BUL 4421 Midterm Exam 2024 Questions & Answers 100% Correct!!

Business law applicable to HR managment - ANSWERSagency law, contracts, employment and labor law, and employment discrimination Private law - ANSWERSRegulates disputes between private individuals or groups, ex. landlord and tenant Public law - ANSWERSRegulates disputes between individuals and government, ex. dumping in violation of state or federal environmental laws. Civil law - ANSWERSDelineates the rights and responsibilities implied in relationships between persons and between persons and their government. Criminal Law - ANSWERSRegulates incidents in which someone commits an act against the public as whole, such as by conducting insider trading on the stock exchange. Hierarchy of Laws - ANSWERStop to bottom: U.S. Constitution, Federal Statues, State Constitution, State Statues, Common Law. Common Law - ANSWERSCollection of legal interpretations made by judges and are law unless revoked by new statuory law Precedent - ANSWERSpast decisions in similar cases that guide later decisions thereby providing greater stability and predictability to the law. Stare Decisis - ANSWERS-when courts rely on precedent, they are obeying the principle of stare decisis ( standing by their decision) - rulings made in higher courts become binding precedent for lower courts. Restatement of the law - ANSWERSSummaries of common law rules in a particular area of the law that have been enacted in most states. Schools of Jurisprudence - ANSWERS Natural law - ANSWERSdescribes certain ethical laws and principals believed to be morally right and "above" the laws devised by humans. Legal Postivism - ANSWERSMust abide by duly authorized law, law is distinct from morality. Historical School - ANSWERSFollowing tradition or custom to shape the law, closely linked with the doctine of stare decisis. Legal Realism - ANSWERSJudges should consider more than just the law, judges should consider factors such as social and economic conditions. Cost Benefit Analysis - ANSWERSLaw should yield more benefits than it costs, if so resources saved that can be used to obtain more goods and services. Business Ethics - ANSWERSthe application of ethics to the special problems and opportunities experienced by business people Business ethics includes (but not limited to) - ANSWERSDecision in choosing a method of production, decisions regarding how to compete with competing firms, social responsibilities of firm. WPH Framework for Business Ethics - ANSWERSWho decision impacts Purpose of decision How to make decision (i.e. Guildlines). Stakeholders - ANSWERSof a firm are the many groups of people affected by the firms decisions, including but not limited to -owner/shareholders -employees -customers -management -community where the firm operates -future generations The basic unit of business ethics is value - ANSWERSValues are positive notions that capture our sense of what is good or desirable. we derive ethics from the interplay of values, values represent understanding of the purposes we will fulfill by making particular decisions. How do we make ethical business decisions? - ANSWERSGolden Rule, Public Disclosure, Universalization Test Ethical Realism - ANSWERSdenies the existence of objective standards, individuals must evaluate actions based what they feel is best for themselves. Absolutism - ANSWERSindividuals must defer to a set of rules to guide them through the ethical decision making process. Conseq