Business Law Question

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Running head: FINAL PROJECT
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Final Project
Student’s name:
Institutional affiliation:
FINAL PROJECT
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Final Project
Demonstrate your understanding of the ethical theories we learned by explaining the five
theories in your own words, using research examples from our text. (Part I of the rubric)
The first ethical theory is utilitarianism, which has ethical principles seeking to maximize
happiness and wellbeing for the highest number of people. As such, it is a normative ethical
theory that focusses on the outcome of one’s action to determine whether the decision was
ethical or unethical (Broad, 2014). The theory emphasizes that the best action will always lead to
increase of happiness and wellbeing in as many people as possible. Utilitarianism considers
actions that lead to human suffering and experience of pain and sadness as unethical because
they rob people of happiness and wellbeing. In the ethical case involving inflation of tender
invoices, the accountant of the company violated the principles of utilitarianism because they
were limiting the happiness of many while focusing on their own. The best-case example in
support of this ethical theory is Civil Rights Act of 1964, which advocated for equality and
justice for all, extending happiness to the many oppressed minority groups.
Another important ethical theory is deontology, which is a set of normative ethical
principles that focus on understanding whether an action is based on a set of rules and principles
(Quinn, 2006). Duty or obligation is the first rule that applies in deontological theories when
evaluating whether an action is ethical or not. The theory sets out first to determine whether the
performer of an action is a professional or employee required to do so under set regulations
(Broad, 2014). Apart from that, the divine command theory, which is part of deontological
theories emphasizes that an action is good only if God decrees it to be good. The best example of
laws in support of this theory is the Ag-Gag laws, which prohibit snooping on private property
without the consent of the owner. It is not the responsibility of duty of the one snooping on
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private property and thus the law set to keep such behavior off. Another example of law that is in
line with this theory is Sarbanes-Oxley Act, which sets the guidelines to use when presenting
company financial information. This law sets the duty of the financial officer, and it would help
in cases such as those highlighted in my example of fraudulent activity involving inflation of
tender invoices. Apart from the above, another example that can be used to support this theory is
the Wyeth v. Levine Court case that indicated that state laws override federal laws on matters
concerning drug related complications. The case set clear information that drug-manufacturing
companies must be accountable under state laws even though federal laws might be acquitting
them of possible harm and crimes.
Virtue ethics is another important ethical theory and it focusses on character and virtue as
the core in defining whether an action or a person is ethical or not. This theory argues that all
actions arise from virtue or values, which are enshrined in ones identity from culture and social
relations (Quinn, 2006). Virtue ethics considers the possible values and virtues that a doer of an
action had in mind in determining whether an action is right or wrong (Broad, 2014). Virtue
ethics emphasizes on the need to align with societal norms and values in order to maintain ethical
behavior. The best example that aligns with value ethics is the government accountability act,
which sets clear how government officers need to maintain accountability in all their activities
and transactions. This law seeks to improve the values and virtues of government officers.
The Friedman Doctrine also known as “free market ethics” or “business ethics” is a
normative ethical theory that defines ethical principles for business. The theory reveals that in
any business entity, shareholders are the most valuable stakeholder of the business entity. As
such, the corporate management is supposed to invent ways of increasing revenue and profits for
the sole purpose of increasing the shareholder earnings (Quinn, 2006). In light of this, the
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corporate leaders are thus the employees of the shareholders. They are supposed to work and act
in accordance to the principles and policies passed by the shareholders. Friedman doctrine also
holds that companies are not bound to engage in corporate social responsibility unless the
shareholder issues are addressed. The best example to support this theory is the government
accountability act, which sets clear guidelines on how government officials should conduct
business and operations. This law incorporates integrity in government work and processes.
Ethics of care is the last ethical theory, which is a normative ethical theory that focusses
on benevolence and interpersonal relationships as a determinant of ethical and unethical actions.
This ethical theory emphasizes on the importance of response to an individual and showing
concern and care (Broad, 2014). This ethical theory was useful in feminism movement and
studies since it emphasizes on approach and handling of others as a measure of ethics.
Government accountability act also aligns with the requirements of ethics of care, where
relationships are of important value as compared to other ethical elements.
Explain how your standard uses essential aspects of the theories. If your standard does not
use any aspect of the five theories, then explain why it does not. (Part II.A of the rubric)
My standard is “First principle – will this action honor God and align with societal norms
and expectations based on my age and position in society?” This standard reflects the use of
utilitarian principles because it seeks to do that which aligns with God and societal norms, which
must be positive. God commands humans to extend love, compassion, and assistance to others,
just in line with utilitarian principles that seek to extend happiness and wellbeing to others. The
standard applies deontological principles because it seeks to do that which aligns with God and
societal norms as a duty and responsibility. According to deontology, duty and responsibility
come first when deciding to do an action (Quinn, 2006). This aligns with my standard, which
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focusses on doing that which pleases God and community as a duty and responsibility. As such,
my standard is in line with deontological principles.
When focusing on virtue ethics, my standard complies with virtue and values as a
measure of ethics just as is the case with virtue ethics. My standard seeks to ensure that I comply
with God’s values as well as society’s values when making decisions. This would always guide
me to make ethical decisions in every sphere of life. Another ethical theory that is aligned with
my personal credo and standard is the Friedman Doctrine, which is also known as “free market
ethics” or “business ethics.” This ethical theory aligns with my standard because it advocates for
taking care of the most immediate and urgent matters and entities according to their prioritization
(Quinn, 2006). This principle aligns with my standard because they both seek to promote God’s
principles and societal norms – first come is served first. When focusing on ethics of care, which
considers relationships and how one handles others, it is evident that it aligns with my standard
that seeks to align with God’s laws and societal norms. God’s laws and societal norms focus on
enhancing human happiness, wellbeing, and effectiveness in the society.
Explain why your standard is easy to use and apply. (Part II.B of the rubric)
The standard is easy to use and apply in every situation because it first focusses on the
principles of Christian living as defined in biblical teachings. Relying on God’s word according
to the bible would always guide one in choosing the right decision when faced with every
dilemma. Applying God’s word in everyday activities helps one to live a Christian lifestyle,
which is supposed to reflect love, peace, understanding, compassion, joy, knowledge, wisdom,
and above all ethical decision-making. Similarly important is the fact that societal norms apply
in every aspect and sphere of life. Relying on the two elements would always help one to make
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ethical decisions. Aligning with societal norms helps one to live in harmony with others in the
community.
Describe how your standard would apply in almost any business or personal situation
(Part II.C of the rubric)
First principle – will this action honor God and align with societal norms and expectations based
on my age and position in society?
My first principle would apply in all business and personal situations since it focusses on
God, the Supreme Being in control of the universe who enables human excellence. God’s laws
traverse all areas of human life and I am certain they would guide in every ethical dilemma.
God’s laws exist in marriage, business, leadership, religion, worship, wealth, poverty, and many
other areas. Similarly, reliance on societal norms and standards would guarantee that the action
or decision would be moral, valuable, and normal. Relying on the two elements would always
guide one to reach ethical decisions in all they do.
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References
Broad, C. (2014). Five Types of Ethical Theory. New York: Taylor & Francis.
Quinn, M. J. (2006). Ethics for the Information Age. New York: Pearson/Addison-Wesley.

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