BUL 4421 Gendler Midterm Review FAU / Key Questions with 100% Correct Answers.
Qs: Relevant areas of business law -
Answer:
- Agency Law
- Contracts
- Employment and Labor Law
- Employment Discrimination
Qs: Relevant areas of business law are applicable to -
Answer:
Human Resource Management
Qs: Private Law -
Answer:
Regulates disputes between private individuals or groups
Qs: Public Law -
Answer:
Regulates disputes between private individuals and government
Qs: Civil Law -
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Delineates the rights and responsibilities implied in relationships between persons and between persons and their government
Qs: Criminal Law -
Answer:
Regulates incidents which someone commits an act against the public as a whole
Qs: Hierarchy of Laws -
Answer:
- US Constitution
- Federal Statutes
- State Constitution
- State Statutes
- Common Law
Qs: Common Law -
Answer:
Collection of legal interpretations made by judges, and are law unless revoked by new statutory law
Qs: Precedent -
Answer:
Past decisions in similar cases that guide later decisions thereby providing greater stability and predictability to the law
Qs: Stare Decisis -
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In which rulings made in higher courts become binding precedent for lower courts
Qs: "Standing by their decision" -
Answer:
Stare Decisis
Qs: When courts rely on precedent, they are obeying the principle of -
Answer:
Stare Decisis
Qs: Restatement of the Law -
Answer:
Summaries of common law rules in a particular area of the law that have been enacted in most states
Qs: Schools of Jurisprudence -
Answer:
Natural Law, Legal Positivism, Historical School, Legal Realism and Cost Benefit Analysis
Qs: Natural Law -
Answer:
Describes certain ethical laws and principles believed to be morally right and "above" the laws devised by humans
Qs: Legal Positivism -
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Sees our proper role as obedience to duly authorized law, and the law is distinct from morality
Qs: Historical School -
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Following tradition or custom to shape the law, closely linked with the doctrine of stare decisis
Qs: Legal Realism -
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Judges should consider more than just the law; consider factors such as social and economic conditions
Qs: Cost Benefit Analysis -
Answer:
If law yields more benefits than costs then we saved resources we can use to obtain more goods and services
Qs: Business Ethics -
Answer:
The application of ethics to the special problems and opportunities experienced by business people
Qs: Minimal Standards for firms to be ethical -
Answer:
- The legality of the decision in choosing a method of production
- How to compete with competing firms
- Social responsibilities of the firm
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