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BUL 4421 Gendler Midterm Review FAU Questions And Answers Rated 100% Correct!!
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Legal Realism - ️️Judges should consider more than just the law; consider factors such as social and economic conditions Common Law - ️️Collection of legal interpretations made by judges, and are law unless revoked by new statutory law Cost Benefit Analysis - ️️If law yields more be...

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  • October 4, 2024
  • 17
  • 2024/2025
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BUL 4421 Gendler Midterm Review FAU
Legal Realism - ✔️✔️Judges should consider more than just the law; consider factors
such as social and economic conditions

Common Law - ✔️✔️Collection of legal interpretations made by judges, and are law
unless revoked by new statutory law


Cost Benefit Analysis - ✔️✔️If law yields more benefits than costs then we saved
resources we can use to obtain more goods and services

Historical School - ✔️✔️Following tradition or custom to shape the law, closely linked
with the doctrine of stare decisis

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?

Natural Law - ✔️✔️Describes certain ethical laws and principles believed to be morally
right and "above" the laws devised by humans

Relevant areas of business law are applicable to - ✔️✔️Human Resource Management

Private Law - ✔️✔️Regulates disputes between private individuals or groups

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

,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



Relevant areas of business law - ✔️✔️1. Agency Law
2. Contracts
3. Employment and Labor Law
4. Employment Discrimination

Schools of Jurisprudence - ✔️✔️Natural Law, Legal Positivism, Historical School, Legal
Realism and Cost Benefit Analysis


Legal Positivism - ✔️✔️Sees our proper role as obedience to duly authorized law, and
the law is distinct from morality

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


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

Golden Rule - ✔️✔️Do unto others as you would have them do unto you

Public Disclosure - ✔️✔️If the public knew about this decision, how would you decide?

Warren Buffet's example of a Public Disclosure - ✔️✔️Newspaper Test

Universalization Test - ✔️✔️What would the world be like were our decision copied by
everyone else?

Theories of Business Ethics - ✔️✔️Ethical Realism, Absolutism, Consequentialism,
Utilitarianism, Principle of Rights, Virtue Ethics

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

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