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NCSU MIE 305 Exam 1 (Chapters 1-3) Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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NCSU MIE 305 Exam 1 (Chapters 1-3) Questions and Answers 2024 / 2025 (Verified Answers by Expert)
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NCSU MIE 305 Exam 1 (Chapters 1-3).pdf file:///C:/Users/HP/Desktop/eewwww/NCSU%20MIE%20305%20NCSU MIE 305 Exam 1 (Chapters 1-3)
1. What is the importance of a Business Law course in a business/man- agement
curriculum, and/or the importance of knowing something about it to a businessperson?
ANS The law is important to modern business. The history of business reveals the prominence
of law. Educators today emphasize the role of law in preparing tomorrow's business leaders.
2. How can business people use the law to a strategic advantage?
ANS Knowing legal rights and duties enhances one's ability to identify legal risks and
effectively reduce or eliminate resulting legal liability. Knowing legal rights and duties allows
business leaders to use the law to their strategic advantage.
3. Series of treatises that articulate the principles or rules for a specific area of law
ANS Restatement of the Law
4. Do the differences between primary and secondary authority change de- pending on
what court one is in?
ANS If the legal resource is from somewhere else or here, then it becomes controlling or
persuasive
5. What's the difference between primary and secondary authority?
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ANS If it's a case or a statute (including administrative rules), it's primary authority. If it's
anything other than a case or statute, it is secondary authority
6. What is the difference between controlling and persuasive authority?
ANS - Controlling authority is law that is directly binding on a court in that jurisdiction.
Persuasive authority is law somewhere, but just not here
7. Why has the US experienced an "orgy of statute-making," as it's described in the book?
ANS As legislators churn out more statutory law, there is by necessity more printed definition of—
and therefore less interpretive space for—the rules of law, and many common law principles are
modified or even eviscerated by statutes which come along to trump them
8. How do judges approach their powers of equity?
ANS Courts of equity use philo- sophical sounding maxims, or general principles of justice,
instead of strict rules of law to decide cases.
9. What is equity?
ANS A branch of law that developed alongside common law and is concerned with fairness and
justice, formerly administered in special courts
10. How can modern US judges make decisions between law and/or equity, and under
what circumstances?
ANS Decisions of law typically involve monetary damages, decisions of equity typically refers
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to injunctions, specific performance, or vacatur
11. How did equity develop, both in England and the US?
ANS Before you could sue someone for those money damages, you often had to go through
difficult procedural mechanisms to get written permission to do so. This system dissuaded many
parties from going to the bother of seeking justice in that way.
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