BUL4421 Midterm exam Verified Exam Questions and Answers Latest
update 2026/2027
Question:
Business Law in HR
Answer:
> Agency law > Contracts > Employment and labor law > Employment discrimination
Question:
Private law
Answer:
> Law that regulates disputes between private individuals or groups
Question:
Public law
Answer:
> Law that regulates disputes between private individuals and govt > Violation of a state or federal
law > A govt entity is required
Question:
Civil law
Answer:
> Law that delineates rights and responsibilities implied in relationships between persons, and
between persons and their govt
Question:
Criminal Law
Answer:
> Law that regulates incidents in which someone commits an act against the public as a whole >
Purpose: punish an offender for causing harm to public health, safety, or morals > Victim: society
Question:
Hierarchy of laws
Answer:
> US constitution > Federal statutes, state statutes (found in US Codes) > Common law
,Question:
Common law
Answer:
> Case law > Collection of legal interpretations made by judges that are a law unless revoked by a new
statutory law
Question:
Precedent
Answer:
> Past decisions in similar cases that guide later decisions thereby providing greater stability and
predictability to the law
Question:
Stare Decisis
Answer:
> "Standing by the decision" > Courts rely on precedent > Rulings made in higher courts become
binding precedent for lower courts
Question:
Restatements of Law
Answer:
> Summaries of common law that rules in a particular area of the law that have been enacted in most
states
Question:
Natural Law
Answer:
> Ethical laws and principles believed to be morally right and "above" the laws devised by humans >
Ef unethical, don't follow the law
Question:
Legal positivism
Answer:
> Law is distinct from morality > Proper role of obedience to duly authorized law > Always follow the
law, even if it is unethical
, Question:
Identifications with the vulnerable
Answer:
> Some higher law connects all of us > Linked to the pursuit of fairness > Ex: minimum wage
Question:
Historical school
Answer:
> Following tradition or custom to shape the law > Closely linked to stare decisis
Question:
Legal realism
Answer:
> Judges consider more than the law > Judges consider social and economic conditions
Question:
Cost-benefit analysis
Answer:
> If the law yields more benefits than costs, we saved resources we can use to obtain more goods and
services
Question:
Statutory law
Answer:
> Found in US Codes > Regulations and rules put forth by legislatures
Question:
Business ethics
Answer:
> Application of ethics to the special problems and opportunities experienced by business people
Question:
Law
Answer:
> Minimal acceptable standard for business ethics > "Sets the floor, not the ceiling"
update 2026/2027
Question:
Business Law in HR
Answer:
> Agency law > Contracts > Employment and labor law > Employment discrimination
Question:
Private law
Answer:
> Law that regulates disputes between private individuals or groups
Question:
Public law
Answer:
> Law that regulates disputes between private individuals and govt > Violation of a state or federal
law > A govt entity is required
Question:
Civil law
Answer:
> Law that delineates rights and responsibilities implied in relationships between persons, and
between persons and their govt
Question:
Criminal Law
Answer:
> Law that regulates incidents in which someone commits an act against the public as a whole >
Purpose: punish an offender for causing harm to public health, safety, or morals > Victim: society
Question:
Hierarchy of laws
Answer:
> US constitution > Federal statutes, state statutes (found in US Codes) > Common law
,Question:
Common law
Answer:
> Case law > Collection of legal interpretations made by judges that are a law unless revoked by a new
statutory law
Question:
Precedent
Answer:
> Past decisions in similar cases that guide later decisions thereby providing greater stability and
predictability to the law
Question:
Stare Decisis
Answer:
> "Standing by the decision" > Courts rely on precedent > Rulings made in higher courts become
binding precedent for lower courts
Question:
Restatements of Law
Answer:
> Summaries of common law that rules in a particular area of the law that have been enacted in most
states
Question:
Natural Law
Answer:
> Ethical laws and principles believed to be morally right and "above" the laws devised by humans >
Ef unethical, don't follow the law
Question:
Legal positivism
Answer:
> Law is distinct from morality > Proper role of obedience to duly authorized law > Always follow the
law, even if it is unethical
, Question:
Identifications with the vulnerable
Answer:
> Some higher law connects all of us > Linked to the pursuit of fairness > Ex: minimum wage
Question:
Historical school
Answer:
> Following tradition or custom to shape the law > Closely linked to stare decisis
Question:
Legal realism
Answer:
> Judges consider more than the law > Judges consider social and economic conditions
Question:
Cost-benefit analysis
Answer:
> If the law yields more benefits than costs, we saved resources we can use to obtain more goods and
services
Question:
Statutory law
Answer:
> Found in US Codes > Regulations and rules put forth by legislatures
Question:
Business ethics
Answer:
> Application of ethics to the special problems and opportunities experienced by business people
Question:
Law
Answer:
> Minimal acceptable standard for business ethics > "Sets the floor, not the ceiling"
