BADM 7140 Business Law Exam 1 Questions with Explanations of Answers | latest upate 2024

BADM 7140 Business Law Exam 1
LAW - ANS-a set of enforceable rules governing the relationship among individuals and
between people and society

Sources of Law - ANS-1. International Law
2. Federal Law
3. US Constitution
4. Federal Statutes
5. Federal Executive Orders
6. Federal Cases
7. Federal Regulations
8. State Law
9. State Constitution
10. State Statues/Civl code
11. State Executive Orders
12. State Cases
13. State Regulations
14. Customs
15. Work of Scholars

Civil Law System vs. Common Law - ANS-Civil Law
based on code rather than case law
codified statutes and ordinances rule the land (legislative statues/codes)

Common law
developed from custom or judicial decision
based on precedents, case law
stare decisis "to stand on decided cases"

Positive Law vs. Natural Law - ANS-Positive Law
must be written down and broadcast
eliminates ambiguity
criminal law is extremely positive

Natural Law
moral set of principles;
a higher higher/universal law exists that applies to all humans

Right of Action - ANS-Standing to sue
Partymust have a legally protected tangible interest at stake