BUL 4421 GENDLER MIDTERM
REVIEW FAU QUESTIONS AND
CORRECT ANSWERS
Criminal Law ✅✅CORRECT ANSW-Regulates incidents which someone commits an act against the
public as a whole
Hierarchy of Laws ✅✅CORRECT ANSW-1. US Constitution
2. Federal Statutes
3. State Constitution
4. State Statutes
5. Common Law
Common Law ✅✅CORRECT ANSW-Collection of legal interpretations made by judges, and are law
unless revoked by new statutory law
Precedent ✅✅CORRECT ANSW-Past decisions in similar cases that guide later decisions thereby
providing greater stability and predictability to the law
Stare Decisis ✅✅CORRECT ANSW-In which rulings made in higher courts become binding
precedent for lower courts
"Standing by their decision" ✅✅CORRECT ANSW-Stare Decisis
When courts rely on precedent, they are obeying the principle of ✅✅CORRECT ANSW-Stare
Decisis
Restatement of the Law ✅✅CORRECT ANSW-Summaries of common law rules in a particular area
of the law that have been enacted in most states
Relevant areas of business law ✅✅CORRECT ANSW-1. Agency Law
2. Contracts
,3. Employment and Labor Law
4. Employment Discrimination
Relevant areas of business law are applicable to ✅✅CORRECT ANSW-Human Resource
Management
Private Law ✅✅CORRECT ANSW-Regulates disputes between private individuals or groups
Public Law ✅✅CORRECT ANSW-Regulates disputes between private individuals and government
Civil Law ✅✅CORRECT ANSW-Delineates the rights and responsibilities implied in relationships
between persons and between persons and their government
Schools of Jurisprudence ✅✅CORRECT ANSW-Natural Law, Legal Positivism, Historical School,
Legal Realism and Cost Benefit Analysis
Natural Law ✅✅CORRECT ANSW-Describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans
Legal Positivism ✅✅CORRECT ANSW-Sees our proper role as obedience to duly authorized law,
and the law is distinct from morality
Historical School ✅✅CORRECT ANSW-Following tradition or custom to shape the law, closely
linked with the doctrine of stare decisis
Legal Realism ✅✅CORRECT ANSW-Judges should consider more than just the law; consider
factors such as social and economic conditions
Cost Benefit Analysis ✅✅CORRECT ANSW-If law yields more benefits than costs then we saved
resources we can use to obtain more goods and services
Business Ethics ✅✅CORRECT ANSW-The application of ethics to the special problems and
opportunities experienced by business people
, Minimal Standards for firms to be ethical ✅✅CORRECT ANSW-- The legality of the decision in
choosing a method of production
- How to compete with competing firms
- Social responsibilities of the firm
WPH Framework for Business Ethics ✅✅CORRECT ANSW-- Who would this decision affect?
- What is the Purpose of the decision?
- What are the guidelines on How to make the decision?
The "WPH" in WPH Framework for Business Ethics stands for ✅✅CORRECT ANSW-Who, Purpose
and How
Stakeholders ✅✅CORRECT ANSW-The many groups of people affected by the firm's decisions
Who are stakeholders of a firm? ✅✅CORRECT ANSW-- 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 ✅✅CORRECT ANSW-Values
Values ✅✅CORRECT ANSW-Positive abstractions/notions that capture our sense of what is good
or desirable
Values are _____ that underlie conversations about business ethics ✅✅CORRECT ANSW-Ideas
We derive our ethics from the ✅✅CORRECT ANSW-Interplay of values
REVIEW FAU QUESTIONS AND
CORRECT ANSWERS
Criminal Law ✅✅CORRECT ANSW-Regulates incidents which someone commits an act against the
public as a whole
Hierarchy of Laws ✅✅CORRECT ANSW-1. US Constitution
2. Federal Statutes
3. State Constitution
4. State Statutes
5. Common Law
Common Law ✅✅CORRECT ANSW-Collection of legal interpretations made by judges, and are law
unless revoked by new statutory law
Precedent ✅✅CORRECT ANSW-Past decisions in similar cases that guide later decisions thereby
providing greater stability and predictability to the law
Stare Decisis ✅✅CORRECT ANSW-In which rulings made in higher courts become binding
precedent for lower courts
"Standing by their decision" ✅✅CORRECT ANSW-Stare Decisis
When courts rely on precedent, they are obeying the principle of ✅✅CORRECT ANSW-Stare
Decisis
Restatement of the Law ✅✅CORRECT ANSW-Summaries of common law rules in a particular area
of the law that have been enacted in most states
Relevant areas of business law ✅✅CORRECT ANSW-1. Agency Law
2. Contracts
,3. Employment and Labor Law
4. Employment Discrimination
Relevant areas of business law are applicable to ✅✅CORRECT ANSW-Human Resource
Management
Private Law ✅✅CORRECT ANSW-Regulates disputes between private individuals or groups
Public Law ✅✅CORRECT ANSW-Regulates disputes between private individuals and government
Civil Law ✅✅CORRECT ANSW-Delineates the rights and responsibilities implied in relationships
between persons and between persons and their government
Schools of Jurisprudence ✅✅CORRECT ANSW-Natural Law, Legal Positivism, Historical School,
Legal Realism and Cost Benefit Analysis
Natural Law ✅✅CORRECT ANSW-Describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans
Legal Positivism ✅✅CORRECT ANSW-Sees our proper role as obedience to duly authorized law,
and the law is distinct from morality
Historical School ✅✅CORRECT ANSW-Following tradition or custom to shape the law, closely
linked with the doctrine of stare decisis
Legal Realism ✅✅CORRECT ANSW-Judges should consider more than just the law; consider
factors such as social and economic conditions
Cost Benefit Analysis ✅✅CORRECT ANSW-If law yields more benefits than costs then we saved
resources we can use to obtain more goods and services
Business Ethics ✅✅CORRECT ANSW-The application of ethics to the special problems and
opportunities experienced by business people
, Minimal Standards for firms to be ethical ✅✅CORRECT ANSW-- The legality of the decision in
choosing a method of production
- How to compete with competing firms
- Social responsibilities of the firm
WPH Framework for Business Ethics ✅✅CORRECT ANSW-- Who would this decision affect?
- What is the Purpose of the decision?
- What are the guidelines on How to make the decision?
The "WPH" in WPH Framework for Business Ethics stands for ✅✅CORRECT ANSW-Who, Purpose
and How
Stakeholders ✅✅CORRECT ANSW-The many groups of people affected by the firm's decisions
Who are stakeholders of a firm? ✅✅CORRECT ANSW-- 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 ✅✅CORRECT ANSW-Values
Values ✅✅CORRECT ANSW-Positive abstractions/notions that capture our sense of what is good
or desirable
Values are _____ that underlie conversations about business ethics ✅✅CORRECT ANSW-Ideas
We derive our ethics from the ✅✅CORRECT ANSW-Interplay of values
