ACCT 324 1st Edition Lecture 3 Outline of Last Lecture I Defining Business Law II Classifications of Law III Sources of Business Law Outline of Current Lecture I Business Ethics and The Ethical Dilemma II The U S Legal System Current Lecture I Business Ethics and The Ethical Dilemma Ethics The study and practice of decisions about what is good or right Business Ethics Applying of ethics to the problems and opportunities experienced by business people Ethical Dilemma A problem about what a firm should do for which no clear right answer exists Refer to the Golden Rule power point slide give in class The WPH Process of Ethical Decision making W Who Stakeholders Consumers Owners Management Anyone who is affected P Purpose Values What is the purpose of making this decision These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Freedom security justice H How Guidelines II Public Disposure Universalization The U S Legal System Original Jurisdiction This is the power to hear and decide cases when they first enter the legal system Appellate Jurisdiction This is the power to review previous judicial decisions in an effort to determine whether trial courts were right or wrong in their decisions Personam Jurisdiction refers to the power to render a decision affecting the rights of specific persons before the court Subject Matter Jurisdiction The power to hear certain kinds of cases