LSB exam 1.docx

______ is a body of ______ of action prescribed by a controlling ______ and having binding legal ______. - correct answer Law; rules; authority; force The remedy for breach of contract may depend on the classification of contracts as _______ law with ________ rights in dispute. - correct answer substantive civil Legal terms are sometimes referred to as - correct answer jargon or legalese Historically, recorded law was initially a(n) _____ made by a powerful tribal chieftain to perpetuate his domination. - correct answer collection of rules Business owners who rely exclusively on ______ to drive the legal decision-making process may create significant risks for the business. - correct answer attorneys The term ____ has been defined in a variety of ways throughout history. - correct answer law Generally, a(n) _______ refers to a plan of action and are helpful when one is operating under conditions of _______. (Choose two best answers) - correct answer strategy uncertainty If a party to a contract breaks her promise to the other party she might be liable for ________ contract. - correct answer breach of The language of American law is primarily a combination of which of the following? (Check all that apply.) - correct answer Latin French Early English Modern English Over the course of three millennia, the purpose of law evolved to ensure _______ and _______. - correct answer consistency fairness If counsel is a part of the executive management team the counsel is referred to as _______. - correct answer general counsel in-house counsel Studies and research indicate that when _______ and their _______ work cooperatively, the results contribute to better strategic business decisions that add value to the business. - correct answer attorneys managers Uncertainty can open up various legal strategies: (1) _______(2) _______, (3) _______,and (4) value creation or legal competitive advantage - correct answer avoidance noncompliance prevention Administrative law is an example of a(n) ______ source of law. - correct answer primary Constitutional law: (1) established _______ for state and federal governments; (2) granted _______ powers for different branches of the government; and (3) provided _______ protections for U.S. citizens from wrongful government actions. - correct answer procedural specific structure Attorneys, particularly in a business context, may also be referred to as: - correct answer counsel. general counsel. At the federal level, when the U.S. Congress drafts a statute that has not yet been signed by the U.S. Blank______, it is known as a bill. - correct answer president ______ law is the source of law that authorizes the exercise of authority by executive branch agencies and independent government agencies - correct answer Administrative In the United States, examples of primary sources of law include which of the following? - correct answer Statutory law Constitutional law Common law ______ law is essentially law made by the courts; that is, law that has not specifically been passed by the legislature but is based on the fundamentals of previous cases that had similar facts. - correct answer Common _______ law is the foundation for all other law in the United States and is the _______ law of the land. - correct answer Constitutional; supreme Statutory law is created by a legislative body and approved or disapproved by the Blank______ branch of government. - correct answer executive _______ and justice would be applied in a court of equity - correct answer fairness ______ is the application of the law from previous cases to current cases with substantially similar circumstances. - correct answer precedent The purpose behind a secondary sources of law is to increase the level of _______ and _______ across courts in all 50 states. - correct answer uniformity and fairness The doctrine of ______ is the principle that similar cases with similar facts and issues should have the same judicial outcome. - correct answer stare decisis Strict adherence to _______ and the doctrine of _______ do not allow for evolving societal standards of behavior or expectations. - correct answer precedent and stare decisis Early English courts were classified under the king's authority as either courts of _______, or courts of _______. - correct answer equity law Which of the following are the most important secondary sources of law? - correct answer Model state statutes Restatements of the Law The principle of _______ requires all lower courts, such as trial c ourts, to follow the case precedent, meaning that any similar case from that point in time onward would be decided according to the _______. - correct answer Ethics is the set of _______ principles or core values for deciding between right and wrong. - correct answer moral _______ are generally accepted standards of right and wrong in a given society or community. - correct answer morals On a case-by-case basis, courts sometimes justify departing from Blank______ on the basis that technological or societal changes render a particular precedent unworkable. - correct answer precedent Ethical decisions that are made according to a set of established principles or standards such as religious tenets or codes employ a(n) ______ approach to ethical decision-making. - correct answer principles-based The Blank______ approach emphasizes that the ethical course of action is the one that provides the greatest good (happiness) for the greatest number of people and has the least harmful consequences for the majority of the community. - correct answer consequences-based In his book, _______ (1971) John Rawls imagines a world in which people negotiate their own ethical rules and principles for themselves. - correct answer A theory of justice Nobel Prize-winning economist _______ proposed that the only responsibility a business has is to maximize shareholder wealth (the _______ theory). - correct answer Milton Friedman maximizing profits From an applied perspective, _______ refers to having a conscious system in place for solving moral dilemmas. - correct answer ethics