Reference no: EM131100525

Legal Political and Ethical Dimensions of Business it's timed and I only have 3h for that and it's my final exam. 

1. If the state of California and the federal government both passed laws or regulations related to the sale of video games, which would prevail and why? Discuss the relationship between the states and the federal government, and which has priority. Analyze and evaluate the various issues presented while arguing and debating the connections between business, law, politics, and ethics.

2. If Congress passed a law affecting products liability actions relating to single-engine airplanes that among other provisions, sets an 18-year statute of repose, and Cessna resumed production of several models of single-engine airplanes which had been stopped several years earlier, in part because of products' liability exposure. Is this law ethical? Was this needed legislation, or was this a special favor given to one industry that makes a product known to lead to death and injury? How does the fact that flight training schools were unable to replace the single-engine planes they were using for training with newer ones affect your analysis? Analyze and evaluate the various issues presented while arguing and debating the connections between business, law, politics, and ethics.

3. Under contract law in the U.S., certain types of contracts must be in writing to be enforceable in court. What is the legal designation of such a contract in the U.S.? List and define the five types of contracts that must be in writing.

4. Discuss the purposes of unions and whether they are effective tools to serve their purposes.  Analyze and evaluate the various issues presented while arguing and debating the connections between business, law, politics, and ethics.

5. What are the merits and demerits of protecting an invention through a patent instead of a trade-secret law? Analyze and evaluate the various issues presented while arguing and debating the connections between business, law, politics, and ethics.

6. The Sherman Act of 1890 provided the basic Federal Statute for prosecution and ultimate dissolution of the Standard Oil Trust in 1911, which had functioned as a monopoly controlling 92% of the oil and natural gas business in the United States; also known as the great clash between President Theodore Roosevelt and Exxon Founder John D. Rockefeller. This famous Supreme Court case was followed by the Clayton Act of 1914, which sought to prevent formation of future monopolies, and outlined a number of prohibited business activities. A century later lawyers, economists, and other business people continue to debate the goals and/or benefits of antitrust legislation, and resulting court decisions. List and discuss the four goals of antitrust statutes, and then identify the specific elements of business activities targeted as restraint of trade. Analyze and evaluate the various issues presented while arguing and debating the connections between business, law, politics, and ethics.

7. Compare and contrast the theories of liability for insider trading under the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934. Analyze and evaluate the various issues presented while arguing and debating the connections between business, law, politics, and ethics.