BUSFIN 3500 Midterm Exam | Questions with 100% Correct Answers
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Course
BUSFIN 3500
Institution
BUSFIN 3500
BUSFIN 3500 Midterm Exam | Questions with 100% Correct Answers Sources of Law Federal -US constitution -federal statutes, executive orders, treaties -rulings of federal agencies -federal court decisions State -State constitution -state statutes, executive orders, treaties -state rulings of feder...
Supremacy Clause
-states that the federal constitution, laws made in pursuit of the constitution, and treaties
are "the supreme law of the land"
-Preemption
Preemption
if feds can regulate in an area, states are barred from regulating
US Constitution
Serves as a
-framework for federal govt.
-limits on government (individual rights)
Legislative Branch (Congress)
-Congress = senate + house of reps
-make federal laws
-repass laws that have been vetoed
,-approve appts. to judiciary
-approve treaties
Statute
rules and regulations put forth by legislatures
Executive (President)
-Sign or veto bills
-issue pardons
-remove executive officials
-make appointments to exec branch, ambassadorships, commissions, judgeships
-foreign relations
-Oversee military affairs
Judiciary (judges)
Constitutionality of state and federal laws
--does govt. have power to make law?
--is govt infringing on civil liberties?
Interpret state and federal laws
--plain meaning rule
--legislative history
Judicial Review
Courts can declare that federal or state actions violate the constitution
--but: construe statutes narrowly and presume governmental action constitutional
Checks and Balances
-president can veto bills passed by congress (exec on legis)
-congress may override the president's veto (legis on exec)
-Senate may refuse to confirm president's nominees for federal judgeships (legis on
exec)
-judiciary may limit or invalidate laws or other actions by congress or the president
(judic. on legis)
-In turn, congress may limit scope of judicial review or increase number of federal
judges (legis on judic.)
Enumerated Powers
he powers of the federal government that are specifically described in the Constitution
-interstate commerce
-tax
-spending
Implied powers
Necessary and proper clause: law advances legislative goal within the scope of const.
, Limits on Government acts
-Bill of Rights
-Due process and equal protection
due process
fundamentally fair process and substantive rights from the Bill of Rights
equal protection
different treatment reasonable and related to reasonable govt. purpose
Statute Valid?
Federal:
1. did congress have power to enact it? to tax? to spend? to regulate interstate
commerce?
2. does is infringe on civil liberties?
State:
1. Does it regulate something the feds regulate (preemption)
2.Does it affect interstate commerce? (balance burden on commerce and benefits to
state)
3.Does it infringe on civil liberties?
Private law
regulates disputes between private individuals or groups
Public Law
Controls disputes between private individuals or groups and their government
Business Law
consists of the enforceable rules of conduct that govern commercial relationships
Civil Law
-body of laws that govern the rights and responsibilities either between persons or
persons and their government
-Person must be found guilty by a preponderance of evidence
-defendant is never incarcerated in civil law; victim will typically receive compensation
Criminal Law
body of laws regarding a persons rights and responsibilities with resect to the public as
a whole
-person must be found guilty beyond reasonable doubt
-defendant could be incarcerated or made to pay fine if guilty
Statutory Law
assortment of rules and regulations put forth by legislators
-statutes
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