BUL 4421 Gendler Midterm Review FAU Questions And Answers With Latest Updates
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Course
BUL 4421 Gendler FAU
Institution
BUL 4421 Gendler FAU
Common Law - ️️Collection of legal interpretations made by judges, and are law
unless revoked by new statutory law
Precedent - ️️Past decisions in similar cases that guide later decisions thereby
providing greater stability and predictability to the law
Stare Decisis - ️️In which ru...
BUL 4421 Gendler Midterm Review FAU
Common Law - ✔️✔️Collection of legal interpretations made by judges, and are law
unless revoked by new statutory law
Precedent - ✔️✔️Past decisions in similar cases that guide later decisions thereby
providing greater stability and predictability to the law
Stare Decisis - ✔️✔️In which rulings made in higher courts become binding precedent
for lower courts
"Standing by their decision" - ✔️✔️Stare Decisis
When courts rely on precedent, they are obeying the principle of - ✔️✔️Stare Decisis
Restatement of the Law - ✔️✔️Summaries of common law rules in a particular area of
the law that have been enacted in most states
Public Law - ✔️✔️Regulates disputes between private individuals and government
Civil Law - ✔️✔️Delineates the rights and responsibilities implied in relationships
between persons and between persons and their government
Criminal Law - ✔️✔️Regulates incidents which someone commits an act against the
public as a whole
Hierarchy of Laws - ✔️✔️1. US Constitution
2. Federal Statutes
3. State Constitution
4. State Statutes
5. Common Law
Schools of Jurisprudence - ✔️✔️Natural Law, Legal Positivism, Historical School, Legal
Realism and Cost Benefit Analysis
Natural Law - ✔️✔️Describes certain ethical laws and principles believed to be morally
right and "above" the laws devised by humans
,Legal Positivism - ✔️✔️Sees our proper role as obedience to duly authorized law, and
the law is distinct from morality
Historical School - ✔️✔️Following tradition or custom to shape the law, closely linked
with the doctrine of stare decisis
Legal Realism - ✔️✔️Judges should consider more than just the law; consider factors
such as social and economic conditions
Cost Benefit Analysis - ✔️✔️If law yields more benefits than costs then we saved
resources we can use to obtain more goods and services
Relevant areas of business law - ✔️✔️1. Agency Law
2. Contracts
3. Employment and Labor Law
4. Employment Discrimination
Relevant areas of business law are applicable to - ✔️✔️Human Resource Management
Private Law - ✔️✔️Regulates disputes between private individuals or groups
Business Ethics - ✔️✔️The application of ethics to the special problems and
opportunities experienced by business people
Minimal Standards for firms to be ethical - ✔️✔️- The legality of the decision in
choosing a method of production
- How to compete with competing firms
- Social responsibilities of the firm
WPH Framework for Business Ethics - ✔️✔️- Who would this decision affect?
- What is the Purpose of the decision?
- What are the guidelines on How to make the decision?
The "WPH" in WPH Framework for Business Ethics stands for - ✔️✔️Who, Purpose
and How
Stakeholders - ✔️✔️The many groups of people affected by the firm's decisions
Who are stakeholders of a firm? - ✔️✔️- Owners or shareholders
- Employees
- Customers
- Management
- The general community where the firm operates
- Future generations
, When we think about the ultimate reason or purpose for why we make decisions in a
business firm, we turn to the basic unit of business ethics, which is - ✔️✔️Values
Values - ✔️✔️Positive abstractions/notions that capture our sense of what is good or
desirable
Values are _____ that underlie conversations about business ethics - ✔️✔️Ideas
We derive our ethics from the - ✔️✔️Interplay of values
Values represent our understanding of the purposes we will fulfil by - ✔️✔️Making
particular decisions
Ethical Realism - ✔️✔️A theory of ethics that denies the existence of objective
standards, instead individuals must evaluate actions based on what they feel is best for
themselves
Absolutism - ✔️✔️Requires that individuals defer to a set of rules to guide them in the
ethical decision-making process
Consequentialism - ✔️✔️Requires inquiry about the consequences of the decision
when addressing ethical dilemmas
Utilitarianism - ✔️✔️Managers should take actions that provide the greatest good after
having subtracted the harm associated with the action in question
Principle of Rights - ✔️✔️Whether a business decision is ethical depends on how the
decision affects those involved
Virtue Ethics - ✔️✔️The development of virtues, or positive character traits such as
courage, justice, and truthfulness is the basis of morality
Voir Dire - ✔️✔️This process selects the jurors who will decide the cases as well as
two or three "alternate jurors"
Peremptory Challenges - ✔️✔️Allows a party to challenge a certain number of potential
jurors without giving a reason
Peremptory Challenge Exception cannot use a challenge based solely on - ✔️✔️Race
or gender
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