BUL 4421 Midterm Review Questions with Correct Answers 100% Verified By Experts| Latest
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business law the enforceable rules of conduct the govern commercial relationships.
private law A body of law that deals with relationships between private individuals, such as
contracts, civil injuries, domestic relations, and partnerships.
public law Law that suits between private individuals or groups and their governments
civil law the rights and responsibilities implied in relationships between persons and persons
and their government
criminal law regulates incidents in which someone commits an act against the public as a
whole
cyberlaw a classification of law regulating business activities that are conducted online.
constitutional law the general limits and power of these government as stated in their
written constitutions.
statutory law assortment of statues, or rules and regulations put forth by legislatures.
model law serve as a basis for some statutory law at the state level and also called as
uniform laws.
Case law Common law; the collection of legal interpretations made by judges.
precedent Court decision that stands as an example to be followed in future, similar cases
,stare decisis "let the decision stand;"rulings made in higher courts become binding
precedent for lower courts.
Restatements of the Law Summaries of common law rules in a particular area of the law.
Restatements do not carry the weight of law but can be used to guide interpretations of
particular cases.
Administrative law The rules, regulations, orders, and decisions issued by administrative
agencies of government to fill in particular details missing from constitutions ans statutes.
treaty a binding agreement between two states or international organizations.
natural law a school of jurisprudence that recognizes the existence of higher law, or law that
is morally superior to human laws
legal positivism holds that because society requires authority a legal and authoritarian
hierarchy should exist when a law is made, therefore obedience is expected because authority
created it.
identification with the vulnerable the school of jurisprudence of pursuing change on the
grounds that some higher law or body of moral principles connects all of us in the human
community.
legal realism A school of jurisprudence which holds that context must be considered as well
as law. Context includes factors such as economic conditions and social conditions.
cost-benefit analysis a guide to legal change, choosing the alternatives that maximized
benefits and minimized costs
, ethics the study and practice of decisions about what is good, or right.
business ethics Accepted principles ethics to the special problems ans opportunities
governing the conduct of business people.
ethical dilemma Situations that do not have a clear right or wrong answer; complex,
confusing, and frustrating situations
social responsibility of business the expectations that community imposes on firms doing
business inside it borders.
WPH process of ethical decision making Who decision impacts
Purpose of decision
How to make decision (i.e guidelines)
ethical guidelines practical steps that provide a dependable stimulus to ethical reasoning in
a business context.
stakeholders many groups of people affected by the firm's decisions
Value positive abstractions that capture our sense of what is good or desirable
ethical relativism a theory of ethics that denies the existence of objective moral standards.
situational ethics an ethical theory which holds that to evaluate the morality of an action,
we must imagine ourselves in position of person facing the ethical dilemma and then, on that
basis, determine whether that person's action was ethical.
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business law the enforceable rules of conduct the govern commercial relationships.
private law A body of law that deals with relationships between private individuals, such as
contracts, civil injuries, domestic relations, and partnerships.
public law Law that suits between private individuals or groups and their governments
civil law the rights and responsibilities implied in relationships between persons and persons
and their government
criminal law regulates incidents in which someone commits an act against the public as a
whole
cyberlaw a classification of law regulating business activities that are conducted online.
constitutional law the general limits and power of these government as stated in their
written constitutions.
statutory law assortment of statues, or rules and regulations put forth by legislatures.
model law serve as a basis for some statutory law at the state level and also called as
uniform laws.
Case law Common law; the collection of legal interpretations made by judges.
precedent Court decision that stands as an example to be followed in future, similar cases
,stare decisis "let the decision stand;"rulings made in higher courts become binding
precedent for lower courts.
Restatements of the Law Summaries of common law rules in a particular area of the law.
Restatements do not carry the weight of law but can be used to guide interpretations of
particular cases.
Administrative law The rules, regulations, orders, and decisions issued by administrative
agencies of government to fill in particular details missing from constitutions ans statutes.
treaty a binding agreement between two states or international organizations.
natural law a school of jurisprudence that recognizes the existence of higher law, or law that
is morally superior to human laws
legal positivism holds that because society requires authority a legal and authoritarian
hierarchy should exist when a law is made, therefore obedience is expected because authority
created it.
identification with the vulnerable the school of jurisprudence of pursuing change on the
grounds that some higher law or body of moral principles connects all of us in the human
community.
legal realism A school of jurisprudence which holds that context must be considered as well
as law. Context includes factors such as economic conditions and social conditions.
cost-benefit analysis a guide to legal change, choosing the alternatives that maximized
benefits and minimized costs
, ethics the study and practice of decisions about what is good, or right.
business ethics Accepted principles ethics to the special problems ans opportunities
governing the conduct of business people.
ethical dilemma Situations that do not have a clear right or wrong answer; complex,
confusing, and frustrating situations
social responsibility of business the expectations that community imposes on firms doing
business inside it borders.
WPH process of ethical decision making Who decision impacts
Purpose of decision
How to make decision (i.e guidelines)
ethical guidelines practical steps that provide a dependable stimulus to ethical reasoning in
a business context.
stakeholders many groups of people affected by the firm's decisions
Value positive abstractions that capture our sense of what is good or desirable
ethical relativism a theory of ethics that denies the existence of objective moral standards.
situational ethics an ethical theory which holds that to evaluate the morality of an action,
we must imagine ourselves in position of person facing the ethical dilemma and then, on that
basis, determine whether that person's action was ethical.
