BLAW midterm Questions and Answers
Laws
enforceable rules governing relationships among individuals and between individuals and their society
Linking Business Law to the Six Functional Fields of Business
Corporate management
Production and transportation
Marketing
Research and developm...
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
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