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Business Law 1 BADM 107 Exam Questions With Verified Answers

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©THEBRIGHT EXAM SOLUTIONS 2024/2025 ALL RIGHTS RESERVED. Business Law 1 BADM 107 Exam Questions With Verified Answers Greek goddess of justice - AnswersJustitia or lady justice Risk - Answers1. Possibility of loss or injury 2. A dangerous element or factor 3. A chance of loss or the perils ...

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  • December 11, 2024
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  • Exam (elaborations)
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  • BADM 107
  • BADM 107
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©THEBRIGHT EXAM SOLUTIONS 2024/2025

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Business Law 1 BADM 107 Exam Questions
With Verified Answers


Greek goddess of justice - Answers✔Justitia or lady justice

Risk - 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

Risk Management - Answers✔-Eliminating Risk
-Reducing/ Managing Risk
-Shifting Risk
-Retaining Risk

Elimination of Risk - Answers✔I. E. Business plan

Reducing/ Managing Risk - Answers✔-Train and Licence Staff
-Attention to HR management issues

Shift Risk - Answers✔-Corporate form of business org.
-Waiver or Liability
-Insurance

Retain Risk - Answers✔Risk stays with you

Rule of Law - Answers✔Principle that all people and institutions are subject to and accountable
to law that is fairly applied and enforced.

Law - Answers✔1. Protection of persons and property
2. Provides the gov't with the power to act for the benefit of society (RULE OF LAW)

, ©THEBRIGHT EXAM SOLUTIONS 2024/2025

ALL RIGHTS RESERVED.
3. Provides us a broader freedom of choice

Law v. Justice - Answers✔The law is not always just.

Natural Law - Answers✔1. Older based on religion
2. Second based on rationality.

Religious natural law - Answers✔In ancient times, religious leaders usually held power and
made their beliefs into law, I.E. eternal and immutable truths

Rational Natural Law - Answers✔The assumption that rational people will arrive at basic
principles of justice.

Natural Law Today - Answers✔1. The Declaration of Independence (July 4, 1776)
2. The constitution Act, 1982

Declaration of Independence - Answers✔-All men created equal
-God given rights
-Life, liberty and the pursuit of happiness

The Constitution Act, 1982 - Answers✔Whereas Canada is founded upon principles that
recognize the supremacy of God and the rule of law.

Positive Law - Answers✔Clearly distinguished between physical laws and normative laws.

Physical Laws - Answers✔Laws if nature for studying the natural sciences, I. E. Law of gravity.

Normative Laws - Answers✔Laws of human conduct that govern our behaviour.

Laws v. Morals - Answers✔Distinguishing between the law that "is" and the rules that "ought" to
be observed.

Legal Positivism - Answers✔Asserts that law must come from a person or group of persons
holding power over the general population.

R. V. Dudley and Stephens (1884) QBD. 273. - Answers✔Sailors trapped at sea ate one of their
shipmates in order to survive.

Legal codes - Answers✔I.e. criminal code of canads

Binding codes - Answers✔Legal professions act

Voluntary codes - Answers✔Advertising code of conduct

Self-imposed codes - Answers✔Codes of ethics

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