferior, which the inferior obeys… with sanctions imposed if the rule is broken.

Characteristics of Positive Law Command element No requirements on the type of ruler Habitual obedience to the rules is expected Generally advances constructive goals Can be moral, amoral, or immoral

Why Empirically-based Law is Dominant The lack of trust in our society Cultural pluralism Legalizing all areas of society Massive noncompliance with positive law Failure to keep our promises Lack of personal responsibility Rewardable cheating Passing of laws to resolve problems

Justice as Ethics Natural law Due process Equity courts

Prominent Names in Jurisprudence Plato Sir William Blackstone John Rawls Immanuel Kant Eugene Ehrlich Sigmund Freud Jerome Frank Jeremy Bentham

Ethics Influencing Law Ethics of custom Ethics of norms of conduct Ethics of reality Ethics of civilization Ethics of utility

Business Ethics Values that a business follows in conducting its affairs Examples of business ethics Make a profit Deliver best products for best price Provide workers with jobs Give owners return on investment Be a good citizen

Objectives of Law Justice Flexibility Speed Stability Economy Knowability

Why Study the Law? Cutting edge of society Business environment is increasingly legalized Businesspeople should practice preventive law

Recap - Terms to Know Ethics Jurisprudence Justice and power Custom Sociological school of jurisprudence Ethics of civilization Legal realism Ethical utilitarianism Business ethics