BUL 4421 Midterm Review Questions with Correct Answers 100% Verified By Experts| Latest
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Business Law Enforceable rules of conduct on commercial relationships.
Public Law Controls disputes between private individuals/groups and their government.
Private Law Regulates disputes between private individuals/groups.
Case Law Legal interpretations made by judges, which are law unless revoked by new
statutory law.
Constitutions and Statutes Legal frameworks that do not cover all detailed rules between
government and business.
Civil Law Body of law governing rights and responsibilities between persons and
government.
Criminal Law Classification of law involving rights and responsibilities of individuals with
respect to the public.
Natural Law Legal philosophy that includes principles like those in the Declaration of
Independence.
Legal Positivism Philosophy that emphasizes following the law rather than moral codes.
Historical School of Jurisprudence Legal philosophy that emphasizes tradition.
Legal Realism Legal philosophy that considers social and economic factors in legal matters.
, Cost-Benefit Analysis Evaluation method that weighs the benefits of an action against its
costs.
Ethics Guidelines or standards for behavior, with no definitive right or wrong answers in
ethical dilemmas.
Ultimate Duty Primary obligation to shareholders, with additional duties driven by profit
motives towards customers, community, and employees.
Ethical Firewalls Mechanisms like anti-nepotism rules and corporate policies to prevent
conflicts of interest.
Original Jurisdiction Power to hear and decide new cases within a legal system.
Appellate Jurisdiction Power to review previous judicial decisions for trial errors.
In Personam Power to render decisions regarding a person before the court.
In Rem Power to render decisions regarding specific property before the court.
Subject-Matter Jurisdiction Power to hear specific types of cases.
Federal Jurisdiction Jurisdiction over admiralty, bankruptcy, federal criminal prosecutions,
and other federal matters.
Standing Legal right to bring a lawsuit.
Update Guaranteed Success
Business Law Enforceable rules of conduct on commercial relationships.
Public Law Controls disputes between private individuals/groups and their government.
Private Law Regulates disputes between private individuals/groups.
Case Law Legal interpretations made by judges, which are law unless revoked by new
statutory law.
Constitutions and Statutes Legal frameworks that do not cover all detailed rules between
government and business.
Civil Law Body of law governing rights and responsibilities between persons and
government.
Criminal Law Classification of law involving rights and responsibilities of individuals with
respect to the public.
Natural Law Legal philosophy that includes principles like those in the Declaration of
Independence.
Legal Positivism Philosophy that emphasizes following the law rather than moral codes.
Historical School of Jurisprudence Legal philosophy that emphasizes tradition.
Legal Realism Legal philosophy that considers social and economic factors in legal matters.
, Cost-Benefit Analysis Evaluation method that weighs the benefits of an action against its
costs.
Ethics Guidelines or standards for behavior, with no definitive right or wrong answers in
ethical dilemmas.
Ultimate Duty Primary obligation to shareholders, with additional duties driven by profit
motives towards customers, community, and employees.
Ethical Firewalls Mechanisms like anti-nepotism rules and corporate policies to prevent
conflicts of interest.
Original Jurisdiction Power to hear and decide new cases within a legal system.
Appellate Jurisdiction Power to review previous judicial decisions for trial errors.
In Personam Power to render decisions regarding a person before the court.
In Rem Power to render decisions regarding specific property before the court.
Subject-Matter Jurisdiction Power to hear specific types of cases.
Federal Jurisdiction Jurisdiction over admiralty, bankruptcy, federal criminal prosecutions,
and other federal matters.
Standing Legal right to bring a lawsuit.
