BUL 4421 Midterm Exam Questions with Correct Answers 100% Verified By Experts| Latest
Update Guaranteed Success
Business law applicable to HR managment agency law, contracts, employment and labor
law, and employment discrimination
Private law Regulates disputes between private individuals or groups, ex. landlord and
tenant
Public law Regulates disputes between individuals and government, ex. dumping in violation
of state or federal environmental laws.
Civil law Delineates the rights and responsibilities implied in relationships between persons
and between persons and their government.
Criminal Law Regulates incidents in which someone commits an act against the public as
whole, such as by conducting insider trading on the stock exchange.
Hierarchy of Laws top to bottom: U.S. Constitution, Federal Statues, State Constitution,
State Statues, Common Law.
Common Law Collection of legal interpretations made by judges and are law unless revoked
by new statuory law
Precedent past decisions in similar cases that guide later decisions thereby providing greater
stability and predictability to the law.
Stare Decisis -when courts rely on precedent, they are obeying the principle of stare decisis (
standing by their decision)
- rulings made in higher courts become binding precedent for lower courts.
,Restatement of the law Summaries of common law rules in a particular area of the law that
have been enacted in most states.
Schools of Jurisprudence
Natural law describes certain ethical laws and principals believed to be morally right and
"above" the laws devised by humans.
Legal Postivism Must abide by duly authorized law, law is distinct from morality.
Historical School Following tradition or custom to shape the law, closely linked with the
doctine of stare decisis.
Legal Realism Judges should consider more than just the law, judges should consider factors
such as social and economic conditions.
Cost Benefit Analysis Law should yield more benefits than it costs, if so resources saved that
can be used to obtain more goods and services.
Business Ethics the application of ethics to the special problems and opportunities
experienced by business people
Business ethics includes (but not limited to) Decision in choosing a method of production,
decisions regarding how to compete with competing firms, social responsibilities of firm.
WPH Framework for Business Ethics Who decision impacts
Purpose of decision
How to make decision (i.e. Guildlines).
, Stakeholders of a firm are the many groups of people affected by the firms decisions,
including but not limited to
-owner/shareholders
-employees
-customers
-management
-community where the firm operates
-future generations
The basic unit of business ethics is value Values are positive notions that capture our sense
of what is good or desirable. we derive ethics from the interplay of values, values represent
understanding of the purposes we will fulfill by making particular decisions.
How do we make ethical business decisions? Golden Rule, Public Disclosure, Universalization
Test
Ethical Realism denies the existence of objective standards, individuals must evaluate
actions based what they feel is best for themselves.
Absolutism individuals must defer to a set of rules to guide them through the ethical
decision making process.
Consequentialism Requires inquiry into the consequences of a decision when addressing
ethical dilemmas.
Utilitarianism Managers should take action that provide the greatest good after having
subtracted harm associated with the action in question
Principle of Rights whether a business decision is ethical depends on how the decision
affects all those involved.
Update Guaranteed Success
Business law applicable to HR managment agency law, contracts, employment and labor
law, and employment discrimination
Private law Regulates disputes between private individuals or groups, ex. landlord and
tenant
Public law Regulates disputes between individuals and government, ex. dumping in violation
of state or federal environmental laws.
Civil law Delineates the rights and responsibilities implied in relationships between persons
and between persons and their government.
Criminal Law Regulates incidents in which someone commits an act against the public as
whole, such as by conducting insider trading on the stock exchange.
Hierarchy of Laws top to bottom: U.S. Constitution, Federal Statues, State Constitution,
State Statues, Common Law.
Common Law Collection of legal interpretations made by judges and are law unless revoked
by new statuory law
Precedent past decisions in similar cases that guide later decisions thereby providing greater
stability and predictability to the law.
Stare Decisis -when courts rely on precedent, they are obeying the principle of stare decisis (
standing by their decision)
- rulings made in higher courts become binding precedent for lower courts.
,Restatement of the law Summaries of common law rules in a particular area of the law that
have been enacted in most states.
Schools of Jurisprudence
Natural law describes certain ethical laws and principals believed to be morally right and
"above" the laws devised by humans.
Legal Postivism Must abide by duly authorized law, law is distinct from morality.
Historical School Following tradition or custom to shape the law, closely linked with the
doctine of stare decisis.
Legal Realism Judges should consider more than just the law, judges should consider factors
such as social and economic conditions.
Cost Benefit Analysis Law should yield more benefits than it costs, if so resources saved that
can be used to obtain more goods and services.
Business Ethics the application of ethics to the special problems and opportunities
experienced by business people
Business ethics includes (but not limited to) Decision in choosing a method of production,
decisions regarding how to compete with competing firms, social responsibilities of firm.
WPH Framework for Business Ethics Who decision impacts
Purpose of decision
How to make decision (i.e. Guildlines).
, Stakeholders of a firm are the many groups of people affected by the firms decisions,
including but not limited to
-owner/shareholders
-employees
-customers
-management
-community where the firm operates
-future generations
The basic unit of business ethics is value Values are positive notions that capture our sense
of what is good or desirable. we derive ethics from the interplay of values, values represent
understanding of the purposes we will fulfill by making particular decisions.
How do we make ethical business decisions? Golden Rule, Public Disclosure, Universalization
Test
Ethical Realism denies the existence of objective standards, individuals must evaluate
actions based what they feel is best for themselves.
Absolutism individuals must defer to a set of rules to guide them through the ethical
decision making process.
Consequentialism Requires inquiry into the consequences of a decision when addressing
ethical dilemmas.
Utilitarianism Managers should take action that provide the greatest good after having
subtracted harm associated with the action in question
Principle of Rights whether a business decision is ethical depends on how the decision
affects all those involved.
