ACCT 324 1st Edition Lecture 3Outline of Last Lecture I. Defining Business Law II. Classifications of LawIII. Sources of Business LawOutline of Current LectureI. Business Ethics and The Ethical Dilemma II. The U.S. Legal SystemCurrent LectureI. Business Ethics and The Ethical DilemmaEthics – The study and practice of decisions about what is good or rightBusiness 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 affectedP – Purpose (Values):- What is the purpose of making this decisionThese 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, justiceH – How (Guidelines):- Public Disposure- UniversalizationII. The U.S. Legal System Original Jurisdiction – This is the power to hear and decide cases when they first enter the legal systemAppellate Jurisdiction – This is the power to review previous judicial decisions in an effort to determine whether trial courts were right or wrong in their decisionsPersonam 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