Exam 1 (Chapter 1&2)

Question 1

The body of rules governing individuals and their relationships

Answer 1

Law

Question 2

Those laws enacted by some authorized governmental body

Answer 2

Public law

Question 3

State and federal constitutions and statutes are examples of _________ law

Answer 3

Public

Question 4

Those laws developed by individuals

Answer 4

Private law

Question 5

Landlords usually having regulations for their tenants such as limits on what they can have on their balconies is an example of _______ law

Answer 5

Private

Question 6

A violation that is wrong against society

Answer 6

Criminal law

Question 7

A violation that is wrong against another person or persons

Answer 7

Civil law

Question 8

Running a red light is an example of ______ law

Answer 8

Criminal

Question 9

Laws that give rights and responsibilities

Answer 9

Substantive laws

Question 10

Provide the means for enforcing substantive rights

Answer 10

Procedural laws

Question 11

A developed body of law common that could be used to settle disputes

Answer 11

Common law

Question 12

Stare decisis translates to…

Answer 12

“Let the decision stand”

Question 13

A law passed by some governmental body and written in some form

Answer 13

Statutory law (aka codified law)

Question 14

A body of law that attempts to do justice when the law does not provide a remedy, when the remedy is not enough, or when the application of the law is terribly unfair

Answer 14

Equity

Question 15

Courts of equity could issue order, also know as _____, prohibiting certain conduct

Answer 15

Injunctions

Question 16

What are the five purposes of law?

Answer 16

Keeping order, influencing conduct, honoring expectations, promoting equality, and law as the great compromiser

Question 17

What are the 3 characteristics of law?

Answer 17

Flexibility, consistency, and pervasiveness

Question 18

Belief that law’s authority comes from a higher and eternal authority and that any law that violates these natural laws is morally wrong.

Answer 18

Natural law theory

Question 19

Slavery is a violation of which theory?

Answer 19

Natural law

Question 20

Belief that that law is whatever those who are in charge say the law should be, that law comes from power

Answer 20

Power theory

Question 21

Allow only those laws that serve to offer fairness, equality, and opportunity. Laws that deny due process or the right to be heard, are morally wrong

Answer 21

Justice theory

Question 22

Provides that only those laws that serve to create and preserve order are valid. Allow laws that control behavior or provide conduct guidelines

Answer 22

Order Theory

Question 23

Written laws enacted by some governmental body with the proper authority - legislatures, city governments, and countries - that are published and made available for public use and knowledge

Answer 23

Statues

Question 24

Protect general rights such as speech, religion, and property

Answer 24

Constitutions

Question 25

Contains all the federal agencies' regulations, such as the rules and forms required for consumer loans

Answer 25

Code of Federal Regulations

Question 26

Laws of the executive branch of the federal government that deal with those matters under the direct control of that branch

Answer 26

Executive orders

Question 27

Contain the states' criminal laws, laws for incorporation, laws governing partnerships, and contract laws

Answer 27

State codes

Question 28

Laws that are drafted by groups of businesspeople scholars, and lawyers in an effort to maker interstates business less complicated; Contracts for the international sale of goods (CISG)

Answer 28

Uniform laws

Question 29

Governs contracts for the sale of goods, commercial paper, security interests, and other types of commerical transactions

Answer 29

Uniform Commercial Code (UCC)

Question 30

A form of statues, within their (cities, counties, townships) areas of power or control

Answer 30

Ordinances

Question 31

An agreement between or among nations signed by the leaders of the nations and ratified by the nations' governing bodies

Answer 31

Treaty

Question 32

Treaties among two nations

Answer 32

Bilateral treaties

Question 33

Treaties among serval nations

Answer 33

Multilateral treaties

Question 34

A reflection of widely followed standards of behavior

Answer 34

Universal treaties

Question 35

Allows parties to decide how they want their legal relationship to be governed

Answer 35

Party autonomy

Question 36

A theory that protects governments from their actions being reviewed by courts in other countries

Answer 36

Act of state doctrine

Question 37

Focuses on how a business interacts with the community, the environment, and its neighbors

Answer 37

Business ethics

Question 38

Codified law; law created and enforced by governmental entities

Answer 38

Positive law

Question 39

Standards of behavior beyond legal requirements and grounded in various theories related to definitions of ethics

Answer 39

Ethical standards

Question 40

Religious beliefs or divine revelations. This kind of law never changed although statues and rules might; Ethical standards established by natural law

Answer 40

Divine Command theory or natural law theory

Question 41

Establishes moral standards according to the situation in which the ethical dilemma occurs

Answer 41

Moral relativism (aka: situational or circumstantial ethics)

Question 42

Requires that we act in the best interests of the most people

Answer 42

Utilitarianism (aka: greatest happiness principle)

Question 43

Requires us to act in a way that everyone would agree is "the right thing to do"; What is best for everyone

Answer 43

Theory of justice or the social contract

Question 44

Under _____ theory, we all have rights that cannot be infringed and the government's job is to enforce those rights

Answer 44

Rights

Question 45

In terms of ethical dilemmas, which theory asks "is it legal", "is it balanced", and "how does it make me feel"?

Answer 45

Blanchard and Peale

Question 46

In terms of ethical dilemmas, which theory thinks employees should ask himself/herself whether he would be willing to see it described by a critical reporter on the from page of their local paper?

Answer 46

Front-Page-of-the-Newspaper Test

Question 47

In terms of ethical dilemmas, which theory asks "How would I view the issue if I stood on the other side of the fence"?

Answer 47

Laura Nash and Perspective

Question 48

In terms of ethical dilemmas, which theory consists of compliance, contribution, and consequences

Answer 48

Wall Street Journal Model

Question 49

In terms of ethical dilemmas, which theory says "Do unto others as you would have them do unto you", "What if everyone was behaving as I am behaving?"

Answer 49

Kant's Categorical Imperative/ Golden Rule

Question 50

Phrases such as "Everybody else does it", "If we don't do it, someone else will", "That's the way it has always been done", "It doesn't really hurt anyone", "I was just following orders", etc., are examples of why we fail to reach good decisions in _________ dilemmas

Answer 50

Ethical

Question 51

Those who are affected by business decisions

Answer 51

Stakeholders

Question 52

The business should consider the needs and interests of all of its stakeholders in resolving ethical dilemma it faces

Answer 52

Social responsibility

Question 53

The phase in which the industry is aware of a problem

Answer 53

Latency phase

Question 54

Stage that begins when the popular press reports on an issue and raises questions

Answer 54

Awareness stage

Question 55

When ethical employees are rewarded and unethical conduct is punished

Answer 55

Tone at the top

Question 56

Mandates the Federal Sentencing Commission to examine the types of things companies can do to improve the ethical culture, thereby reducing the risk of misconduct and earning sentence reductions for companies that attempt to create an ethical culture but still have a legal lapse

Answer 56

Sarbanes-Oxley

Question 57

The ethical tone of a company that can be enhanced by factors such as having a code of ethics, a means for employees to report misconduct anonymously, and sanctions and terminations for those employees and officers who violate the law and company rules

Answer 57

Ethical culture

Question 58

Where employees can anonymously report ethical violations

Answer 58

Hotline

Question 59

Theory of law that addresses the best way to approach the characteristics and role of law

Answer 59

Jurisprudence

Question 60

Laws passed by state legislatures including uniform laws on contracts and business organizations such as the Uniform Commercial Code

Answer 60

State statutes

Question 61

Regulations made known by state agencies

Answer 61

State administrative regulations

Question 62

Group of nations working collectively for uniform laws and barrier-free trade

Answer 62

European Union

Question 63

Ethical standards offset by behavior of norms and culture

Answer 63

Ethical norms

Question 64

Which philosopher believed reason is unaffected by desire

Answer 64

Aristotle

Question 65

Which philosopher believed rule of action which is prescribed by some superior and which the inferior is bound to obey

Answer 65

Blackstone

Question 66

Prisoners of war

Answer 66

Geneva Convention

Question 67

Diplomatic relations

Answer 67

Vienna Convention

Question 68

International adoption

Answer 68

Hague Convention