BMGT 380- Business Law Examination n. 1
Questions With Verified Answers
* Appendix pg. 30
* Understanding the various types of laws
pg. 14-28 - answer✔
Constitutions - answer✔> Exist at the state and federal levels
> Have two general functions:
(1) set up the structure of government for the political unit they control (a state or the federal
government)
*this involves creating the branches and subdivisions of the government and stating the powers
given and denied to each {through its separation of power} and,
* structures the relationship between the federal and the states {by respecting the principle of
federalism}
(2) prevent the government from taking certain actions or passing certain laws, even if those
actions or laws would otherwise appear to fall within the authority granted to the government
under the first function.
* it does so by prohibiting government actions that restricts certain individual rights {the Bill of
Rights, for instance}
Separation of powers - answer✔> The U.S. Constitution establishes the Congress and gives it
power to make law in certain areas,
> Provides for a chief executive (the president) whose function is to execute and and enforce
the laws, and
> Helps create a federal judiciary to interprets the laws
Federalism - answer✔= the principle that recognizes the states' power to make law in certain
areas.
Statutes - answer✔= laws created by elected representatives in Congress or state legislature.
> They are stated in an authoritative form in _____ books or codes.
Uniform acts - answer✔= are model statutes drafted by private bodies of lawyers and scholars
> They do not become law until a legislature enacts them
> Their aim is to produce state-by-state uniformity on the subjects they address
> Examples include:
* the Uniform Commercial Conde (which deals with a wide range of commercial law subjects)
Common Law - answer✔= (Also called judge-made law or case law) is law made and applied by
judges as they decide cases not governed by statutes or other types of law
> Exists only at the state level, though bot state courts and federal courts become involved in
applying it.
> Involves the practice of precedents
Precedent - answer✔= the practice of judges following the decisions of other judges in similar
cases.
> This practice became formalized in the doctrine of stare decisis (let the decision stand)
Stare decisis - answer✔= under common law; let the decision stand.
> This doctrine is not completely rigid in its requirement of adherence to precedent
*it is flexible enough to allow the common law to evolve to meet changing social conditions.
Equity - answer✔= the body of law historically concerned with accomplishing "rough justice"
when common law rules would produce unfair results.
> In these courts, procedures are flexible, and rigid rules of law were deemphasized in favor of
general moral maxims.
> They provide several remedies not available in the common law courts (which generally
awarded only money damages or recovery of property) the most important being the (1)
injunction
> Others include the contract remedies of specific performance , reformation, and rescission.
equitable remedies: Injunction - answer✔= a court order forbidding a party to do some act or
commanding him to preform some act
equitable contract remedies: Specific Performance - answer✔= a equitable contract remedies
whereby a party is ordered to perform according to the terms of their contract
equitable contract remedies: Reformation - answer✔= a equitable contract remedies in which
the court rewrites the contact's terms to reflect the parties' real intentions
equitable contract remedies: Rescission - answer✔= a equitable contract remedies that awards
a cancellation of a contract and a return of the parties to their precontractual position
Administrative agencies - answer✔> Were established by Congress and the state legislatures to
address a collection of social and economic problems that legislatures lacked the time and
expertise to deal with.
> These agencies obtain the ability to
(1) make law through a delegation (or grant) of power from the legislature
* agencies are normally created by a statute that specifies the areas in which the agency can
make law and the scope of its power in each area
> Two types of law are made by ________.
(1) Administrative regulations and
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