BUSM 660-21 Exam 1 Review fully
solved & updated
Act - answer legislation proposed by a legislative body such as the
US Congress. When enacted, it has a meaning identical to "law" or
"statue".
Administrative Law - answer the legal principles involved in the
workings of administrative agencies within the regulatory process
Breach of Contract - answer A party's failure to perform some
contracted - for or agreed- upon act, or failure to comply with a duty
imposed by law.
Citation - answer the reference identifying how to find a case
Civil Law - answer the area of law governing the rights and duties
between private parties as compared with the criminal law. This
term also describes the system of codifying law in many countries
as compared with the judicial orientation of the common law
system.
Codes - answer A compilation of legislation enacted by a federal,
state, or local government.
Common Law - answer The body of law deriving from judicial
decisions as opposed to legislatively enacted statutes and
administrative regulations.
Compensatory Damages - answer usually awarded in breach- of-
contract cases to pay for a party's losses that are a direct and
foreseeable result of the other party's breach. The award of these
,damages is designed to place the non breaching party in the same
position as if the contract had been performed.
Conflicts of Law - answer Rules of law the courts use to determine
that substantive law applies when there is an inconsistency
between laws of different states or countries.
Constitution - answer When capitalized, the term refers to the US
Federal Constitution, which sets out the basic framework for federal
government and, as embedded, for individual rights.
Constitutional Law - answer the legal issues that arise from
interpretation is relative to the time in which the Constitution is
being interpreted.
Constitutional Relativity - answer the idea that constitutional
interpretation is relative to the time in which the constitution is
being interpreted.
Contract Law - answer the law of legally enforceable promises.
Corporate Governance - answer two meanings: one relates to how
business organizations are created and managed. A second
concerns how the various levels of government regulate business
organizations as they transact business.
Corporation - answer an artificial, but legal, person created by state
law. As a business organization, the corporation's separation of
owners and managers gives it a high level of flexibility.
Criminal Law - answer the area of law that deals with wrongs
against the state as representative of the community at large, to be
distinguished from civil law, which hears cases of wrongs against
persons.
, Dicta - answer statements made in a judicial opinion that are not
essential to the decision of the case.
Exemplary Damages - answer punitive damages. Monetary
compensation in excess for direct losses suffered by the plaintiff
that may be awarded in intentional tort cases where the defendant's
conduct deserves punishment.
Holding - answer the precise legal response in an opinion by an
appellate court on an issue of law raised on appeal.
Intentional Torts - answer noncontractual legal wrong caused by one
who desires to cause the wrong or where the wrong is substantially
likely to occur from the behavior.
Jurisprudence - answer the science of law, the practical science of
giving a wise interpretation of the law.
Law - answer the rules of the state backed up by enforcement.
Legislation - answer laws passed by an elected body such as
Congress, a state legislation, or local council/ commission. Those
laws are enacted at the federal and state levels and are called
statues. At the local level, they are called ordinances.
Negligence - answer Major area of tort which involves unreasonable
behavior that causes injury
Elements of Negligence - answer Duty of care, Breach of duty,
Causation in fact, Proximate causation, Actual injury
solved & updated
Act - answer legislation proposed by a legislative body such as the
US Congress. When enacted, it has a meaning identical to "law" or
"statue".
Administrative Law - answer the legal principles involved in the
workings of administrative agencies within the regulatory process
Breach of Contract - answer A party's failure to perform some
contracted - for or agreed- upon act, or failure to comply with a duty
imposed by law.
Citation - answer the reference identifying how to find a case
Civil Law - answer the area of law governing the rights and duties
between private parties as compared with the criminal law. This
term also describes the system of codifying law in many countries
as compared with the judicial orientation of the common law
system.
Codes - answer A compilation of legislation enacted by a federal,
state, or local government.
Common Law - answer The body of law deriving from judicial
decisions as opposed to legislatively enacted statutes and
administrative regulations.
Compensatory Damages - answer usually awarded in breach- of-
contract cases to pay for a party's losses that are a direct and
foreseeable result of the other party's breach. The award of these
,damages is designed to place the non breaching party in the same
position as if the contract had been performed.
Conflicts of Law - answer Rules of law the courts use to determine
that substantive law applies when there is an inconsistency
between laws of different states or countries.
Constitution - answer When capitalized, the term refers to the US
Federal Constitution, which sets out the basic framework for federal
government and, as embedded, for individual rights.
Constitutional Law - answer the legal issues that arise from
interpretation is relative to the time in which the Constitution is
being interpreted.
Constitutional Relativity - answer the idea that constitutional
interpretation is relative to the time in which the constitution is
being interpreted.
Contract Law - answer the law of legally enforceable promises.
Corporate Governance - answer two meanings: one relates to how
business organizations are created and managed. A second
concerns how the various levels of government regulate business
organizations as they transact business.
Corporation - answer an artificial, but legal, person created by state
law. As a business organization, the corporation's separation of
owners and managers gives it a high level of flexibility.
Criminal Law - answer the area of law that deals with wrongs
against the state as representative of the community at large, to be
distinguished from civil law, which hears cases of wrongs against
persons.
, Dicta - answer statements made in a judicial opinion that are not
essential to the decision of the case.
Exemplary Damages - answer punitive damages. Monetary
compensation in excess for direct losses suffered by the plaintiff
that may be awarded in intentional tort cases where the defendant's
conduct deserves punishment.
Holding - answer the precise legal response in an opinion by an
appellate court on an issue of law raised on appeal.
Intentional Torts - answer noncontractual legal wrong caused by one
who desires to cause the wrong or where the wrong is substantially
likely to occur from the behavior.
Jurisprudence - answer the science of law, the practical science of
giving a wise interpretation of the law.
Law - answer the rules of the state backed up by enforcement.
Legislation - answer laws passed by an elected body such as
Congress, a state legislation, or local council/ commission. Those
laws are enacted at the federal and state levels and are called
statues. At the local level, they are called ordinances.
Negligence - answer Major area of tort which involves unreasonable
behavior that causes injury
Elements of Negligence - answer Duty of care, Breach of duty,
Causation in fact, Proximate causation, Actual injury
