Assignment 2, Part 2 - Sum 16

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Information about Assignment 2, Part 2 - Sum 16
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Published on July 13, 2016

Author: jaisabell

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Slide1: The Pyramid of Success Integrity Leadership Knowledge Slide2: WEST VIRGINIA UNIVERSITY College of Business and Economics BUSINESS ETHICS (BCOR 380, Section 7D1 CRN 51512 and 7D2 (CRN 51544) Online Format for Three Credit Hours David Cale, M.B.A., Ph.D. E-mail: David.Cale@mail.wvu.edu PH: 304-293-0539 Office: 106 BUE Office Hours: Mondays, Tuesdays & Fridays 11:00 am – 3:00 pm & by appointment Slide3: Business Ethics Summer 2016 Assignment 2 . The Legal Context of Business & Professional Ethics 200 Points Part 2. The role played by ethical considerations in domestic law Due : Wednesday, July 13, 2016 Slide4: Business Ethics The study of how to properly use one’s economic and professional power with integrity. Slide5: All workplace rules can be divided into… Those imposed on you And those you impose on others Law Those imposed on you Corporate Governance Those you as a manager will impose on others Slide6: We begin today with Law The rules imposed on you (In Module Four we look at Corporate Governance The rules you as a manager will impose on others) Slide7: A culture’s family, friends and faith values create its laws. International laws are created by those family, friends and faith values all cultures have in common. Slide8: You as a business leader and/or professional will encounter “law” in your decision making in a variety of ways. The five most common are: 1. Workplace conformity expectations 2 . Contract law 3. Tort law 4. Statute law 5. International law Slide9: In our daily interpersonal dealings in the workplace we encounter informal laws, law as Conformity Expectations in the workplace Slide10: Conformity expectations These are governed by the unwritten rules of decorum and ethos. Decorum The willingness and ability to conform to the standards of hygiene, dress and behavior culturally expected for the situation at hand. Slide11: An organization’s implicit rules for decorum come out of both its community culture and its internal culture. Its internal culture has three influences. 1. Visible “Artifacts” w Symbols w Stories w Heroes w Slogans w Ceremonies Slide12: An organization’s internal . . 2. Organizational Values w Mission Statements w Adopted methods “The HP Way” “The J. C. Penny Idea” Slide13: An organization’s internal . . . 3. Underlying Beliefs w People here care about each other . w We are the best in our field Slide14: Organizational Culture The set of informal shared values, norms, behavioral standards, and expectations that influence the ways in which individuals, teams, and groups interact to achieve company goals. Slide15: Most agree there can be psychological “stumbling blocks” to meeting the unwritten rules of workplace conformity. Three of the more important are… 1. Cognitive Limitation a tendency to consider only two clear paths, missing the fact that other alternatives might be possible Slide16: 2. Acceptance Dependency a tendency to bow to peer pressure even when it goes against one’s better judgment 3. Conflicting Responsibilities In this, one’s duty to serve one’s personal values holds the potential to do harm to the institution one serves Slide17: Each can be overcome with rules. . . Overcoming Cognitive Limitation Rule: before making any decision, take time to brainstorm one’s possibilities for three or four options. Overcoming Acceptance Dependency Rule: Always see your life and what it stands for as more important than the momentary whims of those around you . Your life is important… the story of the girl from wheeling Slide18: Each can be overcome with rules. . . Overcoming Conflicting Responsibilities Rule: before making any commitment to join an organization, make sure its stated values are in line with your own and when need be, hold the organization to its stated values. You can’t know what individuals will do, but you can know the law. In contract law you encounter conformity expectations in a more formal way. Slide19: You can’t know what individuals will do, but you can know the law. In contract law you encounter conformity expectations in a more formal way. Slide20: You as a business leader and/or professional will encounter “law” in your decision making in a variety of ways. The six most common are : 1. Workplace Conformity expectations  2. Contract law 3. Tort law 4. Statute law 5. International law Slide21: Contract law (the ideal definition) In this, two or more parties, having equal rights under the law , establish the rules by which they will interact with each other . A policy manual ( e mployee handbook) is a contract. For formal contracts, the law tends to recognize only written or recorded agreements. Slide22: Contractual Inequality In this, though both parties legally have equal rights, one is in some way disadvantaged. Examples of this can take place in: Employer - employee relationships Salesman – senior citizen contacts Salesman – minor contacts Beware the problem regarding minors & contract law – this also goes to the problem of consent Slide23: Implicit contracts For businesses and professionals these are defined by conformity expectations and one’s organizational culture. If you have had four dates are you “dating?” Slide24: Contract law (the exam definition) In this, two or more parties establish the rules by which they will interact with each other. Here the “having equal rights” portion is omitted because, in reality, the contracting parties are not always equal. Slide25: An inequality can take place when there is a Conflict of Interest This takes place when one holds to two contractual obligations, either explicit or implicit, one to each of two competing parties. Slide26: Material As used in contract law, this term refers to important information necessary to one's ability to make a proper decision Slide27: Fair Contract One where the contractor fully discloses all material information to the client But sometimes there are so many complexities all cannot be thought of Slide28: A Big Boy Letter Def. 1: A pre-sale agreement [ esp. a private sale of publicly traded securities] not to sue over non-disclosure of material information. Def. 2: These arise when a contract covers many complex issues in which both parties have expertise See: Edwin David Eshmoili "Big Boy Letters: Trading on Inside Information," Cornell Law Review, Vol. 94, No. 1, 2008 Slide29: Due Diligence   The doing of all one can do to prevent harm   This term came into use as a result of The United States' Securities Act of 1933 which allowed for a "Due Diligence" defense, one used by stock brokers when accused of inadequate disclosure to investors. Slide30: Due Diligence   Over the years the term has become an ethical concept: i.e. it is unethical not to use due diligence, even when not meeting an implicit contractual obligation. (E.g. it is a failure in due diligence for an exterminator to not check for allergies before treating a home with insecticides, even though the contract might not require it.) Slide31: Dunning   This process of methodically communicating with customers to ensure the collection of accounts receivable is considered to be unethical when it takes on the form of harassment. It is generally unlawful to harass or threaten consumers. The collection steps which will be taken should be put into leases, loans, and other such contracts, so as to avoid the accusation of dunning.   Slide32: Dunning stems from the 17th century verb dun, meaning to demand payment of a debt. Dunning – Duty – Debt – Due All have the same root... ("due" means "that which is owing”) The Old French: deu , past participle of devoir (to owe); Latin: debere (to owe), debitum , whence "debt" Slide33: Anticipatory repudiation (also called an anticipatory breach) a term in contract law that describes a declaration by the promising party (client) to a contract, that he or she does not intend to live up to his or her obligations under the contract if unforeseen circumstances arise Slide34: efficient breach of contract a voluntary breach with payment of damages by a party who concludes that they would incur greater economic loss by performing under the contract Tom agrees to buy 1000 widgets from Joe. Tom then finds he needs only 600. Joe’s lawsuit will cost Tom less than the other 400 widgets. So, Tom breaches the contract and refuses to continue placing orders beyond the 600. Slide35: You as a business leader and/or professional will encounter “law” in your decision making in a variety of ways. The five most common are : 1. Workplace Conformity expectations  2. Contract law 3. Tort law 4. Statute law 5. International law Slide36: Contract law (the exam definition) In this, two or more parties establish the rules by which they will interact with each other. Here the “having equal rights” portion is omitted because, in reality, the contracting parties are not always equal. Slide37: Contractor (the legal definition) Anyone who is bound by the contract at hand. Slide38: The three most common causes of a breach of contract claim 1 a failure to supply goods or fulfill services 2 a post-signing altering of terms 3 the presence of fraud Slide39: The three kinds of contractual fraud 1 Misrepresentation of facts 2 Misrepresentation of laws 3 Silence with regard to material facts All are considered evidence of intent to deceive. Slide40: Scienter One who holds esoteric knowledge in something Applied to contract law it means that one party to a signing knew the contract was fraudulent. Slide41: Esoteric Knowledge belonging only to the most educated in a given field Or to those closest to a particular endeavor Slide42: The video which follows gives you an overview of the deceptive practices problem in contract law. Slide43: ethical concepts belonging to Contract Law https:// www.youtube.com/watch?v=GVVfOcedkiw Slide44: The three primary kinds of damages ( money amount ) awarded in contractual fraud cases 1 compensatory – this reimburses a direct loss (financial or otherwise) to the victim. (the wedding dress was never delivered $800.00) 2 Consequential – often called special damages, this reimburses an indirect loss (financial or otherwise) to the victim (the caterer had to be paid $3,000 for nothing because the wedding had to be called off.) Slide45: The three primary kinds of damages ( money amount ) awarded in contractual fraud cases 3 nominal – this assesses a small amount against the defendant where a misrepresentation i s not material, but a point needs to be made. (A roofing contractor failed to thoroughly clean up the yard of a client after the job was completed and was sued by the homeowner) Slide46: ethical concepts belonging to Tort Law Slide47: Tort a wrongful act, either intentional or unintentional, for which the courts might award compensatory damages Torts are of ethical interest because they often involve higher awards from professionals and companies when ethical misconduct is involved. (punitive damages ) Hint: watch for twofers while preparing for your next exam Slide48: The video that follows gives an overview of tort law. Write down its key words and define them.   https://www.youtube.com/watch?v=f6TUiejBILE     Slide49: Actionable a term referring to those improper behaviors or acts that have crossed the line from something inappropriate to being a breach of contract, a tort, or a crime Slide50: Tortfeasor A defendant in a tort (lawsuit) A business or person whose conduct is actionable in one of three areas 1. Intention 2. Negligence 3. Strict Liability Slide51: Intention In this a business knowingly engages in conduct that causes physical harm, psychological harm, or loss of property. Acts of trespass and financial loss are considered property losses. Slide52: Negligence In this, a business causes harm through a failure in Due Care Due Care Doing all one can do to prevent an accident, act of discrimination, or other harm Slide53: As managers, a failure in Due Care c ould lead to a tort aimed at you personally, especially if ethical misconduct is involved. Slide54: 8- 54 As future managers you must be extra careful because, in matters of discrimination or firing, a revenge oriented employee might have the right to sue you as an individual as well as your organization through a legal concept called “vicarious liability. Slide55: Vicarious Liability A legal concept that means a manager or business owner can be held personally responsible for injury or damage caused by an employee because managers are responsible for employee conduct in the workplace. Vicar – One who is representative of someone else. – A manager is representative of the business. Slide56: The latest area of interest in the principle of Due Care c omes from torts involving c yber liability Slide57: Another growing area for torts comes from Cyber Liability A threat to employers created by the use of office computers by employees as a device to engage in activities harmful to others. Slide58: Under cyber liability , for what employee conduct can an employer be held responsible ? 1. Discrimination 2. Sexual harassment 3. Child pornography in the workplace 4. Defamation and libel 5. Terroristic threats The law holds employers responsible for the conduct of their employees. Torts from cyber liability are most often based on:: 8- 59 Torts from cyber liability are most often based on: Defamation Breach of privacy Stalking Harassment Slide60: Punitive Damages These are awarded when harm by a professional or company is accompanied by ethical misconduct. Slide61: Strict liability an area of tort law carrying liability for compensatory damages where the linkage to harm done is based merely upon participation in a product’s supply chain. Slide62: When a company’s “product” involves something sold to distributors or sold through brokers, the concept of strict liability can apply in another way. Slide63: In Part I you, you looked at the historic debate between whether law drives ethics or ethics drives law . That debate looks more to statute law. This assignment asks you to look at contract law and tort law. Whereas disputes in statute law are between government and the public (either as individuals or as companies), disputes in contract law and in tort law are usually between individuals and individuals, individuals and companies, or companies and companies. In these cases, the relationship between law and ethics changes. For example, in a personal injury claim involving only an unintended accident, only compensation is considered. But if a deliberate immoral or unethical act is involved, punitive damages are often awarded. Here it seems, ethics really does drive law. Research another example (do not use a generic discussion on punitive damages) of where social values have had an impact on a jury decision in either contract law or tort law involving a business. Use it as the basis for your Assignment 2, Part 2 discussion. Slide64: End of Professor’s notes for Assignment 2 , Part 2 Assignment 2 The Legal Context of Business & Professional Ethics Title Part 2. The role played by ethical considerations in domestic law And minimally write a 700 word paper on this topic using the instructions found at the top of page three of your syllabus. Submit to Turnitin with the other three parts of Assignment 2 as one document, not four. Due: Wednesday, July 13, 2016

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