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BUS 404 MIDTERM 1 ANDERSON EXAM/221 QUESTIONS WITH DETAILED SOLUTIONS
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BUS 404 MIDTERM 1 ANDERSON EXAM/221 QUESTIONS WITH DETAILED SOLUTIONS
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BUS 404 MIDTERM 1 ANDERSONEXAM/221 QUESTIONS WITH DETAILED
SOLUTIONS
definition of law - -1. Predictions of the way in which a court will decide
specific legal questions
2. A rule of civil conduct prescribed by the supreme power in a state, which
commands what is right, and prohibits what is wrong
-Meanings of Law - -1. The legal order of society
2. The aggregate of laws or legal precepts
3. The judicial process
-Function of Law - -to maintain stability in the social, political, and economic
system through dispute resolution, protection of property, and the
preservation of the state, while simultaneously permitting ordered change
-disputes - -may involve criminal or noncriminal matter; the law has an
elaborate set of rules to resolve them
-Protection of Property - -includes law of property, contracts, sales,
commercial paper, and business associations
-Preservation of State - -In the United States, the law ensures orderly
changes in our leadership
-Law and Justice - -two separate and distinct concepts, but without law,
there can be no justice
-justice - -the fair, equitable, and impartial treatment of the competing
interests of individuals with regard for the common good
-right - -the capacity of a person, with the aid of the law, to require another
person or persons to perform, or to refrain from performing, a certain act
-duty - -the obligation the law imposes upon a person to perform, or refrain
from a certain act
-substantive law - -Law that defines, describes, regulates, and creates legal
rights and obligations.
-Procedural Law - -Law that establishes the methods of enforcing the rights
established by substantive law.
, -Substantive vs. Procedural Law - -- *Substantive law* is the "what" that
defines, regulates, and creates legal rights.
- *Procedural law* is "how" to enforce your rights, how the process of
enforcing the law goes, and establishes penalties or remedies.
-Public Law - -is the branch of substantive law that deals with the gov't's
rights and powers and its relationship to individuals or groups
- Consists of constitutional, administrative, and criminal law
-Private Law - -is the part of substantive law governing individuals and legal
entities (corporations) in their relationships to one another
-Civil Law - -defines duties, the violation of which constitutes a wrong
against the party injured by the violation
-Criminal Law - -establishing duties, the violation of which is a wrong
against the whole community
-supreme law - -Law that takes precedence over all conflicting laws
-Constitiution - -the fundamental law of a particular level of gov't that
establishes the governmental structure and allocates power among levels
-Judicial Review - -the power of the courts to determine the constitutionality
of legislative and executive acts
-Common Law System - -body of law originating in England and derived
from judicial decisions
-adversary system - -a system of law where the court is seen as a neutral
area where disputants can argue the merits of their cases
-Civil Law System - -A system of law based on a very detailed set of written
laws and codes.
-inquisitorial system - -a system where the judiciary initiates litigation,
investigate pertinent facts, and conducts the presentation of evidence
-stare decisis - -where courts adhere to and rely on rules of law that they
relied on in prior similar decisions
-two uses of judicial decisions - -1. To determine with finality the case
currently being decided.
2. To indicate how the court will decide similar cases in the future.
, -court of equity - -A court that decides controversies and administers justice
according to the rules, principles, and precedents of equity.
-decree - -(n.) an order having the force of law; (v.) to issue such an order;
to command firmly or forcefully
-injunction - -An order which legally prevents something
-Specific Performance - -A legal action to compel a party to carry out the
terms of a contract.
-Maxims - -general legal principles formulated by equity courts over the
years
-comparison of law - -Availability: Generally
Precedents: Stare Decisis
Jury:: If either party demands
Remedies: Judgement for monetary damages
-comparison of equity - -Availability: Discretionary
Precedents: Equitable maxims
Jury: None
Remedies: Decree of specific performance, injunction, reformation, and
recession
-Uniform Commercial Code (UCC) - -a comprehensive statutory scheme that
includes laws that cover aspects of commercial transactions
-Treaty - -A formal agreement between two or more sovereign states
-executive orders - -Formal orders issued by the president or governors to
direct action by the federal bureaucracy.
-administrative law - -The body of law created by administrative agencies
(in the form of rules, regulations, orders, and decisions) in order to carry out
their duties and responsibilities.
-Restatements of the Law - -Summaries of common law rules in a particular
area of the law. Restatements do not carry the weight of law but can be used
to guide interpretations of particular cases.
-Hierarchy of Law - -U.S. Constitution: treaties and federal statutes: federal
administrative law: federal common law: state constitution: state statutes:
state administrative law: state common law
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