BUL 4421 Midterm Exam | FAU Gendler Business Law Study Guide & Practice
Relevant areas of business law - (answer)1. Agency Law
2. Contracts
3. Employment and Labor Law
4. Employment Discrimination
Relevant areas of business law are applicable to - (answer)Human Resource Management
Private Law - (answer)Regulates disputes between private individuals or groups
Public Law - (answer)Regulates disputes between private individuals and government
Civil Law - (answer)Delineates the rights and responsibilities implied in relationships between persons
and between persons and their government
Criminal Law - (answer)Regulates incidents which someone commits an act against the public as a whole
Hierarchy of Laws - (answer)1. US Constitution
2. Federal Statutes
3. State Constitution
4. State Statutes
5. Common Law
Common Law - (answer)Collection of legal interpretations made by judges, and are law unless revoked
by new statutory law
Precedent - (answer)Past decisions in similar cases that guide later decisions thereby providing greater
stability and predictability to the law
,BUL 4421 Midterm Exam | FAU Gendler Business Law Study Guide & Practice
Stare Decisis - (answer)In which rulings made in higher courts become binding precedent for lower
courts
"Standing by their decision" - (answer)Stare Decisis
When courts rely on precedent, they are obeying the principle of - (answer)Stare Decisis
Restatement of the Law - (answer)Summaries of common law rules in a particular area of the law that
have been enacted in most states
Schools of Jurisprudence - (answer)Natural Law, Legal Positivism, Historical School, Legal Realism and
Cost Benefit Analysis
Natural Law - (answer)Describes certain ethical laws and principles believed to be morally right and
"above" the laws devised by humans
Legal Positivism - (answer)Sees our proper role as obedience to duly authorized law, and the law is
distinct from morality
Historical School - (answer)Following tradition or custom to shape the law, closely linked with the
doctrine of stare decisis
Legal Realism - (answer)Judges should consider more than just the law; consider factors such as social
and economic conditions
Cost Benefit Analysis - (answer)If law yields more benefits than costs then we saved resources we can
use to obtain more goods and services
Business Ethics - (answer)The application of ethics to the special problems and opportunities
experienced by business people
, BUL 4421 Midterm Exam | FAU Gendler Business Law Study Guide & Practice
Minimal Standards for firms to be ethical - (answer)- The legality of the decision in choosing a method of
production
- How to compete with competing firms
- Social responsibilities of the firm
WPH Framework for Business Ethics - (answer)- Who would this decision affect?
- What is the Purpose of the decision?
- What are the guidelines on How to make the decision?
The "WPH" in WPH Framework for Business Ethics stands for - (answer)Who, Purpose and How
Stakeholders - (answer)The many groups of people affected by the firm's decisions
Who are stakeholders of a firm? - (answer)- Owners or shareholders
- Employees
- Customers
- Management
- The general community where the firm operates
- Future generations
When we think about the ultimate reason or purpose for why we make decisions in a business firm, we
turn to the basic unit of business ethics, which is - (answer)Values
Values - (answer)Positive abstractions/notions that capture our sense of what is good or desirable
Values are _____ that underlie conversations about business ethics - (answer)Ideas
We derive our ethics from the - (answer)Interplay of values
Relevant areas of business law - (answer)1. Agency Law
2. Contracts
3. Employment and Labor Law
4. Employment Discrimination
Relevant areas of business law are applicable to - (answer)Human Resource Management
Private Law - (answer)Regulates disputes between private individuals or groups
Public Law - (answer)Regulates disputes between private individuals and government
Civil Law - (answer)Delineates the rights and responsibilities implied in relationships between persons
and between persons and their government
Criminal Law - (answer)Regulates incidents which someone commits an act against the public as a whole
Hierarchy of Laws - (answer)1. US Constitution
2. Federal Statutes
3. State Constitution
4. State Statutes
5. Common Law
Common Law - (answer)Collection of legal interpretations made by judges, and are law unless revoked
by new statutory law
Precedent - (answer)Past decisions in similar cases that guide later decisions thereby providing greater
stability and predictability to the law
,BUL 4421 Midterm Exam | FAU Gendler Business Law Study Guide & Practice
Stare Decisis - (answer)In which rulings made in higher courts become binding precedent for lower
courts
"Standing by their decision" - (answer)Stare Decisis
When courts rely on precedent, they are obeying the principle of - (answer)Stare Decisis
Restatement of the Law - (answer)Summaries of common law rules in a particular area of the law that
have been enacted in most states
Schools of Jurisprudence - (answer)Natural Law, Legal Positivism, Historical School, Legal Realism and
Cost Benefit Analysis
Natural Law - (answer)Describes certain ethical laws and principles believed to be morally right and
"above" the laws devised by humans
Legal Positivism - (answer)Sees our proper role as obedience to duly authorized law, and the law is
distinct from morality
Historical School - (answer)Following tradition or custom to shape the law, closely linked with the
doctrine of stare decisis
Legal Realism - (answer)Judges should consider more than just the law; consider factors such as social
and economic conditions
Cost Benefit Analysis - (answer)If law yields more benefits than costs then we saved resources we can
use to obtain more goods and services
Business Ethics - (answer)The application of ethics to the special problems and opportunities
experienced by business people
, BUL 4421 Midterm Exam | FAU Gendler Business Law Study Guide & Practice
Minimal Standards for firms to be ethical - (answer)- The legality of the decision in choosing a method of
production
- How to compete with competing firms
- Social responsibilities of the firm
WPH Framework for Business Ethics - (answer)- Who would this decision affect?
- What is the Purpose of the decision?
- What are the guidelines on How to make the decision?
The "WPH" in WPH Framework for Business Ethics stands for - (answer)Who, Purpose and How
Stakeholders - (answer)The many groups of people affected by the firm's decisions
Who are stakeholders of a firm? - (answer)- Owners or shareholders
- Employees
- Customers
- Management
- The general community where the firm operates
- Future generations
When we think about the ultimate reason or purpose for why we make decisions in a business firm, we
turn to the basic unit of business ethics, which is - (answer)Values
Values - (answer)Positive abstractions/notions that capture our sense of what is good or desirable
Values are _____ that underlie conversations about business ethics - (answer)Ideas
We derive our ethics from the - (answer)Interplay of values
