WGU Business Law C713 Chapter 1 Introduction to business law exam questions and answers 2024

Define " Precedent" To make decisions for current cases based on previous rulings Define "Common Law" The accumulation of precedent, based on case after case, makes up the common law The constitution does what 3 basic things? 1. Establishes the structure of U.S. government with 3 branches. 2. Creates checks and balances for those 3 branches. 3. Guarantees basic rights for the people of the U.S. What are the 3 legal authorities of the U.S. and why is this division important? 1. Legislative 2.Executive 3. Judicial America did not want a king or monarch so the division keeps one person from having all the power. Describe the function of "Legislative Power" Legislative Power is the ability of congress to create new laws. Congress is comprised of the house and the senate which are made up of representatives from each state. Describe the function of "Executive Power" Executive power is the authority to enforce laws. It is the presidents responsibility as commander in chief of the armed forces and executive branch of the federal government. What is the function of "Judicial Power" Judicial power is the right to interpret laws and determine their validity. It is the responsibility of the Supreme Court. What is the function of "Checks and Balances" Checks and Balances creates a system that, without broad agreement, will gridlock. Each of the 3 branches gets to oversee the other two. What are the fundamental rights and liberties guaranteed to the people? The right to free speech, free exercise of religion, free press, rights protecting the accused, the right of all people to be treated equally, and the rule that government must pay citizens if they take their land. What is Criminal Law and how does it differ from Civil Law? Criminal Law concerns behavior that society deems threating enough to outlaw all together. The government prosecutes these & people can go to jail. Civil Law regulates the rights and duties between people. The government will not prosecute violators unless at least one person files a lawsuit, & the violators will not go to jail. What is Jurisprudence? The philosophy of law What is legal positivism ? The philosophy that law is whatever those in power decide it is. What is Natural Law? The philosophy that unjust law is no law at all & should be ignored. The argument is that what's good is law and what's evil is against the law & society naturally knows which is which. What is Legal Realism? The philosophy that who enforces the law & how they do it is more important than the actual law its self. What are the 3 main types of law? 1. Administrative Law 2.Common Law 3.Statues What is administrative law? Laws passed by agencies What is Common Law? The body of cases decided by judges What are statues? Laws passed by congress Explain how a bill becomes a law: Congress votes on the bill and the bill must have a simple majority vote to pass on to the president. The president can than decide to keep it or veto it. If vetoed the bill must than pass congress by a 2/3rds majority vote to become a law without the presidents approval. What is a statute? A law passed by congress