BUSINESS LAW MIDTERM 1 2026
QUESTIONS AND VERIFIED
CORRECT SOLUTIONS GRADED A+
100% PASS
Law
Body of rules of action or conduct prescribed by controlling authority and having binding legal
force
-to be obeyed and followed by citizens subject to sanctions or legal consequences
Statute
a written law passed by a legislative body
Functions of the law
-Keeping the peace
-shaping moral standards
-promoting social justice
-maintaining the status quo
-facilitating orderly change
-facilitating planning
-providing a basis for compromise
-maximizing individual freedom
Qualities of U.S. Law
,-Fairness: the US systems strives to be fair
-Flexiblility: US law evolves and changes along with the norms of society, technology, and the
growth and expansion of commerce in the US and the world.
Jurisprudence
The philosophy or science of law
Natural Law School
-Law is based on what is "correct"
-Law should be based on morality and ethics
Historical Law School
-Law is an aggregate of social traditions and customs
-Changes in the norms of society will gradually be reflected in the law
Analytical School
-Law is shaped by logic
-Results are reached by applying principles of logic to specific facts of a case
-Emphasis is on the logic of result rather than on how the result is reached
Sociological School
-Law is a means of achieving and advancing certain sociological goals
-Purpose of law is to shape social behavior
, Command School
-Law is a set of rules developed, communicated, and enforced by the ruling party
-The law changes when the ruling class changes
Critical Legal Studies School
-Legal rules are unnecessary
-Used by the powerful to maintain status quo
-Legal disputes should be solved by applying arbitrary rules based on notions of what is fair
Law and Economics School
-Promoting market efficiency should be the central concern of legal decision making
English Common Law
English Common law is the foundation on which the American legal system is built. It was
adopted as a system of jurisprudence in the early American colonies. Developed by judg3es who
issued opinions when deciding cases. Decisions in cases created precedent for future instances
Sub Courts of English Common Law
Law Courts
-Uniform system of law
-Relief available was monetary award for damages
Courts of Chancery (equity courts)
-Formed to surpass limited remedies of law courts
-equitable remedies shaped to fit each situation
QUESTIONS AND VERIFIED
CORRECT SOLUTIONS GRADED A+
100% PASS
Law
Body of rules of action or conduct prescribed by controlling authority and having binding legal
force
-to be obeyed and followed by citizens subject to sanctions or legal consequences
Statute
a written law passed by a legislative body
Functions of the law
-Keeping the peace
-shaping moral standards
-promoting social justice
-maintaining the status quo
-facilitating orderly change
-facilitating planning
-providing a basis for compromise
-maximizing individual freedom
Qualities of U.S. Law
,-Fairness: the US systems strives to be fair
-Flexiblility: US law evolves and changes along with the norms of society, technology, and the
growth and expansion of commerce in the US and the world.
Jurisprudence
The philosophy or science of law
Natural Law School
-Law is based on what is "correct"
-Law should be based on morality and ethics
Historical Law School
-Law is an aggregate of social traditions and customs
-Changes in the norms of society will gradually be reflected in the law
Analytical School
-Law is shaped by logic
-Results are reached by applying principles of logic to specific facts of a case
-Emphasis is on the logic of result rather than on how the result is reached
Sociological School
-Law is a means of achieving and advancing certain sociological goals
-Purpose of law is to shape social behavior
, Command School
-Law is a set of rules developed, communicated, and enforced by the ruling party
-The law changes when the ruling class changes
Critical Legal Studies School
-Legal rules are unnecessary
-Used by the powerful to maintain status quo
-Legal disputes should be solved by applying arbitrary rules based on notions of what is fair
Law and Economics School
-Promoting market efficiency should be the central concern of legal decision making
English Common Law
English Common law is the foundation on which the American legal system is built. It was
adopted as a system of jurisprudence in the early American colonies. Developed by judg3es who
issued opinions when deciding cases. Decisions in cases created precedent for future instances
Sub Courts of English Common Law
Law Courts
-Uniform system of law
-Relief available was monetary award for damages
Courts of Chancery (equity courts)
-Formed to surpass limited remedies of law courts
-equitable remedies shaped to fit each situation
