BADM 107 MIDTERM Exam Questions
With Verified Answers
Define risk factor - Answers✔1) possibility of loss or injury
2) a dangerous element or factor
3) a chance of loss, or the perils to the subject matter of an insurance contract
four elements to manage risk - Answers✔1. eliminating risk
2. reducing/managing risk
3. shifting risk
4. retaining risk
what is eliminating risk - Answers✔- a decision to not start a business operation
- to cease operating an existing business
- eliminating one or more aspects of a business operation
what is an example of reducing risk - Answers✔attention to good HR management practices
good operation management practices
Definition of Law - Answers✔a system of rules and regulations which are enforced through
social institutions to govern a society
laws consist of rules enforceable in curt or by other government agencies
3 purposes of the legal system - Answers✔1. it protects persons and property
2. it allows the government to pass laws for benefits of society
3. ir provodes of with greater freedom of choice
what is substantive law - Answers✔laws that we are required to follow
ALL RIGHTS RESERVED.
what does substantive law include - Answers✔criminal law, constitutional law, torts, wills and
estate law, intellectual law, real property law
what is public law - Answers✔deals with legal matters between governments, or matters
between government and individual
civil court - Answers✔matters concerning civil and property laws
style of cause? - Answers✔legal terminology for the name of the case
three main legal systems - Answers✔1. civil law
2. islamic law
3. the common law system
rule of law - Answers✔principle that the law applies to everyone, even those who govern
private law examples - Answers✔Contract law, tort law, family law, company law, wills and
estate, intellectual property law, international law, administrative law
public law examples - Answers✔criminal law, constitutional law, marketing and advertising law,
taxation, international law, administrative law
civil law? - Answers✔Comprehensive legislated code of laws derived from roman law that
developed on continental europe and was greatly influenced by the code of Napoleon
You are guilty until proven innocent
Justinian code
common law? - Answers✔a system of law characterized by case law which is law developed by
judges through decisions of courts and similar tribunals
Trial by ordeal
Trial by cold water
Trial by fire
Trial by combat
court decisions? - Answers✔1. Applied
2. Followed
3. Considered
4. Distinguished
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