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!!
[Show more]
Content preview
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.
---
#### 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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller anyiamgeorge19. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.39. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now