BUL 4421 Gendler Midterm Review FAU
with correct answers 100% 2026
Relevant areas of business law - Correct Answers 1. Agency Law
2. Contracts
3. Employment and Labor Law
4. Employment Discrimination
Relevant areas of business law are applicable to - Correct Answers Human Resource
Management
Private Law - Correct Answers Regulates disputes between private individuals or groups
Public Law - Correct Answers Regulates disputes between private individuals and government
Civil Law - Correct Answers Delineates the rights and responsibilities implied in relationships
between persons and between persons and their government
Criminal Law - Correct Answers Regulates incidents which someone commits an act against the
public as a whole
Hierarchy of Laws - Correct Answers 1. US Constitution
2. Federal Statutes
3. State Constitution
4. State Statutes
5. Common Law
,Common Law - Correct Answers Collection of legal interpretations made by judges, and are law
unless revoked by new statutory law
Precedent - Correct Answers Past decisions in similar cases that guide later decisions thereby
providing greater stability and predictability to the law
Stare Decisis - Correct Answers In which rulings made in higher courts become binding
precedent for lower courts
"Standing by their decision" - Correct Answers Stare Decisis
When courts rely on precedent, they are obeying the principle of - Correct Answers Stare Decisis
Restatement of the Law - Correct Answers Summaries of common law rules in a particular area
of the law that have been enacted in most states
Schools of Jurisprudence - Correct Answers Natural Law, Legal Positivism, Historical School,
Legal Realism and Cost Benefit Analysis
Natural Law - Correct Answers Describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans
Legal Positivism - Correct Answers Sees our proper role as obedience to duly authorized law,
and the law is distinct from morality
Historical School - Correct Answers Following tradition or custom to shape the law, closely
linked with the doctrine of stare decisis
, Legal Realism - Correct Answers Judges should consider more than just the law; consider factors
such as social and economic conditions
Cost Benefit Analysis - Correct Answers If law yields more benefits than costs then we saved
resources we can use to obtain more goods and services
Business Ethics - Correct Answers The application of ethics to the special problems and
opportunities experienced by business people
Minimal Standards for firms to be ethical - Correct Answers - 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 - Correct Answers - 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 - Correct Answers Who, Purpose
and How
Stakeholders - Correct Answers The many groups of people affected by the firm's decisions
Who are stakeholders of a firm? - Correct Answers - Owners or shareholders
- Employees
- Customers
- Management
with correct answers 100% 2026
Relevant areas of business law - Correct Answers 1. Agency Law
2. Contracts
3. Employment and Labor Law
4. Employment Discrimination
Relevant areas of business law are applicable to - Correct Answers Human Resource
Management
Private Law - Correct Answers Regulates disputes between private individuals or groups
Public Law - Correct Answers Regulates disputes between private individuals and government
Civil Law - Correct Answers Delineates the rights and responsibilities implied in relationships
between persons and between persons and their government
Criminal Law - Correct Answers Regulates incidents which someone commits an act against the
public as a whole
Hierarchy of Laws - Correct Answers 1. US Constitution
2. Federal Statutes
3. State Constitution
4. State Statutes
5. Common Law
,Common Law - Correct Answers Collection of legal interpretations made by judges, and are law
unless revoked by new statutory law
Precedent - Correct Answers Past decisions in similar cases that guide later decisions thereby
providing greater stability and predictability to the law
Stare Decisis - Correct Answers In which rulings made in higher courts become binding
precedent for lower courts
"Standing by their decision" - Correct Answers Stare Decisis
When courts rely on precedent, they are obeying the principle of - Correct Answers Stare Decisis
Restatement of the Law - Correct Answers Summaries of common law rules in a particular area
of the law that have been enacted in most states
Schools of Jurisprudence - Correct Answers Natural Law, Legal Positivism, Historical School,
Legal Realism and Cost Benefit Analysis
Natural Law - Correct Answers Describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans
Legal Positivism - Correct Answers Sees our proper role as obedience to duly authorized law,
and the law is distinct from morality
Historical School - Correct Answers Following tradition or custom to shape the law, closely
linked with the doctrine of stare decisis
, Legal Realism - Correct Answers Judges should consider more than just the law; consider factors
such as social and economic conditions
Cost Benefit Analysis - Correct Answers If law yields more benefits than costs then we saved
resources we can use to obtain more goods and services
Business Ethics - Correct Answers The application of ethics to the special problems and
opportunities experienced by business people
Minimal Standards for firms to be ethical - Correct Answers - 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 - Correct Answers - 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 - Correct Answers Who, Purpose
and How
Stakeholders - Correct Answers The many groups of people affected by the firm's decisions
Who are stakeholders of a firm? - Correct Answers - Owners or shareholders
- Employees
- Customers
- Management
