BUSI 301 Exam 1 Final Practice Test Questions 2024.

BUSI 301 Exam 1 Final Practice Test Questions 2024. Definition of Law - CORRECT ANSWER a body of rules of action or conduct prescribed by controlling authority and having binding legal force Purposes of Law - CORRECT ANSWER to provide a system of order that defines conduct and consequences, to promote equality and justice in society, to provide a method for resolving disputes, to promote good faith dealing among merchants, and to provide a degree of reliability in applying the law evenly; to glorify God and reflect God's righteousness from a Christian perspective, have an efficient society and to maximize societal wealth from a secular perspective Language of Law - CORRECT ANSWER understanding the terminology is useful, legal terms are sometimes referred to as jargon or legalese, but terminology is important to mastering it, much of the language has Latin roots, early modern English, and French, drawn from various cultures and events, the source for legal terms is Black's Law Dictionary Role of Counsel (Relates to Purposes of Course) - CORRECT ANSWER attorneys may be referred to as a counsel, emphasizing working closely with a business attorney results in business opportunities, reduced costs, and limitation of risk and liability Sources and Levels of American Law - CORRECT ANSWER American law is a blend from various sources, from English legal doctrines, Spanish influences, French influences "Two-Box" v. "One-Box" View - CORRECT ANSWER one-box: atheistic view, everything and law is in the box, people in power can make people who don't have power do things, most Americans function on this. two-box: Christian view, God is not in creation, active with His creation, law reflects God's law Constitutional Law - CORRECT ANSWER the body of law interpreting state and federal constitutions Statutory Law and International Agreements/Treaties - CORRECT ANSWER the body of law created by the legislature and approved by the executive branch of state and federal government