BUL 4421 FINAL EXAM PAPER 2026 COMPLETE
QUESTIONS AND SOLUTIONS
◉ Private law. Answer: Regulates disputes between private individuals
or groups, ex. landlord and tenant
◉ Public law. Answer: Regulates disputes between individuals and
government, ex. dumping in violation of state or federal environmental
laws.
◉ Civil law. Answer: Delineates the rights and responsibilities implied
in relationships between persons and between persons and their
government.
◉ Criminal Law. Answer: Regulates incidents in which someone
commits an act against the public as whole, such as by conducting
insider trading on the stock exchange.
◉ Hierarchy of Laws. Answer: top to bottom: U.S. Constitution, Federal
Statues, State Constitution, State Statues, Common Law.
◉ Common Law. Answer: Collection of legal interpretations made by
judges and are law unless revoked by new statuory law
,◉ Precedent. Answer: past decisions in similar cases that guide later
decisions thereby providing greater stability and predictability to the
law.
◉ Stare Decisis. Answer: -when courts rely on precedent, they are
obeying the principle of stare decisis ( standing by their decision)
- rulings made in higher courts become binding precedent for lower
courts.
◉ Restatement of the law. Answer: Summaries of common law rules in a
particular area of the law that have been enacted in most states.
◉ Schools of Jurisprudence. Answer:
◉ Natural law. Answer: describes certain ethical laws and principals
believed to be morally right and "above" the laws devised by humans.
◉ Legal Postivism. 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 the doctine of stare decisis.
, ◉ Legal Realism. Answer: Judges should consider more than just the
law, judges should consider factors such as social and economic
conditions.
◉ Cost Benefit Analysis. Answer: Law should yield more benefits than
it costs, if so resources saved that can be used to obtain more goods and
services.
◉ Business Ethics. Answer: the application of ethics to the special
problems and opportunities experienced by business people
◉ Business ethics includes (but not limited to). Answer: Decision in
choosing a method of production, decisions regarding how to compete
with competing firms, social responsibilities of firm.
◉ WPH Framework for Business Ethics. Answer: Who decision impacts
Purpose of decision
How to make decision (i.e. Guildlines).
◉ Stakeholders. Answer: of a firm are the many groups of people
affected by the firms decisions, including but not limited to
-owner/shareholders
-employees
-customers
QUESTIONS AND SOLUTIONS
◉ Private law. Answer: Regulates disputes between private individuals
or groups, ex. landlord and tenant
◉ Public law. Answer: Regulates disputes between individuals and
government, ex. dumping in violation of state or federal environmental
laws.
◉ Civil law. Answer: Delineates the rights and responsibilities implied
in relationships between persons and between persons and their
government.
◉ Criminal Law. Answer: Regulates incidents in which someone
commits an act against the public as whole, such as by conducting
insider trading on the stock exchange.
◉ Hierarchy of Laws. Answer: top to bottom: U.S. Constitution, Federal
Statues, State Constitution, State Statues, Common Law.
◉ Common Law. Answer: Collection of legal interpretations made by
judges and are law unless revoked by new statuory law
,◉ Precedent. Answer: past decisions in similar cases that guide later
decisions thereby providing greater stability and predictability to the
law.
◉ Stare Decisis. Answer: -when courts rely on precedent, they are
obeying the principle of stare decisis ( standing by their decision)
- rulings made in higher courts become binding precedent for lower
courts.
◉ Restatement of the law. Answer: Summaries of common law rules in a
particular area of the law that have been enacted in most states.
◉ Schools of Jurisprudence. Answer:
◉ Natural law. Answer: describes certain ethical laws and principals
believed to be morally right and "above" the laws devised by humans.
◉ Legal Postivism. 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 the doctine of stare decisis.
, ◉ Legal Realism. Answer: Judges should consider more than just the
law, judges should consider factors such as social and economic
conditions.
◉ Cost Benefit Analysis. Answer: Law should yield more benefits than
it costs, if so resources saved that can be used to obtain more goods and
services.
◉ Business Ethics. Answer: the application of ethics to the special
problems and opportunities experienced by business people
◉ Business ethics includes (but not limited to). Answer: Decision in
choosing a method of production, decisions regarding how to compete
with competing firms, social responsibilities of firm.
◉ WPH Framework for Business Ethics. Answer: Who decision impacts
Purpose of decision
How to make decision (i.e. Guildlines).
◉ Stakeholders. Answer: of a firm are the many groups of people
affected by the firms decisions, including but not limited to
-owner/shareholders
-employees
-customers
