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Business Law – BUSI 301 | 40 Solved Exam Questions | Constitution, Jurisdiction, Ethics | Liberty University 2025

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This document features 40 accurately answered and up-to-date multiple-choice and fill-in-the-blank questions for BUSI 301: Business Law at Liberty University, tailored for the 2025/2026 academic year. It provides a compact yet comprehensive review of the fundamental legal principles relevant to business students and future professionals navigating legal frameworks. Key topics include constitutional law, jurisdiction (personal and subject matter), civil procedure, alternative dispute resolution (ADR), corporate social responsibility, ethics and values management, U.S. court systems, and sources of law (common, statutory, administrative, and private). Students will also gain insight into legal protections under the First and Fifth Amendments, the role of mediation, and landmark economic perspectives like Milton Friedman's shareholder theory. Designed for efficient review, this resource is ideal for exam preparation, coursework reinforcement, and practical understanding of business law fundamentals in the U.S. legal system. This document is especially useful for: Undergraduate Business Administration and Pre-Law students MBA candidates focusing on Business Ethics or Legal Environment of Business Students preparing for midterms and finals in business law courses Anyone needing a structured review of U.S. commercial legal principles and processes Keywords: business law, constitutional law, jurisdiction, personal jurisdiction, civil liability, mediation, ADR, corporate social responsibility, administrative law, ethical business practices, sources of law, liberty university, BUSI 301, commercial speech, Fifth Amendment, legal environment of business

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BUSI 301 2025/2026 Exam Questions
and Answers | A+ Score Assured



The Constitution - 🧠 ANSWER ✔✔______ has amendments that help

protect the citizens from certain types of government acts


Preamble - 🧠 ANSWER ✔✔The borad objectives of the constitution are

contained in the _______


law fact - 🧠 ANSWER ✔✔at trial the judge decides the _____ and the jury

decides the ______


Mediation ADR - 🧠 ANSWER ✔✔________ is entered into on a voluntary

basis and can be binding or non binding because a company can reqiure

______ in their contract.


English Common Law - 🧠 ANSWER ✔✔The U.S. system of common law is

deep-seated in ________ _______ _______

, State federal - 🧠 ANSWER ✔✔_______ common law and _______

common law are primary sources of law


Limited Jurisdiction - 🧠 ANSWER ✔✔A state family court hearing only

divorce and child related matters could be said to have ________

_________


Principal - 🧠 ANSWER ✔✔A person with ownership interest in a business

venture is called a _________


generally standards morals - 🧠 ANSWER ✔✔_______ accepted _______

of right and wrong in a given society are called _______


Common Partnerships - 🧠 ANSWER ✔✔Companies and people directly

and inderectly affected by another company's decision are called ________

________


Values Management - 🧠 ANSWER ✔✔Prioritizing moral values of an

organization and ensuring that behaviors are aligned with those values is

known as _______ _________

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