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BUSFIN 3500 IRVINE MIDTERM Questions with Correct Answers
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BUSFIN 3500 IRVINE MIDTERM Questions with Correct Answers
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BUSFIN 3500 IRVINE MIDTERM Questions withCorrect Answers
Private Law Correct Answer-regulates disputes between private
individuals or groups Ex: if a store owner is delinquent in paying rent to
the landlord, the resulting dispute is governed by this
Public Law Correct Answer-controls disputes between private
individuals or groups and their government. Ex: if a store dumps waste
behind its building in violation of loca, state, or federal environmental
regulations, this will resolve the dispute
Civil Law Correct Answer-delineates the rights and responsibilities
implied in relationships between persons and between persons and their
government. It also identifies the remedies available when someone's
rights are violated. Ex: in 1993 the restaurant chain Jack In The Box was
ordered to pay damages after a 2 year old child died of food poisoning
and sever other people became ill from eating meat gained with E coli
bacteria
Criminal law Correct Answer-regulates incidents in which someone
commits an act against the public as a whole, such as by conducting
insider trading on the stock exchange
Constitutional Law Correct Answer-refers to the general limits and
powers of these governments as stated in their written constitutions
,Statutes Correct Answer-rules and regulations put forth by legislatures.
they are written into the United States Code when they are passes by
Congress or into the appropriate state codes when they are enacted by
state legislatures
Statutory Law Correct Answer-assortment of statutes
Model/Uniform laws Correct Answer-Serve as a basis for some statutory
law at the state level. Business activity is made more difficult when laws
vary from state to state. The National Conference of Commissioners on
Uniform State Laws regularly urges states to enact this to provide
greater uniformity
Case/Common Law Correct Answer-the collection of legal
interpretations made by judges. These interpretations are law unless
revoked later by new statutory law
Precedent Correct Answer-past decisions in similar cases that guide later
decisions thereby providing greater stability and predictability to the law
Stare decisis Correct Answer-When courts rely on precedent, they are
obeying the principle of this term meaning "standing by their decision"
in which rulings made in higher courts become binding precedent for
lower courts
Restatements of the Law Correct Answer-common law evolves with the
assistance of this mechanism, which are summaries of the common law
, rules in a particular area of the law that have been enacted by most
states.
Administrative Law Correct Answer-the collection of rules and
decisions made by all these agencies including OSHA and EPA.
Treaty Correct Answer-a binding agreement between two states or
international organizations. I may be an international agreement, a
covenant, an exchange of letters, a convention, or protocols.
Natural law Correct Answer-describes certain ethical laws and principles
believed to be morally right and "above" the laws devised by humans.
Under this, individuals have not only basic human rights but also the
freedom to disobey a law enacted by people if their conscience go
against it and they believe it is wrong.
Legal Positivism Correct Answer-sees our proper role as obedience to
duly authorized law. That law is quite distinct from morality and moral
questions about the law should not interfere with our inclination to obey
it.
Identification with the vulnerable Correct Answer-on the grounds that
some higher law or body of moral principles connects all of us in the
human community.
Legal realism Correct Answer-based on the idea that, when ruling on a
case, judges need to consider more than just the law; they also weigh
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