Business Ethics Principles and Contract Law Fundamentals
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Ethics and Business Principles
Ethics Defined
Ethics: Moral principles, as of an individual.
Business Ethics: Balancing the goal of profits with the values of individuals and society.
Legal and Ethical Foundations
- Positive Law: Legal framework
- Natural Law: Ethical framework
Categories of Ethical Behavior
- Integrity and truthfulness
- Promise keeping
- Fairness
- Loyalty
- Doing no harm
- Confidentiality
Resolving Ethical Dilemmas (The Three Questions)
- Is it legal?
- Is it balanced (considering the value of fairness)?
- How does it make me feel?
Ethical Models
Warren Buffett's perspective is often cited in ethical discussions.
The Laura Nash Model
- Identify the problem.
- Look at the other perspective.
- Determine what happened.
- Who did your decision or action injure?
- Could you discuss