BLAW midterm Questions and Answers
Laws - answer enforceable rules governing relationships among individuals and
between individuals and their society
Linking Business Law to the Six Functional Fields of Business - answer Corporate
management
Production and transportation
Marketing
Research and development
Accounting and finance
Human resource management
Sources that establish the law - answer U.S. Constitution and state constitutions
Statutes passed by legislature
Regulations created by administrative agencies
Case law
primary sources - answer documents where the laws themselves are contained,
such as a constitution, statute, or case law.
secondary sources - answer books and articles that discuss primary sources of law.
Examples include law encyclopedias and law review articles.
Ex. Textbook
Constitutional Law - answer Lay out the powers and organization of the government.
Each state and the federal government have a constitution.
Statutory Law - answer Laws enacted by legislatures; local, state, and the federal
government each have statutory codes
Administrative Law - answer Written rules established by local, state, or federal
agencies
Case Law and Common Law Doctrines - answer Rules of law interpreted by courts.
Courts interpret other sources of American law.
Common law - answer the body of law that has developed from court decisions
Stare Decisis - answer Court decisions work on the principle of "precedent"
This has two main principles:
1. Lower courts must follow decisions of higher courts
, 2. Courts should not overturn their own decisions unless there is strong justification for
doing so.
These principles help ensure that our legal system is more stable and predictable
Remedies - answer given to parties to compensate them for a loss.
Injunction - answer an order to stop doing something
Substantive Laws - answer the written rules that define which conduct is and is not
prohibited
Procedural Laws - answer the methods that must be followed in enforcing
substantive laws
Civil law - answer enforcement of disputes among private individuals
Criminal law - answer wrongs committed against society
Plaintiff/Petitioner - answer party initiating the suit
Defendant/Respondent - answer person the suit is brought against
Majority Opinion - answer views of the majority of the justices
Concurring Opinion - answer written by one or more justices who agree with the
majority but want to make a point that was not made in the majority's opinion
Dissenting Opinion - answer the views of one or more justices who disagree with the
majority's decision
Ethics - answer the study of right and wrong behavior; whether an action is fair, right
or just
Profit maximization - answer resources flow to more highly valued organizations
triple bottom line - answer the business's profits, treatment of people, and treatment
of the planet
The Importance of Ethics in Making Business Decisions - answer The legal
implications of the decision
The public relations impact
The safety risks to employees and the public
The financial implications
Laws - answer enforceable rules governing relationships among individuals and
between individuals and their society
Linking Business Law to the Six Functional Fields of Business - answer Corporate
management
Production and transportation
Marketing
Research and development
Accounting and finance
Human resource management
Sources that establish the law - answer U.S. Constitution and state constitutions
Statutes passed by legislature
Regulations created by administrative agencies
Case law
primary sources - answer documents where the laws themselves are contained,
such as a constitution, statute, or case law.
secondary sources - answer books and articles that discuss primary sources of law.
Examples include law encyclopedias and law review articles.
Ex. Textbook
Constitutional Law - answer Lay out the powers and organization of the government.
Each state and the federal government have a constitution.
Statutory Law - answer Laws enacted by legislatures; local, state, and the federal
government each have statutory codes
Administrative Law - answer Written rules established by local, state, or federal
agencies
Case Law and Common Law Doctrines - answer Rules of law interpreted by courts.
Courts interpret other sources of American law.
Common law - answer the body of law that has developed from court decisions
Stare Decisis - answer Court decisions work on the principle of "precedent"
This has two main principles:
1. Lower courts must follow decisions of higher courts
, 2. Courts should not overturn their own decisions unless there is strong justification for
doing so.
These principles help ensure that our legal system is more stable and predictable
Remedies - answer given to parties to compensate them for a loss.
Injunction - answer an order to stop doing something
Substantive Laws - answer the written rules that define which conduct is and is not
prohibited
Procedural Laws - answer the methods that must be followed in enforcing
substantive laws
Civil law - answer enforcement of disputes among private individuals
Criminal law - answer wrongs committed against society
Plaintiff/Petitioner - answer party initiating the suit
Defendant/Respondent - answer person the suit is brought against
Majority Opinion - answer views of the majority of the justices
Concurring Opinion - answer written by one or more justices who agree with the
majority but want to make a point that was not made in the majority's opinion
Dissenting Opinion - answer the views of one or more justices who disagree with the
majority's decision
Ethics - answer the study of right and wrong behavior; whether an action is fair, right
or just
Profit maximization - answer resources flow to more highly valued organizations
triple bottom line - answer the business's profits, treatment of people, and treatment
of the planet
The Importance of Ethics in Making Business Decisions - answer The legal
implications of the decision
The public relations impact
The safety risks to employees and the public
The financial implications
