BUL 4421-Midterm FAU Gendler exam with
|\ |\ |\ |\ |\ |\
answers
Chapter 1: Introduction to Business Law
|\ |\ |\ |\ |\ |
Relevant areas of business law applicable to human recourse
|\ |\ |\ |\ |\ |\ |\ |\ |\
management involve (4): - CORRECT ANSWERS ✔✔1. Agency law |\ |\ |\ |\ |\ |\ |\ |\
2. Contracts
|\
3. Employment and labor laws
|\ |\ |\ |\
4. Employment discrimination
|\ |\
This type of law regulates disputes between private individuals or
|\ |\ |\ |\ |\ |\ |\ |\ |\
groups.
|\
(Ex: dispute between landlord and tenant governed by private
|\ |\ |\ |\ |\ |\ |\ |\ |\
law). - CORRECT ANSWERS ✔✔Private law
|\ |\ |\ |\ |\
This type of law regulates disputes between private individuals
|\ |\ |\ |\ |\ |\ |\ |\ |\
and government.|\
(Ex: dumping in violation of state or federal environmental laws).
|\ |\ |\ |\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔Public law
|\ |\ |\ |\ |\
This type of law delineates the rights and responsibilities implied
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
in relationship between persons, or between person and their
|\ |\ |\ |\ |\ |\ |\ |\ |\
government. - CORRECT ANSWERS ✔✔Civil law |\ |\ |\ |\ |\
,This type of law regulates incidents in which someone commits
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
an act against the public as a whole, such as by conducting
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
insider trading on the stock exchange.
|\ |\ |\ |\ |\
- Government is plaintiff - CORRECT ANSWERS ✔✔Criminal law
|\ |\ |\ |\ |\ |\ |\ |\
Put these laws in order of Hierarchy of Laws: States Statutes, U.S.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Constitutions, Common Law, state constitution, and Federal
|\ |\ |\ |\ |\ |\ |\ |\
Statutes - CORRECT ANSWERS ✔✔- U.S. Constitutions
|\ |\ |\ |\ |\ |\
- Federal Statutes
|\ |\
- State Constitution
|\ |\
- State Statutes
|\ |\
- Common Law
|\ |\
Collection of legal interpretations made by judges, and are law
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
unless revoked by new statutory law. - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Common Law (aka Case Law) |\ |\ |\ |\
Past decisions in similar cases that guide later decisions thereby
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
providing greater stability and predictability to the law. -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Precedent |\ |\
A principle stating that rulings made in higher courts are binding
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
precedent for lower courts. Latin for "standing by the decision." -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Stare Decisis |\ |\ |\
1. Summaries of common law rules in a particular area of the law
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
that have been enacted in most states.
|\ |\ |\ |\ |\ |\ |\
,2. They do not carry the weight of the law but guide
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
interpretations of certain principles. - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\
✔✔Restatements of the Law |\ |\ |\
Certain habits of mind and specific beliefs about human nature.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Beliefs are deeply rooted within a person's emotions and habits,
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and thus they are sure to guide one's opinions and decisions.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Such beliefs may be commonly held and create much larger
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
schools of thought thus they are more common guides to legal
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
interpretation. - CORRECT ANSWERS ✔✔Schools of Jurisprudence |\ |\ |\ |\ |\ |\
Name the (5) Schools of Jurisprudence: *CH*i*LL*i*N* - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔1. Cost benefit analysis |\ |\ |\ |\
2. Historical School
|\ |\
3. Legal Positivism
|\ |\
4. Legal Realism
|\ |\
5. Natural Law
|\ |\
The school of jurisprudence that recognizes the existence of
|\ |\ |\ |\ |\ |\ |\ |\ |\
higher law, or law that is morally superior to human laws. -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Natural Law |\ |\ |\
The school of jurisprudence which holds that because society
|\ |\ |\ |\ |\ |\ |\ |\ |\
requires authority, a legal and authoritative hierarchy should
|\ |\ |\ |\ |\ |\ |\ |\
exist. When a law is made, therefore, *obedience is expected
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
because authority created it.* |\ |\ |\
1. Must abide by duly authorized law
|\ |\ |\ |\ |\ |\
2. Law is distinct from morality
|\ |\ |\ |\ |\
, 3. Moral questions about the law should not interfere with our
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
inclination to obey it. |\ |\ |\
4. A judge may write that she is deciding to enforce the law in
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
question but that her decision does not necessarily mean she
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
sees the law as the morally correct rule. - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Legal Positivism |\
A school of jurisdiction that:
|\ |\ |\ |\
1. Follows tradition or custom to shape the law
|\ |\ |\ |\ |\ |\ |\ |\
2. Is closely linked with the doctrine of stare decisis
|\ |\ |\ |\ |\ |\ |\ |\ |\
3. We assume past practice was the product of careful thought. -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Historical School (aka tradition or |\ |\ |\ |\ |\ |\ |\
custom)
Judges who follow this school of thought are more likely to depart
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
from past court decisions to account for the fact that our
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
*society is constantly shifting and evolving.* |\ |\ |\ |\ |\
1. Judges should consider more than just the law
|\ |\ |\ |\ |\ |\ |\ |\
2. Judges should consider factors such as social and economic
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
conditions
(Ex: The law protects pregnant women) - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Legal Realism |\
An economic school of jurisprudence in which all costs and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
benefits of a law are given monetary values. Those laws with the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
highest ratios of benefits to costs are then preferable to those
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
with lower ratios. |\ |\
|\ |\ |\ |\ |\ |\
answers
Chapter 1: Introduction to Business Law
|\ |\ |\ |\ |\ |
Relevant areas of business law applicable to human recourse
|\ |\ |\ |\ |\ |\ |\ |\ |\
management involve (4): - CORRECT ANSWERS ✔✔1. Agency law |\ |\ |\ |\ |\ |\ |\ |\
2. Contracts
|\
3. Employment and labor laws
|\ |\ |\ |\
4. Employment discrimination
|\ |\
This type of law regulates disputes between private individuals or
|\ |\ |\ |\ |\ |\ |\ |\ |\
groups.
|\
(Ex: dispute between landlord and tenant governed by private
|\ |\ |\ |\ |\ |\ |\ |\ |\
law). - CORRECT ANSWERS ✔✔Private law
|\ |\ |\ |\ |\
This type of law regulates disputes between private individuals
|\ |\ |\ |\ |\ |\ |\ |\ |\
and government.|\
(Ex: dumping in violation of state or federal environmental laws).
|\ |\ |\ |\ |\ |\ |\ |\ |\
- CORRECT ANSWERS ✔✔Public law
|\ |\ |\ |\ |\
This type of law delineates the rights and responsibilities implied
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
in relationship between persons, or between person and their
|\ |\ |\ |\ |\ |\ |\ |\ |\
government. - CORRECT ANSWERS ✔✔Civil law |\ |\ |\ |\ |\
,This type of law regulates incidents in which someone commits
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
an act against the public as a whole, such as by conducting
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
insider trading on the stock exchange.
|\ |\ |\ |\ |\
- Government is plaintiff - CORRECT ANSWERS ✔✔Criminal law
|\ |\ |\ |\ |\ |\ |\ |\
Put these laws in order of Hierarchy of Laws: States Statutes, U.S.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Constitutions, Common Law, state constitution, and Federal
|\ |\ |\ |\ |\ |\ |\ |\
Statutes - CORRECT ANSWERS ✔✔- U.S. Constitutions
|\ |\ |\ |\ |\ |\
- Federal Statutes
|\ |\
- State Constitution
|\ |\
- State Statutes
|\ |\
- Common Law
|\ |\
Collection of legal interpretations made by judges, and are law
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
unless revoked by new statutory law. - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Common Law (aka Case Law) |\ |\ |\ |\
Past decisions in similar cases that guide later decisions thereby
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
providing greater stability and predictability to the law. -
|\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Precedent |\ |\
A principle stating that rulings made in higher courts are binding
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
precedent for lower courts. Latin for "standing by the decision." -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Stare Decisis |\ |\ |\
1. Summaries of common law rules in a particular area of the law
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
that have been enacted in most states.
|\ |\ |\ |\ |\ |\ |\
,2. They do not carry the weight of the law but guide
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
interpretations of certain principles. - CORRECT ANSWERS |\ |\ |\ |\ |\ |\ |\
✔✔Restatements of the Law |\ |\ |\
Certain habits of mind and specific beliefs about human nature.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Beliefs are deeply rooted within a person's emotions and habits,
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
and thus they are sure to guide one's opinions and decisions.
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
Such beliefs may be commonly held and create much larger
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
schools of thought thus they are more common guides to legal
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
interpretation. - CORRECT ANSWERS ✔✔Schools of Jurisprudence |\ |\ |\ |\ |\ |\
Name the (5) Schools of Jurisprudence: *CH*i*LL*i*N* - CORRECT
|\ |\ |\ |\ |\ |\ |\ |\ |\
ANSWERS ✔✔1. Cost benefit analysis |\ |\ |\ |\
2. Historical School
|\ |\
3. Legal Positivism
|\ |\
4. Legal Realism
|\ |\
5. Natural Law
|\ |\
The school of jurisprudence that recognizes the existence of
|\ |\ |\ |\ |\ |\ |\ |\ |\
higher law, or law that is morally superior to human laws. -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Natural Law |\ |\ |\
The school of jurisprudence which holds that because society
|\ |\ |\ |\ |\ |\ |\ |\ |\
requires authority, a legal and authoritative hierarchy should
|\ |\ |\ |\ |\ |\ |\ |\
exist. When a law is made, therefore, *obedience is expected
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
because authority created it.* |\ |\ |\
1. Must abide by duly authorized law
|\ |\ |\ |\ |\ |\
2. Law is distinct from morality
|\ |\ |\ |\ |\
, 3. Moral questions about the law should not interfere with our
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
inclination to obey it. |\ |\ |\
4. A judge may write that she is deciding to enforce the law in
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
question but that her decision does not necessarily mean she
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
sees the law as the morally correct rule. - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Legal Positivism |\
A school of jurisdiction that:
|\ |\ |\ |\
1. Follows tradition or custom to shape the law
|\ |\ |\ |\ |\ |\ |\ |\
2. Is closely linked with the doctrine of stare decisis
|\ |\ |\ |\ |\ |\ |\ |\ |\
3. We assume past practice was the product of careful thought. -
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
CORRECT ANSWERS ✔✔Historical School (aka tradition or |\ |\ |\ |\ |\ |\ |\
custom)
Judges who follow this school of thought are more likely to depart
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
from past court decisions to account for the fact that our
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
*society is constantly shifting and evolving.* |\ |\ |\ |\ |\
1. Judges should consider more than just the law
|\ |\ |\ |\ |\ |\ |\ |\
2. Judges should consider factors such as social and economic
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
conditions
(Ex: The law protects pregnant women) - CORRECT ANSWERS
|\ |\ |\ |\ |\ |\ |\ |\ |\
✔✔Legal Realism |\
An economic school of jurisprudence in which all costs and
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\
benefits of a law are given monetary values. Those laws with the
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
highest ratios of benefits to costs are then preferable to those
|\ |\ |\ |\ |\ |\ |\ |\ |\ |\ |\
with lower ratios. |\ |\
