MidTerm

Question 1

Law

Answer 1

The rules of conduct in any organized society that are enforced by the governing authority of the community

Question 2

U.S. Constitution

Answer 2

The supreme law of the land: the foundation for all laws in the US. It is the primary authority when we are trying to identify the relationship between organizations and government

Question 3

Statutes

Answer 3

The assortment of rules and regulations put forth by legislatures

Question 4

Uniform Laws

Answer 4

Laws created to account for the variability of laws among states. These laws serve to standardize the otherwise difference state laws

Question 5

Case law

Answer 5

The collection of legal interpretations made by judges. An alternative name is common law

Question 6

True/False: A treaty is a binding agreement between two states or international organizations. Examples of treaties include NAFTA and the GATT

Answer 6

True

Question 7

True/False: The term natural law refers to the idea that there are certain ethical laws and principles that are morally right and “above” the laws devised by humans

Answer 7

True

Question 8

True/False: Cost-benefit analysis is a school of jurisprudence that holds that context must be considered as well as law. Context includes factors such as economic conditions and social conditions

Answer 8

True

Question 9

True/False: Criminal law is a classification of law involving the rights and responsibilities and individual has with respect to the public as a whole

Answer 9

True

Question 10

True/False: The most important example of a model law is the Uniform Commercial Code (UCC)

Answer 10

True

Question 11

Stare decisis

Answer 11

Is a latin phrase that means “standing by the decision.” It is a principle stating that ruling made in higher courts are binding precedents for lower courts

Question 12

True/False: Compliance with the law is a necessary, but not a sufficient component, in an ethical analysis

Answer 12

True

Question 13

True/False: The owners of a company are stakeholders of the company

Answer 13

True

Question 14

True/False: Future generations are relevant stakeholders of a business firm

Answer 14

True

Question 15

True/False: An ethical dilemma is a question about how a person should behave; it requires to reflect on the advantages and disadvantages of the choices for various stakeholders

Answer 15

True

Question 16

True/False: The “WH” in business ethics approach considers: whom would d this decision and how should the decision be made

Answer 16

True

Question 17

True/False: The public disclosure test requires that the businessperson consider how he or she would feel if his or her actions were broadcast on television or other media, for everyone to see - including the stakeholders

Answer 17

True

Question 18

True/False: The Sarbanes-Oxley Act is an act intended to promote high ethical standards among business managers and employees through a series of stringent requirements and controls

Answer 18

True

Question 19

True/False: Stakeholders of a firm are the various groups affected by the firm’s decisions

Answer 19

true

Question 20

The universalization test is the ethical guideline that urges the businessperson to consider, before he or she acts, what the world (and the stakeholders) would be like if everyone acted in this way

Answer 20

true

Question 21

True/False: The employees of a company are stakeholders of the company

Answer 21

true

Question 22

True/False: Standing is the legal right of a party of an individual to bring a lawsuit by demonstrating to the court sufficient connection to and harm from the law or action challenged

Answer 22

true

Question 23

True/False: The Supreme Court of the Untied States has nine Justices

Answer 23

true

Question 23

True/False: Summons [for federal court] (or Citation [for Texas state court]) is a legal document issued by a court and addressed to a defendant that notifies him or her of the lawsuit and how and when to respond

Answer 23

true

Question 24

Venue is the place where a hearing takes place. Its geographic location is determined by each state's statutes and based on where the parties live or where the event occurred or the alleged wrong committed

Answer 24

true

Question 25

True/False: Alternative Dispute Resolution (ADR) is the resolution of legal problems through methods other than litigation

Answer 25

true

Question 26

True/False: Voir Dire is the process of questioning potential jurors to ensure that the jury will be made up of unbiased individuals

Answer 26

true

Question 27

True/False: If the Defendant makes no response to a lawsuit, the court may enter a Default Judgement against the Defendant and in favor of the Plaintiff.

Answer 27

true

Question 27

True/False: An appellate court is a higher court, usually consisting of three judges, that reviews the decision and results of a lower court when a losing party rules an appeal

Answer 27

true

Question 28

True/False: To have Federal Jurisdiction over a case, purposes, two conditions must be met: 1. The Plaintiff and Defendant must reside in the same state 2. The amount in controversy must not exceed $75,000.00

Answer 28

False

Question 29

True/False: The US has three parallel systems: the State System, the Federal System, and the International System

Answer 29

true

Question 30

True/False: The concept of "Case or Controversy" is that there must be an issue before the Court that a judicial system is capable of resolving

Answer 30

True

Question 31

True/False: In order for a Court to render a decision in a particular type of case, the Court must have Subject Matter jurisdiction

Answer 31

true

Question 32

True/False: A citation is a legal document issued by a Texas State court and addressed to a defendant that notifies him or her of the lawsuit and how and when to respond

Answer 32

true

Question 33

True/False: Arbitration is a process in which a neutral third-party resolves the dispute between the parties without the parties having to go to Court. The process most often involves lawyers

Answer 33

True

Question 34

True/False: Discovery is the process where the Parties to a lawsuit exchange information about the lawsuit. A Request for the Production of Documents is one type of Discovery

Answer 34

True

Question 35

True/False: In jury selection, the lawyers can challenge a potential juror "for cause" for example to determine if the potential juror has any bias or prejudices about the parties or the case

Answer 35

true

Question 36

True/False: A trial Court is a court of "original Jurisdiction" meaning they have the power to hear and decide cases when they first enter the legal system

Answer 36

True

Question 37

True/False: A state's "Long Arm Statute" is a statute that gives a Court jurisdiction over a Defendant that resides out of state

Answer 37

True

Question 38

True/False: The United States Supreme Court is the final appellate Court in the Federal System

Answer 38

True