BUL 4421-Midterm FAU Gendler ACTUAL UPDATED QUESTIONS AND CORRECT
ANSWERS
Chapter 1: Introduction to Business Law Chapter 1: Introduction to Business Law
Relevant areas of business law applicable to human 1. Agency law
recourse management involve (4): 2. Contracts
3. Employment and labor laws
4. Employment discrimination
This type of law regulates disputes between private Private law
individuals or groups.
(Ex: dispute between landlord and tenant governed by
private law).
This type of law regulates disputes between private Public law
individuals and government.
(Ex: dumping in violation of state or federal
environmental laws).
, This type of law delineates the rights and responsibilities Civil law
implied in relationship between persons, or between
person and their government.
This type of law regulates incidents in which someone Criminal law
commits an act against the public as a whole, such as by
conducting insider trading on the stock exchange.
- Government is plaintiff
Put these laws in order of Hierarchy of Laws: States - U.S. Constitutions
Statutes, U.S. Constitutions, Common Law, state - Federal Statutes
constitution, and Federal Statutes - State Constitution
- State Statutes
- Common Law
Collection of legal interpretations made by judges, and Common Law (aka Case Law)
are law unless revoked by new statutory law.
Past decisions in similar cases that guide later decisions Precedent
thereby providing greater stability and predictability to
the law.
A principle stating that rulings made in higher courts are Stare Decisis
binding precedent for lower courts. Latin for "standing by
the decision."
1. Summaries of common law rules in a particular area of Restatements of the Law
the law that have been enacted in most states.
2. They do not carry the weight of the law but guide
interpretations of certain principles.
Certain habits of mind and specific beliefs about human Schools of Jurisprudence
nature. Beliefs are deeply rooted within a person's
emotions and habits, and thus they are sure to guide
one's opinions and decisions. Such beliefs may be
commonly held and create much larger schools of
thought thus they are more common guides to legal
interpretation.
ANSWERS
Chapter 1: Introduction to Business Law Chapter 1: Introduction to Business Law
Relevant areas of business law applicable to human 1. Agency law
recourse management involve (4): 2. Contracts
3. Employment and labor laws
4. Employment discrimination
This type of law regulates disputes between private Private law
individuals or groups.
(Ex: dispute between landlord and tenant governed by
private law).
This type of law regulates disputes between private Public law
individuals and government.
(Ex: dumping in violation of state or federal
environmental laws).
, This type of law delineates the rights and responsibilities Civil law
implied in relationship between persons, or between
person and their government.
This type of law regulates incidents in which someone Criminal law
commits an act against the public as a whole, such as by
conducting insider trading on the stock exchange.
- Government is plaintiff
Put these laws in order of Hierarchy of Laws: States - U.S. Constitutions
Statutes, U.S. Constitutions, Common Law, state - Federal Statutes
constitution, and Federal Statutes - State Constitution
- State Statutes
- Common Law
Collection of legal interpretations made by judges, and Common Law (aka Case Law)
are law unless revoked by new statutory law.
Past decisions in similar cases that guide later decisions Precedent
thereby providing greater stability and predictability to
the law.
A principle stating that rulings made in higher courts are Stare Decisis
binding precedent for lower courts. Latin for "standing by
the decision."
1. Summaries of common law rules in a particular area of Restatements of the Law
the law that have been enacted in most states.
2. They do not carry the weight of the law but guide
interpretations of certain principles.
Certain habits of mind and specific beliefs about human Schools of Jurisprudence
nature. Beliefs are deeply rooted within a person's
emotions and habits, and thus they are sure to guide
one's opinions and decisions. Such beliefs may be
commonly held and create much larger schools of
thought thus they are more common guides to legal
interpretation.
