BUL 4421 QUESTIONS AND ANSWERS LATEST
UPDATE (ALREADY GRADED A+).
Business law applicable to HR managment
agency law, contracts, employment and labor law, and employment discrimination
Private law
Regulates disputes between private individuals or groups, ex. landlord and tenant
Public law
Regulates disputes between individuals and government, ex. dumping in violation of state or federal
environmental laws.
Civil law
Delineates the rights and responsibilities implied in relationships between persons and between persons
and their government.
Criminal Law
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
top to bottom: U.S. Constitution, Federal Statues, State Constitution, State Statues, Common Law.
Common Law
Collection of legal interpretations made by judges and are law unless revoked by new statuory law
Precedent
past decisions in similar cases that guide later decisions thereby providing greater stability and
predictability to the law.
Stare Decisis
-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
Summaries of common law rules in a particular area of the law that have been enacted in most states.
Schools of Jurisprudence
Natural law
, describes certain ethical laws and principals believed to be morally right and "above" the laws devised
by humans.
Legal Postivism
Must abide by duly authorized law, law is distinct from morality.
Historical School
Following tradition or custom to shape the law, closely linked with the doctine of stare decisis.
Legal Realism
Judges should consider more than just the law, judges should consider factors such as social and
economic conditions.
Cost Benefit Analysis
Law should yield more benefits than it costs, if so resources saved that can be used to obtain more
goods and services.
Business Ethics
the application of ethics to the special problems and opportunities experienced by business people
Business ethics includes (but not limited to)
Decision in choosing a method of production, decisions regarding how to compete with competing
firms, social responsibilities of firm.
WPH Framework for Business Ethics
Who decision impacts
Purpose of decision
How to make decision (i.e. Guildlines).
Stakeholders
of a firm are the many groups of people affected by the firms decisions, including but not limited to
-owner/shareholders
-employees
-customers
-management
-community where the firm operates
-future generations
The basic unit of business ethics is value
Values are positive notions that capture our sense of what is good or desirable. we derive ethics from
the interplay of values, values represent understanding of the purposes we will fulfill by making
particular decisions.
How do we make ethical business decisions?
UPDATE (ALREADY GRADED A+).
Business law applicable to HR managment
agency law, contracts, employment and labor law, and employment discrimination
Private law
Regulates disputes between private individuals or groups, ex. landlord and tenant
Public law
Regulates disputes between individuals and government, ex. dumping in violation of state or federal
environmental laws.
Civil law
Delineates the rights and responsibilities implied in relationships between persons and between persons
and their government.
Criminal Law
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
top to bottom: U.S. Constitution, Federal Statues, State Constitution, State Statues, Common Law.
Common Law
Collection of legal interpretations made by judges and are law unless revoked by new statuory law
Precedent
past decisions in similar cases that guide later decisions thereby providing greater stability and
predictability to the law.
Stare Decisis
-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
Summaries of common law rules in a particular area of the law that have been enacted in most states.
Schools of Jurisprudence
Natural law
, describes certain ethical laws and principals believed to be morally right and "above" the laws devised
by humans.
Legal Postivism
Must abide by duly authorized law, law is distinct from morality.
Historical School
Following tradition or custom to shape the law, closely linked with the doctine of stare decisis.
Legal Realism
Judges should consider more than just the law, judges should consider factors such as social and
economic conditions.
Cost Benefit Analysis
Law should yield more benefits than it costs, if so resources saved that can be used to obtain more
goods and services.
Business Ethics
the application of ethics to the special problems and opportunities experienced by business people
Business ethics includes (but not limited to)
Decision in choosing a method of production, decisions regarding how to compete with competing
firms, social responsibilities of firm.
WPH Framework for Business Ethics
Who decision impacts
Purpose of decision
How to make decision (i.e. Guildlines).
Stakeholders
of a firm are the many groups of people affected by the firms decisions, including but not limited to
-owner/shareholders
-employees
-customers
-management
-community where the firm operates
-future generations
The basic unit of business ethics is value
Values are positive notions that capture our sense of what is good or desirable. we derive ethics from
the interplay of values, values represent understanding of the purposes we will fulfill by making
particular decisions.
How do we make ethical business decisions?
