LEGAL ENVIRONMENT OF BUSINESS
LAW FINAL EXAM 2024/2025 WITH
CORRECT DETAILED ANSWERS A+
Common Law: Precedent - ANSWER-applying legal principles
from old cases to similar cases in the suture
Common Law: Role of judges in statutory interpretation -
ANSWER-make an understandable decision
Administrative Law - ANSWER-agencies are created by congress
Secondary Sources - ANSWER-Restatements
Model Codes
Criminal Law vs. Civil Law - ANSWER-purpose and penalty
Law and economic freedom - ANSWER-Individuals have
economic freedom when property they acquire without the use
,of force, fraud, or theft is protected from physical invasions by
others and they are free to use, exchange, or give their
property as long as their actions do not violate the identical
rights of others. An index of economic freedom should measure
the extent to which rightly acquired property is protected and
individuals are engaged in voluntary transactions.
Measures of economic freedom (5) - ANSWER-o Size of
government
o Sound money
o Property rights and the rule of law**
o International trade
o Regulation
Right recognized=Duty created of someone else or many other
people - ANSWER-How are rights protected?
Claim, Remedy, Liability - ANSWER-How Rights are Enforced
creates stability and predictability - ANSWER-Why does the law
matter?
Sources of the Law - ANSWER-1. Constitutions
2. Statutes
3. Common Law
4. Administrative Law (Regulations)
Functions of the Constitution - ANSWER-1) Structure of the
Federal (National) Government
2) Relationship Between the States and the Federal
Government
3) Establishing Individual Rights
Structure of the Federal (National) Government - ANSWER-
➢Enumerated Powers
, ➢Separation of Powers
➢Checks and Balances
Relationship Between the States and the Federal Government -
ANSWER-➢Federalism
➢Supremacy Clause
Statutory Law: Statutes - ANSWER-congress and state
legislatures
Statutory Law: Ordinances - ANSWER-city councils
Stare Decisis - ANSWER-Common Law: to stand by things
decided
General Legal Concepts - ANSWER-Criminal Law vs. Civil Law
Substantive vs. Procedural Law
Laws create rights and duties
Civil Remedies
Substantive - ANSWER-establish legal duties and rights (claims)
civil law - ANSWER-- A legal system based on a code rather than
common law
- non-criminal law
Procedural Law - ANSWER-governs how/when claims may be
pursued in the legal system
Laws create rights and duties - ANSWER-claims and liability
Remedy - ANSWER-Law: Damages $$$
Equity: Anything else (injunction, specific performance)
LAW FINAL EXAM 2024/2025 WITH
CORRECT DETAILED ANSWERS A+
Common Law: Precedent - ANSWER-applying legal principles
from old cases to similar cases in the suture
Common Law: Role of judges in statutory interpretation -
ANSWER-make an understandable decision
Administrative Law - ANSWER-agencies are created by congress
Secondary Sources - ANSWER-Restatements
Model Codes
Criminal Law vs. Civil Law - ANSWER-purpose and penalty
Law and economic freedom - ANSWER-Individuals have
economic freedom when property they acquire without the use
,of force, fraud, or theft is protected from physical invasions by
others and they are free to use, exchange, or give their
property as long as their actions do not violate the identical
rights of others. An index of economic freedom should measure
the extent to which rightly acquired property is protected and
individuals are engaged in voluntary transactions.
Measures of economic freedom (5) - ANSWER-o Size of
government
o Sound money
o Property rights and the rule of law**
o International trade
o Regulation
Right recognized=Duty created of someone else or many other
people - ANSWER-How are rights protected?
Claim, Remedy, Liability - ANSWER-How Rights are Enforced
creates stability and predictability - ANSWER-Why does the law
matter?
Sources of the Law - ANSWER-1. Constitutions
2. Statutes
3. Common Law
4. Administrative Law (Regulations)
Functions of the Constitution - ANSWER-1) Structure of the
Federal (National) Government
2) Relationship Between the States and the Federal
Government
3) Establishing Individual Rights
Structure of the Federal (National) Government - ANSWER-
➢Enumerated Powers
, ➢Separation of Powers
➢Checks and Balances
Relationship Between the States and the Federal Government -
ANSWER-➢Federalism
➢Supremacy Clause
Statutory Law: Statutes - ANSWER-congress and state
legislatures
Statutory Law: Ordinances - ANSWER-city councils
Stare Decisis - ANSWER-Common Law: to stand by things
decided
General Legal Concepts - ANSWER-Criminal Law vs. Civil Law
Substantive vs. Procedural Law
Laws create rights and duties
Civil Remedies
Substantive - ANSWER-establish legal duties and rights (claims)
civil law - ANSWER-- A legal system based on a code rather than
common law
- non-criminal law
Procedural Law - ANSWER-governs how/when claims may be
pursued in the legal system
Laws create rights and duties - ANSWER-claims and liability
Remedy - ANSWER-Law: Damages $$$
Equity: Anything else (injunction, specific performance)
