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 1 | P a g e | © copyright 2024/2025 | Grade A+ Jurisprudence The study of law