BYUH Business Law Exam 1 Research Study With Complete Questions & Answers.

Common Law - correct answer -Began in England in 1066 and continues today. -Non-statutory law. -Exists in court decisions. -Following case precedent, or stare decisis, "let the decision stand". Statutory Law - correct answer -Passed by governmental body. -Also known as Codified Law. Equity - correct answer body of law that attempts to do justice when law does not provide remedy or it is inadequate, or application of law is unfair. School of thought on law. Make sure people get what they deserve. Rather than financial or prison penalties, punishments are agreements on what to do, ie injunctions or specific performance Injunction - correct answer courts issuing orders of prohibiting certain conduct or ordering certain acts (goes along with equity) Specific Performance - correct answer equitable remedy in which party asks for performance of the contract as damages Criminal Law - correct answer wrong against society (ex. Running red light), results in fines and imprisonment. Civil law - correct answer wrong against another person or persons (ex. Hitting pedestrian), requires restitution such as paying damages. Flexibility of Law - correct answer As society changes, law must change with it Legal Remedies - correct answer the means to achieve justice in any matter in which legal rights are involved. Remedies may be ordered by the court, granted by judgment after trial or hearing, by agreement (settlement) between the person claiming harm and the person he/she believes has caused it, and by the automatic operation of law. Equitable Remedies - correct answer injunctions, specific performance Substantive Laws - correct answer give right and responsibilities Procedural Laws - correct answer provides enforcement of rights Stare Decisis - correct answer "let the decision stand". Process of legal reasoning, reviews past judicial decisions because court records are kept. Helps with consistency or creating basis for change. Adversary System - correct answer Legal system used in the common law countries where two advocates represent their parties' positions before an impartial person or group of people, usually a jury or judge, who attempt to determine the truth of the case Ethical Dilemmas (Categories) - correct answer - taking things that don't belong to you (stealing) - saying things you know are untrue (lying) - giving or allowing false impressions (being fake) - buying influence or engaging in conflict of interest (being shady) - hiding or divulging information (omission) - taking unfair advantage (exploiting) - committing acts of personal decadence (balling out) - permitting organizational abuse (staying hush hush) - perpetrating interpersonal abuse (being a douche) - violating rules (hypocrisy) - condoning unethical actions (having a fall guy) - balancing ethical dilemmas ???? Language of Ethical Lapses - correct answer - "everybody does it" - "if we don't do it, someone else will" - "that's the way it has always been done" - "we'll wait until lawyers tell us its wrong" - "it doesn't really hurt anyone" - "the system is unfair" - "I was just following orders" Tests for Analyzing Ethical Behavior - correct answer Blanchard and Peale Front Page of the Newspaper Test Laura Nash and Perspective Wall Street Journal Model Blanchard and Peale - correct answer -"Is it legal?" - "Is it balanced?" - "How does it make me feel?" The Front Page of the Newspaper Test - correct answer -"How would a reporter describe this situation?" Laura Nash and Perspective - correct answer -"How would I feel if I stood on the other side of the fence?" Wall Street Journal Model - correct answer Is it legal? How does this affect shareholders, employees, community, and customers? -compliance