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