Exam (elaborations)
BUS 300 Exam 1 Questions and Answers Latest Update
- Course
- BUS 300
- Institution
- University Of Massachusetts, Amherst
BUS 300 Exam 1 Questions and Answers Latest Update
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Solution 2024/2025Pepper
BUS 300 Exam 1 Questions and Answers Latest
Update
Purposes of Law (8) ANS✔✔ 1. peacekeeping,
2. personal freedom,
3. planning and actualization of reasonable expectations
4. contracts, promote/protect competition to promote economic growth
5. antitrust
6. social justice
7. environmental protection
8. system of order - consistency and fairness
9. promotes good faith dealing among merchants and consumers
Public Policy ANS✔✔ Requirements for a enforceable contract necessitating
that the term and consistent with public policy objectives
Law ANS✔✔ a body of rules of action or conduct prescribed by controlling
authority, and having legal binding force
Jurisprudence ANS✔✔ The science and philosophy of the law that defines
various approaches to the appropriate function of law and how legal
doctrines should be developed and applied
Primary Sources of Law ANS✔✔ Constitutional law
Statutory law
, Solution 2024/2025
Pepper
Common law
Administrative law
Constitutional Law ANS✔✔ Establishes important legal principles
Not designed to specifically resolve every legal issue or case
May require "interpretation" by courts
Exists at state and federal levels
Statutory Law ANS✔✔ Created by a legislative body
Approved or disapproved by the
executive branch
(i.e., governor or president)
Also known as "codes"
Common Law ANS✔✔ Made by appellate courts
Based on the fundamentals of
previous cases that had similar facts
Also known as "case" law
Administrative Law ANS✔✔ Source of law that regulates the exercise of
authority by government agencies
Also known as "regulations"
Secondary Sources of Law ANS✔✔ have no independent authority, nor are
they legally binding.
, Solution 2024/2025
Pepper
Include the Restatements of the Law and sets of model statutes
Example: Uniform Commercial Code
How many articles are in the constitution ANS✔✔ 7
How many amendments are in the constitution ANS✔✔ 27
What is Stare Decisis ANS✔✔ is the principle that similar cases with similar
facts and issues should have the same judicial outcome.
What is Precedent ANS✔✔ When a court applies the law from a previous
case to a current case
Why is Stare Decisis Important ANS✔✔ Allows individuals and business to
have some degree of confidence that the law will remain reasonably
consistent.
Requires all lower courts, such as a trial court, to follow the case precedent
so that any similar case would be decided according to the precedent.
What is "Equity" in our legal system? ANS✔✔ used in the context of the
common laws rules that guild courts in deciding cases and controversies
before them
What are 2 maxims of equity ANS✔✔ Equity Aids the Vigilant
Substance over Form
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