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When discussing the fundamental concepts of law and how it relates to business practices it is important to understand that within the American legal systems there are multiple aspects that can be looked to in defining these concepts. One such concept would be the concept of property law as defined by Marisa Anne Pagnattaro "which involves the recognition of exclusive right in both tangible (physically touchable) and intangible resources. Special areas of property law concern land, goods, copyrights, trademarks, patents, and trade secrets." This correlates to the business environment today as most businesses will operate out of a physical location and doing so would require the rights of the property to continue to operate.

A second concept in the American legal system relating to today's business environment is the concept of tort law. This concept is defined as "Establishes rules for compensation when an owners legal boundaries are wrongfully crossed by another. Tort law often but not always requires actual injury to the owners resources." The concept of tort law is crucial to maintaining and protecting the assets of business or individuals. The use of tort law allows for the acquisition and creation of assets without the fear of harm from outside sources.

Ethics in western civilizations have tended to follow two leading principles. Those principles being that of formalism and consequentialism. The ethics of formalism deals in absolutes. This being that there are certain rights or responsibilities that always take precedence. One such example is that lying is wrong and should not be done. Another example is of formalism in ethics is the first amendment. By stating that "Congress shall make no law abridging the freedom of speech," shows a formalism approach ethics.

The second ethical principle being that of consequentialism relies on the results of actions rather than the action themselves to determine their ethical basis. An example of this being that lying in of itself is not morally wrong, but the actions that come from it can be morally wrong. As for lying in a consequentialism foundation the lie wouldn't be wrong but if that lie leads to a lack of trust and further break down of societal frame works then it would be wrong to lie because of the outcome of the lie.

I do not feel that corporate ethics have by in large gotten worse in recent years, but more so that it is far easier to hold companies accountable for any ethical violations that they may promote. I would even say that because of this higher transparency the ethical standards of most companies have risen which can be even noted by the higher amount of spending companies are pushing towards ethical programs and employees.