Reflection and Discussion Forum Week 1 Options Menu Forum

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Nov 24, 2024

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I found Chapter 2: Business Ethics and Social Responsibility important to discuss. Business ethics refers to the moral principles and values that guide the decision-making and behavior of individuals and organizations in the business world (Astrachan et al., 2020). It is concerned with promoting fairness, honesty, and integrity in all business practices, including interactions with customers, employees, and other stakeholders. Business ethics also encompasses the responsibility to ensure that business activities are conducted in an ethical manner, following legal and societal norms. On the other hand, social responsibility refers to the obligation of businesses to contribute to the well-being of society and the environment. This includes addressing social and environmental issues, such as poverty, inequality, and climate change, through ethical and sustainable business practices. Business ethics and social responsibility are closely intertwined, as ethical behavior and responsible actions ultimately lead to a positive impact on society. Companies that prioritize ethical and socially responsible practices are more likely to earn trust and loyalty from customers, attract and retain top talent, and maintain a good reputation in the market. In today's globalized and interconnected business landscape, businesses have a greater responsibility than ever to act ethically and responsibly. Failure to do so can have serious consequences, not only for the company itself but also for their stakeholders and the wider society. Therefore, it is essential for businesses to incorporate ethical considerations and social responsibility into their decision-making processes and practices to ensure long-term success and sustainable growth. Graduate-level response

Franklin Felon shot and killed two people during a robbery. Why was this act a violation of both criminal and civil law? Franklin Felon's actions of shooting and killing two individuals during a robbery was a clear violation of both criminal and civil law. Firstly, from a criminal law standpoint, Franklin has committed the crime of homicide, which is the unlawful killing of another person. This act is considered a felony and is punishable by imprisonment or even the death penalty in some states. Moreover, the fact that Franklin was in the process of committing a robbery when he shot and killed the two individuals aggravates the crime, making it a more serious offense. In terms of civil law, Franklin has violated the victims' right to life and caused harm to their families and loved ones. By taking the lives of two individuals in a violent and intentional manner, Franklin has committed a wrongful death, which is a civil tort. This means that the families of the victims can file a lawsuit against Franklin for financial compensation, loss of support and consortium, and emotional distress. Additionally, Franklin's actions also violate the victims' civil rights, as they have the right to be safe and free from harm. This could lead to further charges and penalties, such as hate crimes if the victims were targeted because of their race, religion, or sexual orientation. Cash Right Now, LLC provides very high interest loans to people with poor credit scores that have a high probability of defaulting on the loan. Many people do in fact default on these loans; however, Cash Right Now, LLC does make a substantial profit overall, even considering these defaults. The people that borrow from Cash Right Now, LLC are unlikely to obtain credit elsewhere. Discuss if Cash Right Now, LLC’s business

practices are ethical considering it charges much higher interest rates than traditional banks. Cash Right Now, LLC’s business practices raise ethical concerns due to its exploitation of vulnerable individuals with poor credit scores. By providing very high interest loans to those who are unlikely to obtain credit elsewhere, Cash Right Now, LLC is taking advantage of individuals who are in desperate need of financial assistance. These individuals are already facing financial difficulties and are forced to turn to Cash Right Now, LLC for a loan, despite knowing that the interest rates are exorbitant. Moreover, by targeting individuals with poor credit scores, Cash Right Now, LLC is making a profit off of those who are already struggling financially. The high probability of default also suggests that the company is not concerned about the financial well-being of its customers, as long as it can make a profit (Tahir et al., 2021). In comparison, traditional banks usually have lower interest rates and conduct thorough evaluations before approving a loan. Cash Right Now, LLC’s significantly higher interest rates make it difficult for borrowers to repay the loan, resulting in many defaults. This further puts the borrowers in a cycle of debt that they may never be able to get out of. Furthermore, by charging such high interest rates, Cash Right Now, LLC may be contributing to financial inequality and perpetuating systemic poverty. It is important for businesses to have ethical considerations and not solely focus on making a profit at the expense of vulnerable individuals. Explain the concept of “stare decisis” and why it is important to the American legaljudicial system.

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Stare decisis, which is Latin for “let the decision stand”, is a legal principle that states that courts should follow the decisions and rulings made in previous cases. This concept is important to the American legal judicial system as it provides consistency and predictability in the application of the law. The principle of stare decisis is based on the idea that previous court decisions have already gone through an extensive legal analysis and should be considered valid and binding for future cases with similar facts (Derieux & Alomar, 2022). This helps to ensure that similar cases are treated similarly, promoting fairness and equality under the law. Furthermore, stare decisis promotes judicial efficiency and reduces the workload of the courts as they can rely on previous decisions instead of re-analyzing the same legal issues repeatedly. This helps the courts to focus on new and more complex cases. The concept of stare decisis also promotes stability and predictability in the legal system. This is beneficial for individuals and businesses, as they are able to make decisions and plan their actions based on the established legal precedent. In summary, stare decisis plays a vital role in the American legal judicial system by promoting consistency, fairness, efficiency, and stability. It helps to maintain the integrity of the legal system and ensures that the law is applied in a just and equitable manner. Explain the pros and cons of utilizing litigation to resolve a dispute as opposed toalternatives to dispute resolution. Litigation refers to the process of resolving a dispute through the court system, where parties present their case to a judge or jury and a decision is made (Goski, 2021). While litigation

is a widely recognized method of dispute resolution, it has both advantages and disadvantages compared to alternative methods. On the positive side, litigation ensures a fair trial in front of an impartial judge or jury, where all parties have an opportunity to present their arguments and evidence. This can be particularly beneficial in complex legal matters, where a legal ruling is necessary to resolve the dispute. Additionally, a court decision is legally binding, providing a final resolution to the dispute. However, there are also several drawbacks to utilizing litigation. Firstly, the process can be time-consuming and expensive, with legal fees, court costs, and other expenses adding up quickly. This can also lead to a significant strain on relationships between disputing parties. Secondly, the final decision is often unpredictable, as it is ultimately in the hands of a judge or jury, increasing the risk for both parties. In contrast, alternative methods of dispute resolution, such as mediation and arbitration, offer several advantages. These methods are generally less formal, faster, and less expensive than litigation. They also allow the parties to have more control over the outcome, as they are actively involved in finding a mutually agreeable solution. However, these methods may not be suitable for all disputes, particularly those with complex legal issues.

References Astrachan, J. H., Binz Astrachan, C., Campopiano, G., & Baù, M. (2020). Values, spirituality and religion: Family business and the roots of sustainable ethical behavior. Journal of Business Ethics , 163 , 637-645. Derieux, A. I. C., & Alomar, R. C. (2022). Saying What Everyone Knows to Be True: Why Stare Decisis Is Not an Obstacle to Overruling the Insular Cases. COLUM. HUM. RTS. L. REV. , 53 , 721-728. Goski, S. M. (2021). Heading off litigation in construction disputes: Mediation as another tool in the alternative dispute resolution toolbox. Dispute Resolution Journal , 75 (3), 155-165. Tahir, M. S., Ahmed, A. D., & Richards, D. W. (2021). Financial literacy and financial well- being of Australian consumers: a moderated mediation model of impulsivity and financial capability. International Journal of Bank Marketing , 39 (7), 1377-1394.

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Reflection and Discussion Forum Week 1 Options Menu Forum

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