BUSINESS LAW EXAM 1
130+ (Latest 2025-2026 Edition) 100% Verified Q&A + Answer Key
Solutions
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✓ This Exam contains: Business Law Exam 1
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,Question 1
Constitutions
Correct Answer
establish governmental structure, specific rights and duties
Question 2
Statutes
Correct Answer
written laws enacted by legislatures
Question 3
Common/case law
Correct Answer
made and applied by judges at the state level as judges decide cases according to the doctrine of
precedent or stare decisis
Question 4
Stare decisis
Correct Answer
Let the decision stand; decisions are based on precedents from previous cases
,Question 5
equity
Correct Answer
is applied by state level judiciary to achieve justice when common law rules would produce unfair
results
Question 6
injunction
Correct Answer
court forbids a party to do some act or orders a party to perform an act
Question 7
specific performance
Correct Answer
a party is ordered to perform according to the terms of her contract
Question 8
reformation
Correct Answer
the court rewrites the contract's terms to reflect the parties' real intentions
, Question 9
recission
Correct Answer
the cancellation of a contract; goes back to policy inception with all premiums paid minus and
payments; usually do to fraud, concealment or material misrepresentation
Question 10
administrative regulations and decisions
Correct Answer
made by state and federal agencies that were created by statute and hold delegated (granted) power
Question 11
treaty
Correct Answer
made by other nations, by the US pres on behalf of the US, approved by the senate
Question 12
ordinance
Correct Answer
made by subunits of state governments (e.g., counties, cities) for local issues, such as zoning
130+ (Latest 2025-2026 Edition) 100% Verified Q&A + Answer Key
Solutions
100% Guarantee Pass
✓ This Exam contains: Business Law Exam 1
✓ 100% Accurate Questions and Answers
✓ 100% Guarantee Pass - Verified by Experts
✓ Each Question Includes The Correct Answer
✓ Expert-Verified
,Question 1
Constitutions
Correct Answer
establish governmental structure, specific rights and duties
Question 2
Statutes
Correct Answer
written laws enacted by legislatures
Question 3
Common/case law
Correct Answer
made and applied by judges at the state level as judges decide cases according to the doctrine of
precedent or stare decisis
Question 4
Stare decisis
Correct Answer
Let the decision stand; decisions are based on precedents from previous cases
,Question 5
equity
Correct Answer
is applied by state level judiciary to achieve justice when common law rules would produce unfair
results
Question 6
injunction
Correct Answer
court forbids a party to do some act or orders a party to perform an act
Question 7
specific performance
Correct Answer
a party is ordered to perform according to the terms of her contract
Question 8
reformation
Correct Answer
the court rewrites the contract's terms to reflect the parties' real intentions
, Question 9
recission
Correct Answer
the cancellation of a contract; goes back to policy inception with all premiums paid minus and
payments; usually do to fraud, concealment or material misrepresentation
Question 10
administrative regulations and decisions
Correct Answer
made by state and federal agencies that were created by statute and hold delegated (granted) power
Question 11
treaty
Correct Answer
made by other nations, by the US pres on behalf of the US, approved by the senate
Question 12
ordinance
Correct Answer
made by subunits of state governments (e.g., counties, cities) for local issues, such as zoning
