1 | P a g e | © copyright 2024/2025 | Grade A+
Bule GMU exam 1 Questions and
Correct Verified Answers Latest
Version
Areas of law that may affect business decision making
✓ contracts, sales, negotiable instruments, creditors rights, e-commerce,
torts, and court decisions
Primary sources of law
✓ U.S. and state constitutions, statutes or laws passed by congress and
state legislatures, regulations made by administrative agencies, and
case law (court decision)
Secondary sources of law
✓ books and articles that summarize and clarify the sources of law (legal
encyclopedias)
Types of law
✓ statutory, uniform, administrative, and case law
ordinances
Master01 | September, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
✓ statute of a local area
uniform laws
✓ laws dealing with states business, the state has the option to adopt
these laws
administrative laws
✓ rules, orders, decisions or an administrative agency
case laws
✓ the doctrines and principles announced in cases
common law
✓ a body of general rules that applied throughout the entire English
realm
"Stare Decisis"
Master01 | September, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
✓ (to stand on decided cases)- deciding new cases with reference to
former decisions.
✓
✓ Two Parts: 1. Decisions made by higher courts are binding on lower
courts.
✓ 2. A court should not overturn its own precedents unless there is a
strong reason.
Binding Authority
✓ Any source of law that a court must follow when deciding a case.
Persuasive Authorities
✓ Precedents from other jurisdictions.
Remedy
✓ The means given to a party to enforce a right or to compensate for the
violation of a right.
Specific Performance
✓ An order to perform what was promised.
Master01 | September, 2024/2025 | Latest update
Bule GMU exam 1 Questions and
Correct Verified Answers Latest
Version
Areas of law that may affect business decision making
✓ contracts, sales, negotiable instruments, creditors rights, e-commerce,
torts, and court decisions
Primary sources of law
✓ U.S. and state constitutions, statutes or laws passed by congress and
state legislatures, regulations made by administrative agencies, and
case law (court decision)
Secondary sources of law
✓ books and articles that summarize and clarify the sources of law (legal
encyclopedias)
Types of law
✓ statutory, uniform, administrative, and case law
ordinances
Master01 | September, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
✓ statute of a local area
uniform laws
✓ laws dealing with states business, the state has the option to adopt
these laws
administrative laws
✓ rules, orders, decisions or an administrative agency
case laws
✓ the doctrines and principles announced in cases
common law
✓ a body of general rules that applied throughout the entire English
realm
"Stare Decisis"
Master01 | September, 2024/2025 | Latest update
, 1 | P a g e | © copyright 2024/2025 | Grade A+
✓ (to stand on decided cases)- deciding new cases with reference to
former decisions.
✓
✓ Two Parts: 1. Decisions made by higher courts are binding on lower
courts.
✓ 2. A court should not overturn its own precedents unless there is a
strong reason.
Binding Authority
✓ Any source of law that a court must follow when deciding a case.
Persuasive Authorities
✓ Precedents from other jurisdictions.
Remedy
✓ The means given to a party to enforce a right or to compensate for the
violation of a right.
Specific Performance
✓ An order to perform what was promised.
Master01 | September, 2024/2025 | Latest update
