Exam (elaborations)
Exam (elaborations) MRL 2601 New Entrepreneurial Law
This post covers MRL 2601 final exam review questions with correct answers and verified explanations
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ENTREPRENEURSHIP LAW TEST 1Final exam questions and answers
Systems Approach - a descriptive framework that integrates legal and societal
considerations with mainstream theories of competitive advantage and social
responsibility
Strategic Compliance Management - a theory that complying with governmental
regulation is an investment, not an expense.
Constitution
Statues
Case Law
Administrative Regulations - Sources of Law (4)
Public Policy - involves objectives that promote public welfare and do not injure the
public; promoting economic growth, protect workers, promoting consumer welfare, and
promoting public welfare
Legal Astuteness - an ability of a manager to communicate effectively with counsel and
to work together to solve complex problems; understand importance of law, being
proactive, informed judgment, and knowledge
Large firms - more specialists
more people working for them
more costly
Small firms - more generalized
less people working for them
less costly
Picking Attornies - Expense
Personality
Use of technology
cost
, Attorney payments - flat fee
billable hours
contingency fee
IRAC - Issue
Rules of law
Analyze rule of laws to facts
Conclusion
Upper Management - Who is responsible for setting an ethical example
Ethics - a system of moral principles for a group or an individual
Teleological Theory - the view of ethics considered about the consequences of
decisions
Deontological Theory - a view of ethics that emphasizes the motivation and principle
behind an action and not the consequences
Comparative Justice - compares the consequences of decisions between rule-based
systems and outcome-oriented theories
Distributive Justice - focuses on how the burden and benefit of a particular system is
distributed; worried about fair distribution
Compensatory Justice - the theory of compensating people for the harm done by others
Retributed Justice - concerned with the harm people do to others, but the focus is on
how to deter inflicting similar future harm; seeking retribution for others who inflict the
harm
Distributive Justice
Compensatory Justice
Retributed Justice - Comparative Justice Forms
Code of Conduct - a written set of rules/standards that states the company's principles
and clarifies it's expectations of employee conduct in various situations
Whistleblower Protection Act - can't be fired for reporting/refusing to perform an illegal
act
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