BUL 4421 - Midterm Review Chapters 1-
5, 7-9, 12 Comprehensive Questions
(Frequently Tested) with Verified
Answers Graded A+
Relevant areas of business law applicable to human resource management involve - Answer:
Agency law, Contracts, Employment and labor law, and Employment discrimination
Private law - Answer: Regulates disputes between private individuals or groups
In example: dispute between landlord and tenant governed by private law
Public law - Answer: Regulates disputes between private individuals & government
In Example: Dumping in violation of state of federal environment laws
Civil Law - Answer: Delineates the rights and responsibilities implied in relationships between
persons and between persons and their government
Criminal law - Answer: Regulates incidents in which someone commits an act against the public,
such as by conducting insider trading on the stock exchange.
Hierarchy of laws - Answer: U.S. constitution
Federal statutes
State statutes
Common law
Common Law - Answer: Collection of legal interpretations made by judges, and are law unless
revoked by new statutory law
,Precedent - Answer: past decisions in similar cases that guide later decisions thereby providing
greater stability and predictability to the law
Stare Decisis - Answer: when courts rely on precedent, they are obeying the principle of stare
decisis ("standing by their decision"), in which rulings made in higher courts become binding
precedent for lower courts
Restatement of the law - Answer: summaries of common law rules in a particular area of the
law that have been enacted in most states
Schools of Jurisprudence - Answer: Natural Law
Legal Positivism
Identification with the Vulnerable
Historical School
Legal Realism
Cost-Benefit Analysis
Natural Law - Answer: describes certain ethical laws and principals believed to be morally right
and "above" the laws devised by humans
Legal positivism - Answer: sees our proper role as obedience to duly authorized law, and law is
distinct from morality
Identification with the Vulnerable - Answer: some higher law connects all of us, linked to the
pursuit of fairness E.g., Minimum wage laws
Which school jurisdiction is closely linked with the doctrine Stare Decisis? - Answer: Historical
School
, Historical School - Answer: following tradition or custom to shape the law, closely linked with
the doctrine of stare decisis
Legal Realism - Answer: judges should consider more than just the law; consider factors such as
social and economic conditions
Cost Benefit Analysis - Answer: if law yields more benefits than costs then we saved resources
we can use to obtain more goods and services
Business Ethics - Answer: The application of ethics to the special problems and opportunities
experienced by business people. the legality of the decision in choosing a method of
production, how to compete with competing firms, and the social responsibilities of the firm is
the minimal standard that must be met
WPH Framework for Business Ethics - Answer: 1.* Who* the decision impacts (stakeholders)
2. *Purpose* of the decisions
3. *How* to make the decisions (i.e. guidelines)
Stakeholders - Answer: the many groups of people affected by the firm's decisions, including but
not limited to:
Owners or shareholder
Employees
Customers
Management
The general community where the firm operates
Future generations
5, 7-9, 12 Comprehensive Questions
(Frequently Tested) with Verified
Answers Graded A+
Relevant areas of business law applicable to human resource management involve - Answer:
Agency law, Contracts, Employment and labor law, and Employment discrimination
Private law - Answer: Regulates disputes between private individuals or groups
In example: dispute between landlord and tenant governed by private law
Public law - Answer: Regulates disputes between private individuals & government
In Example: Dumping in violation of state of federal environment laws
Civil Law - Answer: Delineates the rights and responsibilities implied in relationships between
persons and between persons and their government
Criminal law - Answer: Regulates incidents in which someone commits an act against the public,
such as by conducting insider trading on the stock exchange.
Hierarchy of laws - Answer: U.S. constitution
Federal statutes
State statutes
Common law
Common Law - Answer: Collection of legal interpretations made by judges, and are law unless
revoked by new statutory law
,Precedent - Answer: past decisions in similar cases that guide later decisions thereby providing
greater stability and predictability to the law
Stare Decisis - Answer: when courts rely on precedent, they are obeying the principle of stare
decisis ("standing by their decision"), in which rulings made in higher courts become binding
precedent for lower courts
Restatement of the law - Answer: summaries of common law rules in a particular area of the
law that have been enacted in most states
Schools of Jurisprudence - Answer: Natural Law
Legal Positivism
Identification with the Vulnerable
Historical School
Legal Realism
Cost-Benefit Analysis
Natural Law - Answer: describes certain ethical laws and principals believed to be morally right
and "above" the laws devised by humans
Legal positivism - Answer: sees our proper role as obedience to duly authorized law, and law is
distinct from morality
Identification with the Vulnerable - Answer: some higher law connects all of us, linked to the
pursuit of fairness E.g., Minimum wage laws
Which school jurisdiction is closely linked with the doctrine Stare Decisis? - Answer: Historical
School
, Historical School - Answer: following tradition or custom to shape the law, closely linked with
the doctrine of stare decisis
Legal Realism - Answer: judges should consider more than just the law; consider factors such as
social and economic conditions
Cost Benefit Analysis - Answer: if law yields more benefits than costs then we saved resources
we can use to obtain more goods and services
Business Ethics - Answer: The application of ethics to the special problems and opportunities
experienced by business people. the legality of the decision in choosing a method of
production, how to compete with competing firms, and the social responsibilities of the firm is
the minimal standard that must be met
WPH Framework for Business Ethics - Answer: 1.* Who* the decision impacts (stakeholders)
2. *Purpose* of the decisions
3. *How* to make the decisions (i.e. guidelines)
Stakeholders - Answer: the many groups of people affected by the firm's decisions, including but
not limited to:
Owners or shareholder
Employees
Customers
Management
The general community where the firm operates
Future generations
