Bus 404 - Study guides, Class notes & Summaries

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definition of law o :# 1. Predictions of the way in which a court will decide specific legal questions 2. A rule of civil conduct prescribed by the supreme power in a state, which commands what is right, and prohibits what is wrong Meanings of Law o :# 1. The legal order of society 2. The aggregate of laws or legal precepts 3. The judicial process Function of Law o :# to maintain stability in the social, political, and economic system through dispute resolution, protection of propert...

BUS 404 MIDTERM 1 ANDERSON UPDATED Exam Questions and CORRECT Answers definition of law - Correct ANSWER- 1. Predictions of the way in which a court will decide specific legal questions 2. A rule of civil conduct prescribed by the supreme power in a state, which commands what is right, and prohibits what is wrong Meanings of Law - Correct ANSWER- 1. The legal order of society 2. The aggregate of laws or legal precepts 3. The judicial process

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In the event of an irreconcilable conflict between federal and state law, the Supremacy clause provides that federal law will preempt state or local law rendering it unconstitutional. (T/F) - True States cannot regulate insurance as this is solely a federal responsibility. (T/F) - False Local government intervention in business typically involves various licensure requirements. (T/F) - True Administrative law principles are generally applicable to the conduct of state and local governments....