BUL 4421-Midterm FAU Gendler
1. Chapter 1: Introduction to Business Law: Chapter 1: Introduction to Business
Law
2. Relevant areas of business law applicable to human recourse management
involve (4):: 1. Agency law
2. Contracts
3. Employment and labor laws
4. Employment discrimination
3. This type of law regulates disputes between private individuals or groups.
(Ex: dispute between landlord and tenant governed by private law).: Private
law 4. This type of law regulates disputes between private individuals and
government.
(Ex: dumping in violation of state or federal environmental laws).: Public law
5. This type of law delineates the rights and responsibilities implied in
relationship between persons, or between person and their government.:
Civil law 6. This type of law regulates incidents in which someone commits
an act against the public as a whole, such as by conducting insider trading
on the stock exchange.
- Government is plaintiff: Criminal law
7. Put these laws in order of Hierarchy of Laws: States Statutes, U.S.
Constitutions, Common Law, state constitution, and Federal Statutes: - U.S.
Constitutions
- Federal Statutes
- State Constitution
- State Statutes
- Common Law
8. Collection of legal interpretations made by judges, and are law unless
revoked by new statutory law.: Common Law (aka Case Law)
9. Past decisions in similar cases that guide later decisions thereby
providing greater stability and predictability to the law.: Precedent
10. A principle stating that rulings made in higher courts are binding
precedent for lower courts. Latin for "standing by the decision.": Stare Decisis
11. 1. Summaries of common law rules in a particular area of the law that
have been enacted in most states.
2. They do not carry the weight of the law but guide interpretations of certain
principles.: Restatements of the Law
12. Certain habits of mind and specific beliefs about human nature. Beliefs
are deeply rooted within a person's emotions and habits, and thus they are
, BUL 4421-Midterm FAU Gendler
sure to guide one's opinions and decisions. Such beliefs may be commonly
held and create much larger schools of thought thus they are more common
guides to legal interpretation.: Schools of Jurisprudence
13. Name the (5) Schools of Jurisprudence: *CH*i*LL*i*N*: 1. Cost benefit
analysis
2. Historical School
3. Legal Positivism
4. Legal Realism
5. Natural Law
14. The school of jurisprudence that recognizes the existence of higher law,
or law that is morally superior to human laws.: Natural Law
15. The school of jurisprudence which holds that because society requires
authority, a legal and authoritative hierarchy should exist. When a law is
made, therefore, *obedience is expected because authority created it.*
1. Must abide by duly authorized law
2. Law is distinct from morality
3. Moral questions about the law should not interfere with our inclination to
obey it.
4. A judge may write that she is deciding to enforce the law in question but
that her decision does not necessarily mean she sees the law as the morally
correct rule.: Legal Positivism 16. A school of jurisdiction that:
1. Follows tradition or custom to shape the law
2. Is closely linked with the doctrine of stare decisis
3. We assume past practice was the product of careful thought.: Historical
School (aka tradition or custom)
17. Judges who follow this school of thought are more likely to depart from
past court decisions to account for the fact that our *society is constantly
shifting and evolving.*
1. Judges should consider more than just the law
2. Judges should consider factors such as social and economic conditions
(Ex: The law protects pregnant women): Legal Realism
18. An economic school of jurisprudence in which all costs and benefits of a
law are given monetary values. Those laws with the highest ratios of
benefits to costs are then preferable to those with lower ratios.
(Ex: (i) Polluted land is an economic loss, as it cannot be used for farming or
recreation. Polluted water can be toxic for fish and cannot be used for
drinking (ii) the price of environmental cleanup and lost productivity in the
, BUL 4421-Midterm FAU Gendler
economy as a whole may be even greater.: Cost Benefit Analysis 19. Chapter
2: Business Ethics: Chapter 2: Business Ethics
20 The use of ethics and ethical principles to solve business dilemmas.:
Business Ethics
21. Example of bad Business Ethics:: Ex: Accutane
- Is a company doing the right thing when it attempts to reduce the costs of
advertising by not listing all possible complications of the medicine for the
consumer?
22. Business Ethics include (but are not limited to) (3): P,C, SR: 1. Decisions in
choosing a method of *production.*
2. Decisions regarding how to *compete* with competing firms.
3. *Social responsibilities* of the firm
23. Decisions in choosing a method of production (example: bribes):: 1.
Dealing with bribes
2. Some companies only work on bribes in order to supply it.
3. Siemens AG is now forced to restructure itself to do business ethically and
legally.
24. WPH Framework for Business Ethics (3):: 1.* Who* the decision impacts
(stakeholders)
2. *Purpose* of the decisions
3. *How* to make the decisions (i.e. guidelines)
25. Stakeholders of a firm are the many groups of people affected by the firm's
decisions, including but not limited to (6): MECCOF: FACE-COM
1. *M*anagement
2. *E*mployees
3. *C*ustomers
4. *C*ommunity where the firm operates
5. *O*wners/shareholders
6. *F*uture generations
26. How should we think about the *future generation* stakeholders?: Think
more broadly about additional stakeholders who may be affected just as much
in the long run. Then we will be less likely to make decisions that have
unintended negative ethical impacts.
27. The basic unit of business ethics is ____________.: values
1. Chapter 1: Introduction to Business Law: Chapter 1: Introduction to Business
Law
2. Relevant areas of business law applicable to human recourse management
involve (4):: 1. Agency law
2. Contracts
3. Employment and labor laws
4. Employment discrimination
3. This type of law regulates disputes between private individuals or groups.
(Ex: dispute between landlord and tenant governed by private law).: Private
law 4. This type of law regulates disputes between private individuals and
government.
(Ex: dumping in violation of state or federal environmental laws).: Public law
5. This type of law delineates the rights and responsibilities implied in
relationship between persons, or between person and their government.:
Civil law 6. This type of law regulates incidents in which someone commits
an act against the public as a whole, such as by conducting insider trading
on the stock exchange.
- Government is plaintiff: Criminal law
7. Put these laws in order of Hierarchy of Laws: States Statutes, U.S.
Constitutions, Common Law, state constitution, and Federal Statutes: - U.S.
Constitutions
- Federal Statutes
- State Constitution
- State Statutes
- Common Law
8. Collection of legal interpretations made by judges, and are law unless
revoked by new statutory law.: Common Law (aka Case Law)
9. Past decisions in similar cases that guide later decisions thereby
providing greater stability and predictability to the law.: Precedent
10. A principle stating that rulings made in higher courts are binding
precedent for lower courts. Latin for "standing by the decision.": Stare Decisis
11. 1. Summaries of common law rules in a particular area of the law that
have been enacted in most states.
2. They do not carry the weight of the law but guide interpretations of certain
principles.: Restatements of the Law
12. Certain habits of mind and specific beliefs about human nature. Beliefs
are deeply rooted within a person's emotions and habits, and thus they are
, BUL 4421-Midterm FAU Gendler
sure to guide one's opinions and decisions. Such beliefs may be commonly
held and create much larger schools of thought thus they are more common
guides to legal interpretation.: Schools of Jurisprudence
13. Name the (5) Schools of Jurisprudence: *CH*i*LL*i*N*: 1. Cost benefit
analysis
2. Historical School
3. Legal Positivism
4. Legal Realism
5. Natural Law
14. The school of jurisprudence that recognizes the existence of higher law,
or law that is morally superior to human laws.: Natural Law
15. The school of jurisprudence which holds that because society requires
authority, a legal and authoritative hierarchy should exist. When a law is
made, therefore, *obedience is expected because authority created it.*
1. Must abide by duly authorized law
2. Law is distinct from morality
3. Moral questions about the law should not interfere with our inclination to
obey it.
4. A judge may write that she is deciding to enforce the law in question but
that her decision does not necessarily mean she sees the law as the morally
correct rule.: Legal Positivism 16. A school of jurisdiction that:
1. Follows tradition or custom to shape the law
2. Is closely linked with the doctrine of stare decisis
3. We assume past practice was the product of careful thought.: Historical
School (aka tradition or custom)
17. Judges who follow this school of thought are more likely to depart from
past court decisions to account for the fact that our *society is constantly
shifting and evolving.*
1. Judges should consider more than just the law
2. Judges should consider factors such as social and economic conditions
(Ex: The law protects pregnant women): Legal Realism
18. An economic school of jurisprudence in which all costs and benefits of a
law are given monetary values. Those laws with the highest ratios of
benefits to costs are then preferable to those with lower ratios.
(Ex: (i) Polluted land is an economic loss, as it cannot be used for farming or
recreation. Polluted water can be toxic for fish and cannot be used for
drinking (ii) the price of environmental cleanup and lost productivity in the
, BUL 4421-Midterm FAU Gendler
economy as a whole may be even greater.: Cost Benefit Analysis 19. Chapter
2: Business Ethics: Chapter 2: Business Ethics
20 The use of ethics and ethical principles to solve business dilemmas.:
Business Ethics
21. Example of bad Business Ethics:: Ex: Accutane
- Is a company doing the right thing when it attempts to reduce the costs of
advertising by not listing all possible complications of the medicine for the
consumer?
22. Business Ethics include (but are not limited to) (3): P,C, SR: 1. Decisions in
choosing a method of *production.*
2. Decisions regarding how to *compete* with competing firms.
3. *Social responsibilities* of the firm
23. Decisions in choosing a method of production (example: bribes):: 1.
Dealing with bribes
2. Some companies only work on bribes in order to supply it.
3. Siemens AG is now forced to restructure itself to do business ethically and
legally.
24. WPH Framework for Business Ethics (3):: 1.* Who* the decision impacts
(stakeholders)
2. *Purpose* of the decisions
3. *How* to make the decisions (i.e. guidelines)
25. Stakeholders of a firm are the many groups of people affected by the firm's
decisions, including but not limited to (6): MECCOF: FACE-COM
1. *M*anagement
2. *E*mployees
3. *C*ustomers
4. *C*ommunity where the firm operates
5. *O*wners/shareholders
6. *F*uture generations
26. How should we think about the *future generation* stakeholders?: Think
more broadly about additional stakeholders who may be affected just as much
in the long run. Then we will be less likely to make decisions that have
unintended negative ethical impacts.
27. The basic unit of business ethics is ____________.: values
