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BUL 4421 Gendler Midterm Review FAU / Complete Comprehensive Study Guide – Expert Strategies, Review of Key Quizzes, and Practice Questions for Guaranteed Success Terms in this set (234) Relevant areas of business law 1. Agency Law 2. Contracts 3. Employ $22.99
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BUL 4421 Gendler Midterm Review FAU / Complete Comprehensive Study Guide – Expert Strategies, Review of Key Quizzes, and Practice Questions for Guaranteed Success Terms in this set (234) Relevant areas of business law 1. Agency Law 2. Contracts 3. Employ

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BUL 4421 Gendler Midterm Review FAU / Complete Comprehensive Study Guide – Expert Strategies, Review of Key Quizzes, and Practice Questions for Guaranteed Success Terms in this set (234) Relevant areas of business law 1. Agency Law 2. Contracts 3. Employment and Labor Law 4. Employment Dis...

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  • February 19, 2025
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BUL 4421 Gendler Midterm Review FAU / Complete
Comprehensive Study Guide – Expert Strategies,
Review of Key Quizzes, and Practice Questions for
Guaranteed Success


Terms in this set (234)

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

Relevant areas of business Human Resource Management
law are applicable to

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

, Collection of legal interpretations made by judges, and are
Common Law
law unless revoked by new statutory 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 Stare Decisis
precedent, they are
obeying the principle of

Restatement of the Law Summaries of common law rules in a particular area of the law
that have been enacted in most states

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

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



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

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

Legal Realism Judges should consider more than just the law; consider
factors such as social and economic conditions



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

, The application of ethics to the special problems and opportunities
Business Ethics
experienced by business people


Minimal Standards for firms - The legality of the decision in choosing a method ofproduction
to be ethical - How to compete with competing firms
- Social responsibilities of the firm



WPH Framework for - Who would this decision affect?
Business Ethics - What is the Purpose of the decision?
- What are the guidelines on How to make thedecision?



The "WPH" in WPH Who, Purpose and How
Framework for Business
Ethics stands for

Stakeholders The many groups of people affected by the firm's decisions



Who are stakeholders of a - Owners or shareholders
firm? - Employees
- Customers
- Management
- The general community where the firm operates
- Future generations

When we think about the Values
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 Positive abstractions/notions that capture our sense of
what is good or desirable

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