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