BUSFIN 3500 IRVINE MIDTERM QUESTIONS AND COMPLETE SOLUTIONS
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Course
BUSFIN 3500
Institution
BUSFIN 3500
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 gov...
BUSFIN 3500 IRVINE MIDTERM QUESTIONS AND
COMPLETE SOLUTIONS
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 factors such as social and economic conditions, since legal
guidelines were designed by humans and exist in an ever-changing environment
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