Gen Bus 301 Exam 1 Prep-Course Study Guide Actual Questions And Answers 100% Correct.

Sources of Law - correct answer The federal and state constitutions, federal treaties, interstate compacts, federal and state statutes and executive orders, the ordinances of local municipal governments, the rules and regulations of federal and state adminagencies, and an volume of reported federal and state court decisions UCC Restatements: recitations NOT LAW Contractual terms/conditions Judicial System - correct answer Federal government has its own independent system, as does each of the fifty states -Federal: District courts, Fed court of appeals, supreme court -States: Inferior trial courts, trial courts, *Intermediate appealate court, state supreme courts (sometimes a special court also exists) Intentional torts - correct answer Harm caused by a deliberate action, civil Purpose is to compensate injured party, not punish Goals of tort law (1) to compensate persons who sustain harm or loss resulting from another's conduct (2) to place the cost of that compensation only on those parties who should bear it (3) to prevent future harms and losses Substantive Law - correct answer law creating rights and duties Procedural Laws - correct answer rules for enforcing substantive law two competing objectives: (1) to be fair and impartial and (2) to operate efficiently Civil Law - correct answer law dealing with rights and duties, the violation of which constitutes a wrong against an individual The plaintiff must sustain by a preponderance (greater weight) of the evidence Criminal Law - correct answer law with duties that=violation against community Gov't must prove criminal guilt beyond a reasonable doubt Common Law - correct answer Developed by the courts that serves as precedent for determination of later controversies Equity Law - correct answer Remedies not avail thru common law: ex( injnction Goals of Business Law - correct answer 1) Create sensitivity to daily events w/legal implic 2) Provide perspective to analyze situations from a functional perspective legally 3) Engage in legal analysis/abilty for it 4) Provide skills for recogntion, risk assessment, and remediation for situations 5) Minimize sloppy thinking FACTS + LAW = OUTCOME - correct answer Facts: What are they (who what when where), are they relevant Law: Applicability: right legal topic/theme here, Interpretation: legal rules applied right Outcome: Is our legal system working A sound legal argument may be available to each of the competing parties - correct answer a) Rule of law may support each party's position based on that party's view of the facts b) Rules of law may be interpreted differently by reasonable people c) People are different, so jury compostion matters Perjury - correct answer Material misstatement under oath intentionally Alternative disupte resolution - correct answer Voluntary efforts to not use the courts to solve a legal disupte Mediation - correct answer Settling disputes outside court by using the services of a neutral third party. Nonbinding recomendations made to solve problem Voluntary effort Arbitration - correct answer settling a dispute by agreeing to accept the decision of an impartial outsider Voluntary effort Other big influencers in buz law - correct answer Importance of compromise for contract negotiatio Reality of financial leverage in law/products Influence of public policy/collective conscience in causing/avoiding legal criticism Law vs. Morals - correct answer Law provides sanctions while morals don't Functions of law - correct answer To maintain stability in the social, political, and economic system while also permitting change. Basic functions: dispute resolution, protection of property, and preservation of the state. Justice - correct answer Fair, equitable, and impartial treatment of competing interests and desires of individuals and groups with due regard for the common good Civil Law system - correct answer Comprehensive legislative enactments and an inquisitorial system of determining disputes ALI Restatements - correct answer Recitations of majority rules of law with respect to certain legal topics (presents minority views also) Not law, but highly persuasive Uniform Commercial Code - correct answer Most important statute in business law, includes provisions which regulate certain sales of goods and negotiable instruments Article 2: sale of goods transactions Uniform across all US states, same words of law Aged since not amended in decades When can a court render a judgement - correct answer binding decision only when it has jurisdiction over the dispute and the parties; that is, when it has a right to hear and make a judgment in a case District Courts (Federal) - correct answer trial courts of general jurisdiction that can hear and decide most legal disuptes in federal system Court of Appeals (Federal) - correct answer Hear appeals from the district courts and review orders of certain administrative agencies Actions that courts of appeals do - correct answer Reverse/modify decisions Remand: send back to lower court for proceeding Affirm if no judicial error, stand by judgement Only look at records of lower courts, no new evidence/witnesses Supreme Court - correct answer Nation's highest court whose functio to review decisions of FederalAppeals/highest state courts Ways cases reach supreme court: 1) Appeal of right: Mandatory review by higher court (very rare today) 2) writ of certiorari: Suprme court demands to hear lower court's case by choice Special Courts (federal) - correct answer Federal Claims, Tax t, the U.S. Bankruptcy Courts, the International Trade and the U.S. Court of Appeals for the Federal Circuit Inferior trial courts (states) - correct answer minor criminal cases like traffic and civil cases with small$$ and prelim hearings serious cases No formal records maintained Trial Courts (State) - correct answer Trial courts have general jurisdiction over civil and criminal cases (country, district courts) Formal records maintaned Special state trial courts - correct answer Probate courts and family courts, which have jurisdiction over a particular area of state law State supreme/intermed apellate courts - correct answer Review cases sought by, highest court in state's decision is final unless it can reach supreme court