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BADM 7140 - Business Law Questions with Explanations of Answers | latest upate 2024
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BADM 7140 - Business Law Questions with Explanations of Answers | latest upate 2024
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BADM 7140 - Business LawDefine Law - ANS-A set of enforceable rules that govern 1) the relationship between individuals
and 2) the relationship between people and society
15 sources of Law - ANS-International law, federal constitution, federal executive order, federal
statute, federal cases, federal regulations, state constitution, state executive order, state statute,
state civil code, state cases, state regulations, ordinances, works of scholars, private party
contracts, trade usage (industry practices)
Natural law - ANS-Divine law, higher code of interest
Positive law - ANS-Written law
Federal court power - ANS-Court with limited power, but supreme power. Hear cases with
diversity and > $75,000. Also hear federal bankruptcy, federal questions, suits against
ambassadors, maritime/admiralty cases, and federal tax cases.
State court power - ANS-Court that can hear virtually any type of case (general SMJ)
Standing to Sue - ANS-A party must have a legally protected, tangible interest at stake.
Privileges and immunities clause - ANS-Citizens of each state shall be entitled to all privileges
and immunities of citizens in the several state.
Full faith and credit clause - ANS-Full faith and credit shall be given in each state to public acts,
records, and judicial proceedings of every other state.
Commerce clause - ANS-US constitution explicitly permits Congress to regulate Commerce with
foreign nations and among the several states and with the Indian tribes.
Supremacy clause - ANS-The constitution, laws, and treaties of the US are the supreme law of
the land.
Establishment clause - ANS-Prohibits the government from establishing a state-sponsored
religion as well as from passing laws that promote religion or that show a preference for one
religion over another.
Free exercise clause - ANS-Guarantees that a person can hold any religious belief that he or
she wants or a person can have no religious belief.
, Due process clause - ANS-Both fourth and fifth amendment provide that no person shall be
deprived of life liberty or property without due process.
Procedural due process - ANS-Requires government decision to take life liberty or property be
made equitably; proper notice and opportunity to be heard.
Substantive due process - ANS-Protects individuals life liberty or property against certain
government actions regardless of the fairness of the procedures used to implement them.
Equal protection clause - ANS-A state may not deny to any person within its jurisdiction the
equal protection of the laws. It also means the federal government cannot enact laws that treat
similarly situated individual's differently.
Agreement - ANS-Parties must agree on the terms of the contract and manifest to each other
their mutual assent to the same bargain.
Consideration - ANS-Value given in return for a promise or in return for a performance.
Something of legally sufficient value must be given usually there must be a bargained for
exchange.
Capacity - ANS-The legal ability to enter into a contractual agreement.
Legality - ANS-Contract must be formed for legal purpose.
Three types of Alternative Dispute Resolution - ANS-Negotiation, mediation, arbitration
Negotiation - ANS-A process in which the parties attempt to settle their dispute informally, with
or without attorneys to represent them.
Mediation - ANS-A neutral third party acts as mediator and works with both sides in the dispute
to facilitate a resolution.
Arbitration - ANS-An arbitrator (a neutral third party or a panel of experts) hears a dispute and
imposes a resolution on the parties. Can be legally binding if agreed upon by both parties.
Arbitration Clause - ANS-In a contract, a written agreement specifying that any dispute arising
under the contract will be resolved through arbitration rather than through the court system.
Five boxes of Litigation - ANS-1. Cause of Action 2. Right of Action 3. Subject Matter
Jurisdiction 4. Personal Jurisdiction 5. Venue
Civil Law - ANS-Written code to deal with private law such as businesses, negligence lawsuits
and practices (perceived as pure form of law)
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