BUL 4421 COMPREHENSIVE TEST SCRIPT
2026 FULL QUESTIONS AND CORRECT
ANSWERS GRADED A+
●● Relevant areas of business law are applicable to.
Answer: Human Resource Management
●● Private Law.
Answer: Regulates disputes between private individuals or groups
●● Public Law.
Answer: Regulates disputes between private individuals and government
●● Civil Law.
Answer: Delineates the rights and responsibilities implied in
relationships between persons and between persons and their
government
●● Criminal Law.
Answer: Regulates incidents which someone commits an act against the
public as a whole
,●● Hierarchy of Laws.
Answer: 1. US Constitution
2. Federal Statutes
3. State Constitution
4. State Statutes
5. Common Law
●● Common Law.
Answer: Collection of legal interpretations made by judges, and are law
unless revoked by new statutory law
●● Precedent.
Answer: Past decisions in similar cases that guide later decisions thereby
providing greater stability and predictability to the law
●● Stare Decisis.
Answer: In which rulings made in higher courts become binding
precedent for lower courts
●● "Standing by their decision".
Answer: Stare Decisis
●● When courts rely on precedent, they are obeying the principle of.
,Answer: Stare Decisis
●● 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, Legal Positivism, Historical School, Legal
Realism and Cost Benefit Analysis
●● Natural Law.
Answer: Describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans
●● Legal Positivism.
Answer: Sees our proper role as obedience to duly authorized law, and
the law is distinct from morality
●● Historical School.
Answer: Following tradition or custom to shape the law, closely linked
with the doctrine of stare decisis
●● Legal Realism.
, Answer: Judges should consider more than just the law; consider factors
such as social and economic conditions
●● Cost Benefit Analysis.
Answer: If law yields more benefits than costs then we saved resources
we can use to obtain more goods and services
●● Business Ethics.
Answer: The application of ethics to the special problems and
opportunities experienced by business people
●● Minimal Standards for firms to be ethical.
Answer: - The legality of the decision in choosing a method of
production
- How to compete with competing firms
- Social responsibilities of the firm
●● WPH Framework for Business Ethics.
Answer: - Who would this decision affect?
- What is the Purpose of the decision?
- What are the guidelines on How to make the decision?
●● The "WPH" in WPH Framework for Business Ethics stands for.
2026 FULL QUESTIONS AND CORRECT
ANSWERS GRADED A+
●● Relevant areas of business law are applicable to.
Answer: Human Resource Management
●● Private Law.
Answer: Regulates disputes between private individuals or groups
●● Public Law.
Answer: Regulates disputes between private individuals and government
●● Civil Law.
Answer: Delineates the rights and responsibilities implied in
relationships between persons and between persons and their
government
●● Criminal Law.
Answer: Regulates incidents which someone commits an act against the
public as a whole
,●● Hierarchy of Laws.
Answer: 1. US Constitution
2. Federal Statutes
3. State Constitution
4. State Statutes
5. Common Law
●● Common Law.
Answer: Collection of legal interpretations made by judges, and are law
unless revoked by new statutory law
●● Precedent.
Answer: Past decisions in similar cases that guide later decisions thereby
providing greater stability and predictability to the law
●● Stare Decisis.
Answer: In which rulings made in higher courts become binding
precedent for lower courts
●● "Standing by their decision".
Answer: Stare Decisis
●● When courts rely on precedent, they are obeying the principle of.
,Answer: Stare Decisis
●● 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, Legal Positivism, Historical School, Legal
Realism and Cost Benefit Analysis
●● Natural Law.
Answer: Describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans
●● Legal Positivism.
Answer: Sees our proper role as obedience to duly authorized law, and
the law is distinct from morality
●● Historical School.
Answer: Following tradition or custom to shape the law, closely linked
with the doctrine of stare decisis
●● Legal Realism.
, Answer: Judges should consider more than just the law; consider factors
such as social and economic conditions
●● Cost Benefit Analysis.
Answer: If law yields more benefits than costs then we saved resources
we can use to obtain more goods and services
●● Business Ethics.
Answer: The application of ethics to the special problems and
opportunities experienced by business people
●● Minimal Standards for firms to be ethical.
Answer: - The legality of the decision in choosing a method of
production
- How to compete with competing firms
- Social responsibilities of the firm
●● WPH Framework for Business Ethics.
Answer: - Who would this decision affect?
- What is the Purpose of the decision?
- What are the guidelines on How to make the decision?
●● The "WPH" in WPH Framework for Business Ethics stands for.
