Business Law Exam #1
why do legal systems evolve? - correct anwersto encourage and promote stability and order
define law - correct anwersa body of enforceable rules which govern relationships among and
between individuals and society
defin substantive law - correct anwerscreate rights, duties, and privileges consistent with public
policy at the time of enactment
examples of substantive law - correct anwerslegislative acts and judicial pronouncements
define procedural laws - correct anwersallow institutions to control their internal functions
examples of public law - correct anwersConstitutional law, Administrative law, and Criminal law
define public law - correct anwersinvolves cases or controversies involving a legislative body as a
party or as the administrator of a legal process
examples of private law - correct anwersContracts, Torts, Property
define private law - correct anwersthe injured party seeks to recover for an injury from the party
causing the injury
define common law - correct anwerscame from England. rules and analytical methods used by
judges became law
define civil law - correct anwerscivil law countries have codified their laws
US and State Constitutions - correct anwersthe basis of the legal system. they represent
supreme law
other legislative acts must... - correct anwersbe consistent with the Constitution or be rendered
void
constitutions prevail over statutes - correct anwersstatutes prevail over judicial decisions
vertical division of powers - correct anwersthe federal government has limited authority to
interfere in state matters
, horizontal division of powers - correct anwersthe branches of government have separate
functions and may exercise checks and balances over the other branches
define judicial review - correct anwersthe power of the judiciary to review the actions of the
other branches and to set them aside if in violation of the Constitution
What does legislation include? - correct anwersacts and orders of legislative bodies: Congress,
state legislatures, city councils
criminal and taxing laws are... - correct anwersnarrowly construed
remedial statues are... - correct anwersbroadly construed
uniform state laws - correct anwersenacted by the federal government or proposed by the
NCCUSL
define stare decisis - correct anwersonce a case has established a precedent, it should be
followed in subsequent cases involving the same issues
common law courts are bound by stare decisis... - correct anwersunless a court decides a
precedent should no longer be followed
inherent problem in case law: - correct anwersnot compiled in a coherent fashion, the sheer
volume means most lawyers do not know the law at any given time. precedents conflict and
may be cited by opposing lawyers in a particular case
which state's laws apply when a transaction involves more than one state? - correct anwersthe
substantive law of the appropriate state may be used in a foreign jurisdiction, but the forum
may use its procedural laws.
define natural law - correct anwersa system of ethics and morals inherent in human nature
define legal positivism - correct anwersposits the only rights we have come from the state
define legal realism - correct anwersthe development of the law is shaped by social and
technological forces
define remedy - correct anwersallows a litigant to enforce or to be compensated for an injury to
a right or privilege
two types of remedies - correct anwerslegal or equitable
equitable remedies: - correct anwersinjunctions, decrees, specific performance,
rescission/reformation of a contract, etc.
if the remedy at law was inadequate... - correct anwersa litigant may seek a remedy in equity
why do legal systems evolve? - correct anwersto encourage and promote stability and order
define law - correct anwersa body of enforceable rules which govern relationships among and
between individuals and society
defin substantive law - correct anwerscreate rights, duties, and privileges consistent with public
policy at the time of enactment
examples of substantive law - correct anwerslegislative acts and judicial pronouncements
define procedural laws - correct anwersallow institutions to control their internal functions
examples of public law - correct anwersConstitutional law, Administrative law, and Criminal law
define public law - correct anwersinvolves cases or controversies involving a legislative body as a
party or as the administrator of a legal process
examples of private law - correct anwersContracts, Torts, Property
define private law - correct anwersthe injured party seeks to recover for an injury from the party
causing the injury
define common law - correct anwerscame from England. rules and analytical methods used by
judges became law
define civil law - correct anwerscivil law countries have codified their laws
US and State Constitutions - correct anwersthe basis of the legal system. they represent
supreme law
other legislative acts must... - correct anwersbe consistent with the Constitution or be rendered
void
constitutions prevail over statutes - correct anwersstatutes prevail over judicial decisions
vertical division of powers - correct anwersthe federal government has limited authority to
interfere in state matters
, horizontal division of powers - correct anwersthe branches of government have separate
functions and may exercise checks and balances over the other branches
define judicial review - correct anwersthe power of the judiciary to review the actions of the
other branches and to set them aside if in violation of the Constitution
What does legislation include? - correct anwersacts and orders of legislative bodies: Congress,
state legislatures, city councils
criminal and taxing laws are... - correct anwersnarrowly construed
remedial statues are... - correct anwersbroadly construed
uniform state laws - correct anwersenacted by the federal government or proposed by the
NCCUSL
define stare decisis - correct anwersonce a case has established a precedent, it should be
followed in subsequent cases involving the same issues
common law courts are bound by stare decisis... - correct anwersunless a court decides a
precedent should no longer be followed
inherent problem in case law: - correct anwersnot compiled in a coherent fashion, the sheer
volume means most lawyers do not know the law at any given time. precedents conflict and
may be cited by opposing lawyers in a particular case
which state's laws apply when a transaction involves more than one state? - correct anwersthe
substantive law of the appropriate state may be used in a foreign jurisdiction, but the forum
may use its procedural laws.
define natural law - correct anwersa system of ethics and morals inherent in human nature
define legal positivism - correct anwersposits the only rights we have come from the state
define legal realism - correct anwersthe development of the law is shaped by social and
technological forces
define remedy - correct anwersallows a litigant to enforce or to be compensated for an injury to
a right or privilege
two types of remedies - correct anwerslegal or equitable
equitable remedies: - correct anwersinjunctions, decrees, specific performance,
rescission/reformation of a contract, etc.
if the remedy at law was inadequate... - correct anwersa litigant may seek a remedy in equity
