Business Law Exam 1
·An individual who proposes that legal rules are unnecessary and are used as an obstacle by
the powerful to maintain the status quo would be following which classical legal philosophy? -
ANS -critical legal studies school
· An individual who proposes that the law is shaped by logic would be following which classical
legal philosophy? - ANS -analytical school
· The original law courts in England could grant which type of remedy - ANS -monetary awards
exclusively
· Which state in the US has civil law as opposed to common law? - ANS -Louisiana
· The president with advice and consent of 2/3 of the Senate can enter into a treaty. Does the
House of Representatives also have to vote to accept the treaty? - ANS -no
· What are the branches of federal government created by the Constitution - ANS -legislative,
executive, and judicial
The doctrine of Stare Decisis is based on what type of law system tradition that past Court
decisions become precedents for future cases...common or civil? - ANS -common law
·Which statement would be true about how a bill becomes law - ANS -if the president signs a
bill, it becomes law
·What are some characteristics of the civil law legal system - ANS -doesn't follow the principle
of Stare Decisis
looks at the Constitution, legislation, and the codes or statutes to interpret the law and decide a
case.
·Kohlberg observed that people progress through stages of moral development based on what
two major variables? - ANS -age and education
· What does moral philosophy describe? - ANS -What to be, more content
· What does moral psychology describe? - ANS -How people facing moral quandaries think,
view, and act, more structure
, Utilitarianism is the greatest good to - ANS -society
·What term best describes Rawls's Social Justice Theory? - ANS -Principles of fairness and
justice chosen under a veil of ignorance
Under Rawls's Social Justice theory, the principles of justice such as the laws of equal
opportunity and employment should be promulgated by the individuals they believe have been
treated fairly in the past.
o Who should be the group/person that promulgates the law? - ANS -People who would not yet
know if they're in a favored class
Does Section 406 of the Sarbanes-Oxley Act require both public and private companies to
disclose whether it has developed a code of ethics for senior financial officers? - ANS -no just
public
· One theory of the social responsibility of business is that the business should maximize profits
of its shareholders in the interest of other constituencies such as employees, suppliers, and
residence of the communities in which the business is located are not important in and of
themselves. Does the case of Dodge vs Ford and the theory of economist Morton Freeman
support this theory. - ANS -yes
True or False-public benefit corporation a for-profit corporation with missions additional to the
pure profit motives - ANS -true
Are U.S. district courts federal courts system's trial courts of general jurisdiction - ANS -yes
·· Article 3 of the Constitution provides that the federal government's judicial power shall be
invested in one Supreme court and other inferior courts. Who establishes the other inferior
courts? - ANS -Congress
· Special federal courts include...
o U.S. tax court
o U.S. bankruptcy court
o U.S. court of international trade
o 1, 2 or all 3? - ANS -all 3
Supreme Court judges receive lifetime appointments by the President with advice and consent
of the Senate...true or false? - ANS -true
·How many of the 9 Supreme Court judges would have to vote for a case to be heard? (writ of
certiorari) - ANS -4
· What kind of cases does the jurisdiction of federal courts have exclusive jurisdiction over?
o Bankruptcy cases
·An individual who proposes that legal rules are unnecessary and are used as an obstacle by
the powerful to maintain the status quo would be following which classical legal philosophy? -
ANS -critical legal studies school
· An individual who proposes that the law is shaped by logic would be following which classical
legal philosophy? - ANS -analytical school
· The original law courts in England could grant which type of remedy - ANS -monetary awards
exclusively
· Which state in the US has civil law as opposed to common law? - ANS -Louisiana
· The president with advice and consent of 2/3 of the Senate can enter into a treaty. Does the
House of Representatives also have to vote to accept the treaty? - ANS -no
· What are the branches of federal government created by the Constitution - ANS -legislative,
executive, and judicial
The doctrine of Stare Decisis is based on what type of law system tradition that past Court
decisions become precedents for future cases...common or civil? - ANS -common law
·Which statement would be true about how a bill becomes law - ANS -if the president signs a
bill, it becomes law
·What are some characteristics of the civil law legal system - ANS -doesn't follow the principle
of Stare Decisis
looks at the Constitution, legislation, and the codes or statutes to interpret the law and decide a
case.
·Kohlberg observed that people progress through stages of moral development based on what
two major variables? - ANS -age and education
· What does moral philosophy describe? - ANS -What to be, more content
· What does moral psychology describe? - ANS -How people facing moral quandaries think,
view, and act, more structure
, Utilitarianism is the greatest good to - ANS -society
·What term best describes Rawls's Social Justice Theory? - ANS -Principles of fairness and
justice chosen under a veil of ignorance
Under Rawls's Social Justice theory, the principles of justice such as the laws of equal
opportunity and employment should be promulgated by the individuals they believe have been
treated fairly in the past.
o Who should be the group/person that promulgates the law? - ANS -People who would not yet
know if they're in a favored class
Does Section 406 of the Sarbanes-Oxley Act require both public and private companies to
disclose whether it has developed a code of ethics for senior financial officers? - ANS -no just
public
· One theory of the social responsibility of business is that the business should maximize profits
of its shareholders in the interest of other constituencies such as employees, suppliers, and
residence of the communities in which the business is located are not important in and of
themselves. Does the case of Dodge vs Ford and the theory of economist Morton Freeman
support this theory. - ANS -yes
True or False-public benefit corporation a for-profit corporation with missions additional to the
pure profit motives - ANS -true
Are U.S. district courts federal courts system's trial courts of general jurisdiction - ANS -yes
·· Article 3 of the Constitution provides that the federal government's judicial power shall be
invested in one Supreme court and other inferior courts. Who establishes the other inferior
courts? - ANS -Congress
· Special federal courts include...
o U.S. tax court
o U.S. bankruptcy court
o U.S. court of international trade
o 1, 2 or all 3? - ANS -all 3
Supreme Court judges receive lifetime appointments by the President with advice and consent
of the Senate...true or false? - ANS -true
·How many of the 9 Supreme Court judges would have to vote for a case to be heard? (writ of
certiorari) - ANS -4
· What kind of cases does the jurisdiction of federal courts have exclusive jurisdiction over?
o Bankruptcy cases
