Summary
Summary BLS 342 Exam 1 Study Guide
- Course
- BLS 342
- Institution
- Miami University Of Ohio
This is a comprehensive and detailed study guide on Exam 1 for BLS 342. *An Essential Study Resource!!
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Chapter 1 – Introduction to Business Law1. Purposes of the Law:
a. Providing order
b. Alternative to fighting
c. Change is possible
d. Encouraging social justice
e. Guaranteeing personal freedoms
f. Serving as a moral guide
2. Sources of Business Law:
a. Federal Agencies
b. President
c. Treaties
3. Definitions:
a. US Constitution:** Empowers the government.
b. Federal Statute/Statutory Law:** Rules & regulations put forth by legislatures.
, c. Case Law/Common Law:** Collection of legal interpretations made by judges;
**Precedent** guides future decisions.
- **Hierarchy:** Rulings made in higher courts are binding precedent for lower courts (criminal
influences civil).
- **Stare Decisis:** Standing by the decision.
- **Administrative Rule:** Collection of rules from administrative agencies.
- **Treaty:** Binding agreement between states or international organizations.
- **Executive Order:** Orders from the president or governors.
**Legal Philosophy (Schools of Jurisprudence):**
- **Originalism:** Interpret texts according to original meaning.
- **Textualism:** Focus on the plain meaning of the text.
- **Natural Law:** Intrinsic values govern behavior.
- **Legal Positivism:** Law as a social construct.
- **Legal Realism:** Judges consider social factors in rulings.
- **Public Opinion:** Collective opinion on a topic.
- **Critical Race Theory:** Examines the intersection of race and law.
- **Feminist Theory:** Focuses on how law impacts women.
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#### Chapter 2 – Business Ethics and Stakeholder Theory
**WH Process of Ethical Decision Making:**
1. Identify the ethical issue.
2. Consider the stakeholders involved.
3. Evaluate the alternatives.
4. Make a decision.
5. Reflect on the outcome.
**Stakeholders of a Business (at least 5):**
- Employees
- Customers
- Suppliers
- Shareholders
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