BUSI 561
Legal Issues in Business /Ethical and
Legal Issues in Business Exam
All 176 Questions with Answers
Updated 2026/2027
1. Precedent - ANSWER✔️✔️-A tool used by judges to make rulings on
cases on the basis of key similarities to previous cases
2. Stare decisis - ANSWER✔️✔️-Standing by the decision; a principal
stating that rolls made in higher courts are binding president for lower
courts
3. Restatement of the law - ANSWER✔️✔️-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.
4. Administrative law - ANSWER✔️✔️-The collection of rules and
decisions made by administrative agencies to feel in particular details
missing from constitutions and statutes
5. Natural law - ANSWER✔️✔️-A school of jurisprudence that recognizes
the existence of higher law, or law that is morally superior to human
lives
6. Legal positivism - ANSWER✔️✔️-School of jurisprudence that holds
that because society requires authority, illegal and authoritarian
hierarchy should exist. When a law is made, therefore, obedience is
expected because authority created it
,7. Identification with the vulnerable - ANSWER✔️✔️-A school of
jurisprudence that whole is that society should be fair. Particular
attention is therefore paid to the poor, the ill and the elderly.
8. Historical school - ANSWER✔️✔️-A school of jurisprudence that uses
traditions as the model for future lies and behavior. Also called tradition
or custom
9. Legal realism - ANSWER✔️✔️-A school of jurisprudence that holds that
context must be considered as well as law. Context includes factors such as
economic conditions and social conditions
10.Cost-Benefit Analysis (CBA) - ANSWER✔️✔️-And economic school of
jurisprudence in which all costs and benefits of a law are given monetary
values. Laws with the highest ratios of benefits to costs are then preferable
to those with lower ratio's.
11.Ethics - ANSWER✔️✔️-the study and practice of decisions about what is
good or right
12.Business ethics - ANSWER✔️✔️-The use of ethics and ethical principles to
solve business dilemmas
13.Business Law - ANSWER✔️✔️-The enforceable rules of conduct that
govern the actions of buyers and sellers in market exchanges
14.Law - ANSWER✔️✔️-rules of conduct in any organized society that are
enforced by the governing authority of the community
15.Private law - ANSWER✔️✔️-law that involves suits between private
individuals or groups
16.Public Law - ANSWER✔️✔️-Law that involves suits between private
individuals or groups and their government
17.Civil Law - ANSWER✔️✔️-The body of laws that govern the rights and
responsibilities either between persons or between persons and their
government
, 18.Criminal Law - ANSWER✔️✔️-The body of laws that involve the rights
and responsibilities an individual has with respect to the public as a whole
19.Constitutional law - ANSWER✔️✔️-The general limits and powers of the
government as interpreted from it's written constitution
20.Statutory law - ANSWER✔️✔️-The assortment of rules and regulations put
forth by legislatures
21.Model laws - ANSWER✔️✔️-Laws created to account for the variability of
laws among states. These laws serve to standardize the otherwise different
interstate laws. Also called uniform laws.
22.Case Law - ANSWER✔️✔️-The collection of legal interpretation is made
by judges. They are considered to be law unless otherwise revoked by
statutory law. Also known as common law
23.Ethical dilemma - ANSWER✔️✔️-A question about how one should
behave that requires want to reflect on the advantages and disadvantages of
the optional choices for various stakeholders
24.Social responsibility of business - ANSWER✔️✔️-The expectations that a
community places on the actions of firms inside that communities borders
25.WH approach (to ethical decision making) - ANSWER✔️✔️-A set of
ethical guidelines that urges us to consider whom an action affects, the
purpose of the action, and how we view its morality
26.Ethical guideline - ANSWER✔️✔️-a simple tool that helps determine
whether an action is moral
27.Values - ANSWER✔️✔️-positive abstractions that capture our sense of
what is good and desirable
28.Stakeholders - ANSWER✔️✔️-The groups of people affected by a firm's
decisions
Legal Issues in Business /Ethical and
Legal Issues in Business Exam
All 176 Questions with Answers
Updated 2026/2027
1. Precedent - ANSWER✔️✔️-A tool used by judges to make rulings on
cases on the basis of key similarities to previous cases
2. Stare decisis - ANSWER✔️✔️-Standing by the decision; a principal
stating that rolls made in higher courts are binding president for lower
courts
3. Restatement of the law - ANSWER✔️✔️-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.
4. Administrative law - ANSWER✔️✔️-The collection of rules and
decisions made by administrative agencies to feel in particular details
missing from constitutions and statutes
5. Natural law - ANSWER✔️✔️-A school of jurisprudence that recognizes
the existence of higher law, or law that is morally superior to human
lives
6. Legal positivism - ANSWER✔️✔️-School of jurisprudence that holds
that because society requires authority, illegal and authoritarian
hierarchy should exist. When a law is made, therefore, obedience is
expected because authority created it
,7. Identification with the vulnerable - ANSWER✔️✔️-A school of
jurisprudence that whole is that society should be fair. Particular
attention is therefore paid to the poor, the ill and the elderly.
8. Historical school - ANSWER✔️✔️-A school of jurisprudence that uses
traditions as the model for future lies and behavior. Also called tradition
or custom
9. Legal realism - ANSWER✔️✔️-A school of jurisprudence that holds that
context must be considered as well as law. Context includes factors such as
economic conditions and social conditions
10.Cost-Benefit Analysis (CBA) - ANSWER✔️✔️-And economic school of
jurisprudence in which all costs and benefits of a law are given monetary
values. Laws with the highest ratios of benefits to costs are then preferable
to those with lower ratio's.
11.Ethics - ANSWER✔️✔️-the study and practice of decisions about what is
good or right
12.Business ethics - ANSWER✔️✔️-The use of ethics and ethical principles to
solve business dilemmas
13.Business Law - ANSWER✔️✔️-The enforceable rules of conduct that
govern the actions of buyers and sellers in market exchanges
14.Law - ANSWER✔️✔️-rules of conduct in any organized society that are
enforced by the governing authority of the community
15.Private law - ANSWER✔️✔️-law that involves suits between private
individuals or groups
16.Public Law - ANSWER✔️✔️-Law that involves suits between private
individuals or groups and their government
17.Civil Law - ANSWER✔️✔️-The body of laws that govern the rights and
responsibilities either between persons or between persons and their
government
, 18.Criminal Law - ANSWER✔️✔️-The body of laws that involve the rights
and responsibilities an individual has with respect to the public as a whole
19.Constitutional law - ANSWER✔️✔️-The general limits and powers of the
government as interpreted from it's written constitution
20.Statutory law - ANSWER✔️✔️-The assortment of rules and regulations put
forth by legislatures
21.Model laws - ANSWER✔️✔️-Laws created to account for the variability of
laws among states. These laws serve to standardize the otherwise different
interstate laws. Also called uniform laws.
22.Case Law - ANSWER✔️✔️-The collection of legal interpretation is made
by judges. They are considered to be law unless otherwise revoked by
statutory law. Also known as common law
23.Ethical dilemma - ANSWER✔️✔️-A question about how one should
behave that requires want to reflect on the advantages and disadvantages of
the optional choices for various stakeholders
24.Social responsibility of business - ANSWER✔️✔️-The expectations that a
community places on the actions of firms inside that communities borders
25.WH approach (to ethical decision making) - ANSWER✔️✔️-A set of
ethical guidelines that urges us to consider whom an action affects, the
purpose of the action, and how we view its morality
26.Ethical guideline - ANSWER✔️✔️-a simple tool that helps determine
whether an action is moral
27.Values - ANSWER✔️✔️-positive abstractions that capture our sense of
what is good and desirable
28.Stakeholders - ANSWER✔️✔️-The groups of people affected by a firm's
decisions
