MIE 305 Exam 1 Questions And Answers 2025/2026

MIE 305 Exam 1 Questions And Answers 2025/2026 Law - Correct Answer a body of enforceable rules governing relationships among individuals and between individuals and their society -establish rights, duties, and privileges that are consistent w/ the values & beliefs of a society or its ruling group role of law in small business - Correct Answer 1. Business organization (type of entity, how much personal liability?) 2. Taxation (how it will be taxed, how to reduce taxes) 3. Intellectual property (any patents that need to be protected? what steps should the firm take) 4. Administrative law (what types of gov regulations apply to business/how to comply) 5. Employment (employee manual? explicitly inform employees of their rights?) 6. Contracts, Sales, and Leases (will the firm be entering into contracts with others?) 7. Accounting (do the financial statements need to be verified for accuracy?) 8. Finances (appropriate and legal ways to raise additional capital) Liability - Correct Answer the state of being legally responsible (liable) for something, such as debt or obligation Breach - Correct Answer failure to perform a legal obligation Sources that establish American Law - Correct Answer The constitution, statues or laws passed by congress or state legislatures, regulations created by admin agencies, case law Primary Sources of American Law - Correct Answer a document that establishes the law on a particular issue, such as a constitution, a statue, an administrative rule, or a court decision Secondary Source of American Law - Correct Answer a publication that summarizes or interprets the law, such as a legal encyclopedia, a legal treatise, or an article in a law review