Law and Business Exam 1, Welker,
USF, BUL 3320 Questions and Answers
Natural Law - answer- School of Jurisprudential Thought: Postulates that law is
based on what is "correct". It emphasizes a moral theory of law-- that is, law should
be based on morality and ethics.
Historical - answer- School of Jurisprudential Thought: Believes that law is an
aggregate of social traditions and customs.
Analytical - answer- School of Jurisprudential Thought: Maintains that law is shaped
by logic.
Sociological - answer- School of Jurisprudential Thought: Asserts that the law is a
means of achieving and advancing certain sociological goals.
Command - answer- School of Jurisprudential Thought: Believes that the law is a set
of rules developed, communicated, and enforced by the ruling party.
Critical Legal Studies - answer- School of Jurisprudential Thought: Maintains that
legal rules are unnecessary and that legal disputes should be solved by applying
arbitrary rules based on fairness.
Law and Economics - answer- School of Jurisprudential Thought: Believes that
promoting market efficiency should be the central concern of legal decision making.
Law Courts - answer- When a uniform set of laws first started to appear in courts,
these were where judges would administer the law in a uniform matter. Law at this
time tended to emphasize the form (legal procedure) over the substance (merit) of a
case.
Chancery (Equity) Courts - answer- This type of court was established because of
some unfair results stemming from the original type of court. Here they would prefer
the substance (merit) of the case over the form (legal procedure).
Merchant Courts - answer- Based on common trade practices and usage, these
courts were developed to settle disputes between traders, and was eventually
absorbed into the regular court system of England.
English Common Law - answer- A system of laws developed by judges who issued
their opinions when deciding a case and that changed America and made
consequences uniform across the country.
Treaties - answer- With 2/3 of the senate's support, the U.S constitution states we
can enter into this compact between two or more nations.
Stare Decisis - answer- Latin for "to stand by the decision". Adherence to precedent.
, President - answer- Can sign a bill into a law, if this person waits 10 days a bill will
automatically become a law, if this person vetoes congress can overturn with 2/3
support.
Civil Law - answer- Legal System: The civil code and parliamentary statutes that
expand and interpret it are the sole sources of the law, thus the adjudication of a
case is simply the application of the code or the statutes to a particular set of facts.
Lawrence Kohlberg - answer- Who created the stages of moral development that
track how you determine right from wrong as you age (Pre-Post Conventional)?
Moral Philosophy - answer- Principles, rules, and values people use in deciding what
is right or wrong.
Moral Psychology - answer- The study of the way humans think about morality,
make moral judgments, and behave in morally relevant situations.
Utilitarianism - answer- A moral theory which dictates that people must choose the
action or follow the rule that provides the greatest good to society.
Rawl's Social Justice Theory - answer- A moral theory which asserts that fairness is
the essence of justice. (Social Contract)
Social Contract - answer- An implicit agreement among the members of a society to
cooperate for social benefits.
Section 406 (Sarbanes-Oxley Act) - answer- Section of an Act that requires a public
company to disclose whether it has adopted a code of ethics for senior financial
officers, including its principal financial officer and principal accounting officer.
Social Responsibility - answer- Business: A theory that requires corporations and
businesses to act with awareness of the consequences and impact that their
decisions will have on others.
Maximizing Profits - answer- Business: A theory of social responsibility which says
that a corporation owes a duty to take actions that maximize profits for shareholders.
Citizens United vs. FEC - answer- Court Case: Should corporations have the same
First Amendment free speech rights as individuals.
U.S. District Courts - answer- The federal court system's trial courts of general
jurisdiction. Serves only a certain geographical area.
Special Federal Courts - answer- Federal courts that hear matters of specialized or
limited jurisdiction. Established by Congress. (ie. U.S. Tax Court, U.S. Bankruptcy
Court, etc.)
SCOTUS - answer- The highest court in the United States, created by Article III of
the constitution.
USF, BUL 3320 Questions and Answers
Natural Law - answer- School of Jurisprudential Thought: Postulates that law is
based on what is "correct". It emphasizes a moral theory of law-- that is, law should
be based on morality and ethics.
Historical - answer- School of Jurisprudential Thought: Believes that law is an
aggregate of social traditions and customs.
Analytical - answer- School of Jurisprudential Thought: Maintains that law is shaped
by logic.
Sociological - answer- School of Jurisprudential Thought: Asserts that the law is a
means of achieving and advancing certain sociological goals.
Command - answer- School of Jurisprudential Thought: Believes that the law is a set
of rules developed, communicated, and enforced by the ruling party.
Critical Legal Studies - answer- School of Jurisprudential Thought: Maintains that
legal rules are unnecessary and that legal disputes should be solved by applying
arbitrary rules based on fairness.
Law and Economics - answer- School of Jurisprudential Thought: Believes that
promoting market efficiency should be the central concern of legal decision making.
Law Courts - answer- When a uniform set of laws first started to appear in courts,
these were where judges would administer the law in a uniform matter. Law at this
time tended to emphasize the form (legal procedure) over the substance (merit) of a
case.
Chancery (Equity) Courts - answer- This type of court was established because of
some unfair results stemming from the original type of court. Here they would prefer
the substance (merit) of the case over the form (legal procedure).
Merchant Courts - answer- Based on common trade practices and usage, these
courts were developed to settle disputes between traders, and was eventually
absorbed into the regular court system of England.
English Common Law - answer- A system of laws developed by judges who issued
their opinions when deciding a case and that changed America and made
consequences uniform across the country.
Treaties - answer- With 2/3 of the senate's support, the U.S constitution states we
can enter into this compact between two or more nations.
Stare Decisis - answer- Latin for "to stand by the decision". Adherence to precedent.
, President - answer- Can sign a bill into a law, if this person waits 10 days a bill will
automatically become a law, if this person vetoes congress can overturn with 2/3
support.
Civil Law - answer- Legal System: The civil code and parliamentary statutes that
expand and interpret it are the sole sources of the law, thus the adjudication of a
case is simply the application of the code or the statutes to a particular set of facts.
Lawrence Kohlberg - answer- Who created the stages of moral development that
track how you determine right from wrong as you age (Pre-Post Conventional)?
Moral Philosophy - answer- Principles, rules, and values people use in deciding what
is right or wrong.
Moral Psychology - answer- The study of the way humans think about morality,
make moral judgments, and behave in morally relevant situations.
Utilitarianism - answer- A moral theory which dictates that people must choose the
action or follow the rule that provides the greatest good to society.
Rawl's Social Justice Theory - answer- A moral theory which asserts that fairness is
the essence of justice. (Social Contract)
Social Contract - answer- An implicit agreement among the members of a society to
cooperate for social benefits.
Section 406 (Sarbanes-Oxley Act) - answer- Section of an Act that requires a public
company to disclose whether it has adopted a code of ethics for senior financial
officers, including its principal financial officer and principal accounting officer.
Social Responsibility - answer- Business: A theory that requires corporations and
businesses to act with awareness of the consequences and impact that their
decisions will have on others.
Maximizing Profits - answer- Business: A theory of social responsibility which says
that a corporation owes a duty to take actions that maximize profits for shareholders.
Citizens United vs. FEC - answer- Court Case: Should corporations have the same
First Amendment free speech rights as individuals.
U.S. District Courts - answer- The federal court system's trial courts of general
jurisdiction. Serves only a certain geographical area.
Special Federal Courts - answer- Federal courts that hear matters of specialized or
limited jurisdiction. Established by Congress. (ie. U.S. Tax Court, U.S. Bankruptcy
Court, etc.)
SCOTUS - answer- The highest court in the United States, created by Article III of
the constitution.
