BUL 4421 STUDY GUIDE 2026 TEST PAPER
QUESTIONS AND SOLUTIONS GRADED A+
●● public law.
Answer: regulates between private individuals and the government
●● civil law.
Answer: defines rights and responsibilities of persons and government
●● criminal law.
Answer: someone commits act against public as a whole
●● statutory law.
Answer: assortment of statutes or rules and regulations put forth by
legislations
●● hierarchy of law.
Answer: 1. U.S. Constitution
2. Federal Statutes
3. State Statutes
4. Common Law
,●● common law.
Answer: collection of legal interpretation made by judges and are the
law unless revoked by new statutory law
●● precedent.
Answer: past decision of similar cases guide, later decisions by
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
●● restatement of the law.
Answer: summaries of common law rules in a particular area of law that
have been enacted in most states
●● schools of jurisprudence.
Answer: natural law, legal positivism, historical school, legal realism,
cost/benefit analysis
●● business ethics.
Answer: the application of ethics to the special problem experienced by
business people
, ●● stakeholders.
Answer: groups of people affected by the firm's decisions
●● stakeholders include.
Answer: employees, overseas shareholders, customers, management,
community, and future generations
●● values.
Answer: basis unit of business ethics
●● public disclosure.
Answer: if the public knew about the decision how would they want to
decide
●● universialization test.
Answer: what would the world be like if our decisions were made by
everyone else?
●● theories of business ethics.
Answer: ethical relativism, absolution, consequentialism, utilitarianism,
principles of rights, virtue ethics
●● ethical relativism.
QUESTIONS AND SOLUTIONS GRADED A+
●● public law.
Answer: regulates between private individuals and the government
●● civil law.
Answer: defines rights and responsibilities of persons and government
●● criminal law.
Answer: someone commits act against public as a whole
●● statutory law.
Answer: assortment of statutes or rules and regulations put forth by
legislations
●● hierarchy of law.
Answer: 1. U.S. Constitution
2. Federal Statutes
3. State Statutes
4. Common Law
,●● common law.
Answer: collection of legal interpretation made by judges and are the
law unless revoked by new statutory law
●● precedent.
Answer: past decision of similar cases guide, later decisions by
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
●● restatement of the law.
Answer: summaries of common law rules in a particular area of law that
have been enacted in most states
●● schools of jurisprudence.
Answer: natural law, legal positivism, historical school, legal realism,
cost/benefit analysis
●● business ethics.
Answer: the application of ethics to the special problem experienced by
business people
, ●● stakeholders.
Answer: groups of people affected by the firm's decisions
●● stakeholders include.
Answer: employees, overseas shareholders, customers, management,
community, and future generations
●● values.
Answer: basis unit of business ethics
●● public disclosure.
Answer: if the public knew about the decision how would they want to
decide
●● universialization test.
Answer: what would the world be like if our decisions were made by
everyone else?
●● theories of business ethics.
Answer: ethical relativism, absolution, consequentialism, utilitarianism,
principles of rights, virtue ethics
●● ethical relativism.
