BUL 4421 COMPREHENSIVE EXAM 2026 STUDY
GUIDE WITH SOLVED QUESTIONS
◉ hierarchy of laws. Answer: -U.S. Constitution
-Federal Statutes
-State Constitution
-State Statutes
-Common Law
◉ common law. Answer: collection of legal interpretations made by
judges, and are law unless revoked by new statutory law
◉ stare decisis. Answer: when courts rely on precedent, they are obeying
this principle.
rulings made by higher courts become binding precedent for lower
courts
◉ natural law. Answer: describes certain ethical laws and principles
believed to be morally right and above the laws devised by human
◉ legal positivism. Answer: must abide by duly authorized law; law is
distinct from morality
, ◉ historical school. Answer: following tradition or custom to shape the
law. closely linked with stare decisis
◉ Legal realism. Answer: judges should consider more than just the law;
they should consider factors such as social and economic conditions
◉ WH framework for business ethics. Answer: WHO the decision
impacts. HOW to make decision; golden rule, public disclosure test
◉ The basic unit of business ethics. Answer: values
◉ values. Answer: positive notions that capture our sense of what is
good and desirable. we derive our ethics from the interplay of this
◉ public disclosure test. Answer: if the public knew about this decision,
how would you decide?
◉ Universalization Test. Answer: what would the world be like were our
decision made by everyone else?
◉ ethical relativism. Answer: theory of ethics that denies the existence
of objective standards. individuals must evaluate actions based what
they feel is best for themselves
GUIDE WITH SOLVED QUESTIONS
◉ hierarchy of laws. Answer: -U.S. Constitution
-Federal Statutes
-State Constitution
-State Statutes
-Common Law
◉ common law. Answer: collection of legal interpretations made by
judges, and are law unless revoked by new statutory law
◉ stare decisis. Answer: when courts rely on precedent, they are obeying
this principle.
rulings made by higher courts become binding precedent for lower
courts
◉ natural law. Answer: describes certain ethical laws and principles
believed to be morally right and above the laws devised by human
◉ legal positivism. Answer: must abide by duly authorized law; law is
distinct from morality
, ◉ historical school. Answer: following tradition or custom to shape the
law. closely linked with stare decisis
◉ Legal realism. Answer: judges should consider more than just the law;
they should consider factors such as social and economic conditions
◉ WH framework for business ethics. Answer: WHO the decision
impacts. HOW to make decision; golden rule, public disclosure test
◉ The basic unit of business ethics. Answer: values
◉ values. Answer: positive notions that capture our sense of what is
good and desirable. we derive our ethics from the interplay of this
◉ public disclosure test. Answer: if the public knew about this decision,
how would you decide?
◉ Universalization Test. Answer: what would the world be like were our
decision made by everyone else?
◉ ethical relativism. Answer: theory of ethics that denies the existence
of objective standards. individuals must evaluate actions based what
they feel is best for themselves
