BUL 4421 Midterm Exam 2024 Questions And Answers 100% Correct!

BUL 4421 Midterm Exam 2024 Questions And Answers 100% Correct! BUL 4421 Midterm Exam 2024 Questions And Answers 100% Correct! Business law applicable to HR managment - ANSWERSagency law, contracts, employment and labor law, and employment discrimination Private law - ANSWERSRegulates disputes between private individuals or groups, ex. landlord and tenant Public law - ANSWERSRegulates disputes between individuals and government, ex. dumping in violation of state or federal environmental laws. Civil law - ANSWERSDelineates the rights and responsibilities implied in relationships between persons and between persons and their government. Criminal Law - ANSWERSRegulates 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 - ANSWERStop to bottom: U.S. Constitution, Federal Statues, State Constitution, State Statues, Common Law. Common Law - ANSWERSCollection of legal interpretations made by judges and are law unless revoked by new statuory law Precedent - ANSWERSpast decisions in similar cases that guide later decisions thereby providing greater stability and predictability to the law. Stare Decisis - ANSWERS-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 - ANSWERSSummaries of common law rules in a particular area of the law that have been enacted in most states. Schools of Jurisprudence - ANSWERS Natural law - ANSWERSdescribes certain ethical laws and principals believed to be morally right and "above" the laws devised by humans. Legal Postivism - ANSWERSMust abide by duly authorized law, law is distinct from morality. Historical School - ANSWERSFollowing tradition or custom to shape the law, closely linked with the doctine of stare decisis. Legal Realism - ANSWERSJudges should consider more than just the law, judges should consider factors such as social and economic conditions. Cost Benefit Analysis - ANSWERSLaw should yield more benefits than it costs, if so resources saved that can be used to obtain more goods and services. Business Ethics - ANSWERSthe application of ethics to the special problems and opportunities experienced by business people