Dynamic Business Law, 6th Edition TEST BANK By Nancy Kubasek, ISBN: 9781260733976, All 52 Chapters Covered, Verified Latest Edition

,Chapter 1 - An Introduction to Dynamic Business Law
QF QF QF QF QF QF QF QF




CHAPTER OVERVIEW QF




Chapter One lays the foundation for the textbook. Make sure you look on the publisher‘s web site for in
QF QF QF QF QF QF QF QF QF QF QF QF QF QF QF QF QF QF


formation about how business law intersects with the six functional areas of business. The authors encou
QF QF QF QF QF QF QF QF QF QF QF QF QF QF QF



rage students to ―connect to the core,‖ and remember the ways in which law intersects with other areas
QF QF QF QF QF QF QF QF QF QF QF QF QF QF QF QF QF QF



of study, including corporate management, production and transportation, marketing, research and develo
QF QF QF QF QF QF QF QF QF QF QF


pment, accounting and finance, and human resource management.
QF QF QF QF QF QF QF




This manual supports the ―connecting to the core‖ theme by giving ideas for assignments that encoura
QF QF QF QF QF QF QF QF QF QF QF QF QF QF QF



ge students to integrate their business law knowledge with knowledge they are acquiring from their other
QF QF QF QF QF QF QF QF QF QF QF QF QF QF QF QF


business classes. The manual also encourages professors to improve their teaching skills. Finally, the man
QF QF QF QF QF QF QF QF QF QF QF QF QF QF



ual suggests teaching ideas for both beginning and experienced teachers.
QF QF QF QF QF QF QF QF QF




LEARNING OBJECTIVES QF




After reading this chapter, students will be able to:
QF QF QF QF QF QF QF QF




1-1 Define business law. QF QF



1-2 Relate the functional areas of business to the relevant areas of business la
QF QF QF QF QF QF QF QF QF QF QF QF



w1-3 Recall the purposes of law.
F
Q QF QF QF QF QF



1-4 Distinguish among types of law. QF QF QF QF



1-5 Differentiate between sources of the law. QF QF QF QF QF



1-6 Identify the various schools of jurisprudence.
QF QF QF QF QF




LECTURE NOTES WITH DEFINITIONS QF QF QF




In the news…
QF QF Teaching tip: For each chapter, consider asking students to relate current new
QF QF QF QF QF QF QF QF QF QF QF


sitems to material from the chapter.
F
Q QF QF QF QF QF




In addition to ideas students come up with on their own, consider weaving
QF QF QF QF QF QF QF QF QF QF QF QF


innews stories provided by the McGraw Hill.
QF F
Q QF QF QF QF QF QF




For Chapter One, McGraw Hill offers the following stories:
QF QF QF QF QF QF QF QF




―Smoking Ban: Tobacco Tyrants: Gone Too Far? Many States Are PuttingStron
QF QF QF QF QF QF QF QF QF QF F
Q



ger Restrictions on Where You Can Smoke‖
QF QF QF QF QF QF




 Have states gone too far in banning smoking? QF QF QF QF QF QF QF

,  Whose interests are state legislatures looking out for in bannings
Q F Q F Q F Q F Q F Q F Q F Q F Q F F
Q


moking?

―College Officer Dealings With Lenders Scrutinized.‖ QF QF QF QF QF




 Should regulators take a more careful look at college officers? QF QF QF QF QF QF QF QF QF




 Why created changes in the ways college officers interact with lenders? QF QF QF QF QF QF QF QF QF QF



1- Business law consists of the enforceable rules of conduct that governc Q F Q F Q F Q F Q F Q F Q F Q F Q F Q F F
Q



1 Define businesslaw ommercial relationships.
Q F Q F F
Q QF



.
1- Business law applies to the six functional areas of business: QF QF QF QF QF QF QF QF QF



2 Relate the functi
QF
 Corporate management
QF QF
QF

onal areas ofbusin
 Production and transportation
QF QF F
Q



ess to the relevant
QF QF QF
QF QF




QFareas of business QF
 Marketing
QF QF



law.  Research and development QF QF




 Accounting and finance QF QF




 Human resource management QF QF



1-  Providing order QF



3 Recall the pur
QF
 Serving as an alternative to fighting
QF QF
QF QF QF QF QF


poses of law.
 Facilitating a sense that change is possible
QF QF
QF QF QF QF QF QF




 Encouraging social justice QF QF




 Guaranteeing personal freedoms QF QF




 Serving as a moral guide QF QF QF QF



1- One way to classify law: QF QF QF QF



4 Distinguish amon
QF
Private law involves disputes between private individuals or groups.
QF
QF QF QF QF QF QF QF QF


g types of law.
QF
Public law involves disputes between private individuals or groups and th
QF QF
QF QF QF QF QF QF QF QF QF QF



eirgovernment. F
Q




A second way to classify law:
QF QF QF QF QF



Civil law involves the rights and responsibilities involved in relationshipsbetwee
QF QF QF QF QF QF QF QF QF F
Q


n persons and between persons and their government.
QF QF QF QF QF QF QF



Criminal law involves incidents in which someone commits an act against the
QF QF QF QF QF QF QF QF QF QF QF F
Q


public as a unit. QF QF QF




Teaching tip: Ask students to give an example of a fact situation that le
QF QF QF QF QF QF QF QF QF QF QF QF QF


d toboth criminal and civil lawsuits, e.g., the O.J. Simpson trials.
QF F
Q QF QF QF QF QF QF QF QF QF




1- Sources of business law are:
QF QF QF QF



5 Differentiate bet
QF QF
1. Constitutions
ween sources ofthe
QF QF F
Q
Constitutional law refers to the general limits and powers of governments
QF QF QF QF QF QF QF QF QF QF QF

law.
QF
asstated in their written constitutions.
F
Q QF QF QF QF



2. Statutes or legislative actions QF QF QF



3. Cases
Case law (or common law) is the collection of legal interpretations made
QF Q F QF QF QF QF QF QF QF QF QF Q



Fbyjudges.
F
Q



Stare decisis means courts are relying on precedent.
QF QF QF QF QF QF QF




Teaching tip: The first time your students encounter an appellate case in
QF QF QF QF QF QF QF QF QF QF QF Q


the
F

, readings, show them what stare decisis looks like in the context of a real case.
QF QF QF QF QF QF QF QF QF QF QF QF QF QF




4. Administrative law QF



Administrative law is the collection of rules and decisions made bya
Q F Q F Q F Q F Q F Q F Q F Q F Q F Q F F
Q


dministrative agencies. QF



5. Treaties
A treaty is a binding agreement between two states or international
Q F Q F Q F Q F Q F Q F Q F Q F Q F Q F F
Q


organizations.
6. Executive orders
Q F QF



An executive order is a directive that comes from the president or stategover
QF QF QF QF QF QF QF QF QF QF QF QF F
Q



nor.
1- Schools of jurisprudence are common guides to legal interpretation.
QF QF QF QF QF QF QF QF



6 Identify the vari
QF QF QF
 Natural law—certain ethical laws and principles are morally right and
QF QF QF QF QF QF QF QF QF

ous schools ofjuri
QF QF F
Q
―above‖ the laws devised by humans. QF QF QF QF QF

sprudence.
 Legal Positivism— Q F


assumes the legitimate political authority deservesour obedience whe
Q F Q F Q F Q F Q F F
Q QF QF



n it issues a rule. QF QF QF QF




 Identification with the Vulnerable— QF QF QF


emphasis on fairness and lookingout for those with the least power.
QF QF QF QF F
Q QF QF QF QF QF QF




 Historical School/Tradition—emphasis on the use of stare decisis. QF QF QF QF QF QF QF




 Legal Realism—judges consider social and economic conditions.
QF QF QF QF QF QF




 Cost-benefit Analysis— QF


make calculations to maximize the ratio ofbenefits to costs.
QF QF QF QF QF QF F
Q QF QF




Teaching tip: Consider using ―The Case of the Speluncean Explorers (lin
QFQF QFQF QFQF QFQF QFQF QFQF QFQF QFQF QFQF QFQF


k below) to make the schools of jurisprudence come alive.
QF QF QF QF QF QF QF QF QF



Global and Com
QF QF At this point in the textbook, students should merely have an awareness that gl
QF QF QF QF QF QF QF QF QF QF QF QF QF



parative Law QF obalization has affected the scope of business law. Consequently, we highlight
QF QF QF QF QF QF QF QF Q F QF


the definitions to the following key terms that will come up later in the boo
QF QF QF QF QF QF QF QF QF Q F QF QF QF QF QF



k:

 Trade, i.e. the exchange of goods or services, on a global scale has
QF QF QF QF QF QF QF QF QF QF QF QF QF


ledto the creation of trade agreements that serve as de facto rules gover
F
Q QF QF QF QF QF QF QF QF QF QF QF QF


ningthe global business environment.
F
Q QF QF QF




 Comparative law— QF


the field of law that studies and compares laws in different countries.
QF QF QF QF QF QF QF QF QF QF QF




Appendix on Critical QF QF F
Q Critical thinking includes the application of evaluative standards to assess the q
QF QF QF QF QF QF QF QF QF QF QF



Thinking and Busine QF QF uality or the reasoning being offered to support the conclusion. Critical thinker
QF QF QF QF QF QF QF QF QF QF QF


ss s will follow this pattern of careful thinking when they read an argument:
QF QF QF QF QF QF QF QF QF QF Q F QF



1. Find the facts. QF QF



2. Look for the issue. QF QF QF



3. Identify the judge‘s reasons and conclusion.
QF QF QF QF QF



4. Locate in the decision the rules of law that govern the judge‘s reasoning.
QF QF QF QF QF QF QF QF QF QF QF QF



5. Apply critical thinking to the reasoning. Evaluate the reasoning.
QF QF QF QF QF QF QF QF




 Look for potential ambiguity. QF QF QF




 Consider the strength of analogies. QF QF QF QF