Ethics vs. Laws
What's the difference between ethics and law in business?
Ethics are moral guidelines, while laws are formal rules enforced by authorities.
What's the first step in resolving a legal dispute?
Filing a complaint in court or beginning negotiation.
What is embezzlement?
The theft or misappropriation of funds placed in one's trust or belonging to one's employer.
What is atort?
A civil wrongdoing that causes harm or loss, leading to legal liability.
What are the main elements of a contract?
Name one example where something is ethical but illegal in business.
Whistleblowing on confidential information to expose wrongdoing.
What's the difference between mediation and arbitration?
Mediation is a voluntary negotiation with a neutral party, while arbitration has a binding decision from a third party.
Name a crime that could harm a business's finances.
Fraud
Name a tort that could harm a business's reputation.
Defamation
What happens if one part breaks a contract?
The other party can sue for damages or demand performances.
Can a business act legally but still be unethical? Give an example
Yes, for example, paying low wages in areas with no minimum wage law.
Name a common reason for a business legal dispute.
Breach of contract
What impact can fraud have on a business?
Financial losses, damaged reputation, and legal consequences.
How does tort law protect businesses?
It allows businesses to seek compensation for harm caused by others.
Give an example of a business contract.
A service agreement between a supplier and retailer.
Why are ethics important in addition to law in business practices?
Ethics build trust and reputation, which laws alone may not achieve.
How might a business resolve a personal dispute outside of court?
Through mediation or informal settlement discussions
How can cybercrime affect a business?
By stealing data, financial loss, or disrupting operations
Give an example of a tort case in a business setting.
A customer suing for injuries from a slip and fall on store premises.
How can businesses protect themselves in contracts?
By including clear terms, conditions, and a dispute resolution clause.