BUS 100 Midterm Exam with Answers
Statutory Law - ✔✔State and Federal Constitutions.
Laws passed by Congress & State Legislatures.
Laws (ordinances) passed by cities & countries.
Written Law.
Common Law - ✔✔Basis of Law in English Speaking Countries.
Comes from decisions (precedents) by judges.
Spoken Law.
Precedent - ✔✔Decisions of Judges in previous cases that guide the handling of new cases.
Business Law - ✔✔Rules, Statutes, codes and regulations that provide the framework for the
conduct of business and that are enforceable by court action.
Administrative Agencies - ✔✔Rules & Regulations created by the Congress but managed under
the Executive Departments.
SEC - ✔✔Regulates stock exchanges and public trade.
FDA - ✔✔Regulates Drugs and medical devices.
EPA - ✔✔Regulates the Environment.
FCC - ✔✔Regulates Communications such as radio, broadcasting, phone companies etc...
, FAA - ✔✔Regulates Airlines.
Intellectual Property Rights - ✔✔Patents, Copyrights, & Trademarks.
Patent - ✔✔Gives inventors exclusive rights to their invention for 20 years.
After 20 years, the technology goes into the public domain and anyone can use it without fee.
You can't renew the patent.
Encourage innovations.
Copyright - ✔✔Protects creator's rights to their published content: Books, music, games,
movies, articles, pictures, and artwork etc...
Encourage creation.
Trademark - ✔✔Protects Brand name and logo and design. Trademark lasts forever. It can be
bought and sold, country specific.
Contract - ✔✔Voluntary.
Offer and Acceptance.
Consideration (Something of value).
Legal.
Proper Form.
Competent (Capacity, Age).
Brown v Board of Edu - ✔✔Could schools legally be segregated by race?
You could not have segregation in school.
Roe v Wade - ✔✔Were laws prohibiting abortion legal?
First 3 months only allowed for abortion, right to privacy.
Statutory Law - ✔✔State and Federal Constitutions.
Laws passed by Congress & State Legislatures.
Laws (ordinances) passed by cities & countries.
Written Law.
Common Law - ✔✔Basis of Law in English Speaking Countries.
Comes from decisions (precedents) by judges.
Spoken Law.
Precedent - ✔✔Decisions of Judges in previous cases that guide the handling of new cases.
Business Law - ✔✔Rules, Statutes, codes and regulations that provide the framework for the
conduct of business and that are enforceable by court action.
Administrative Agencies - ✔✔Rules & Regulations created by the Congress but managed under
the Executive Departments.
SEC - ✔✔Regulates stock exchanges and public trade.
FDA - ✔✔Regulates Drugs and medical devices.
EPA - ✔✔Regulates the Environment.
FCC - ✔✔Regulates Communications such as radio, broadcasting, phone companies etc...
, FAA - ✔✔Regulates Airlines.
Intellectual Property Rights - ✔✔Patents, Copyrights, & Trademarks.
Patent - ✔✔Gives inventors exclusive rights to their invention for 20 years.
After 20 years, the technology goes into the public domain and anyone can use it without fee.
You can't renew the patent.
Encourage innovations.
Copyright - ✔✔Protects creator's rights to their published content: Books, music, games,
movies, articles, pictures, and artwork etc...
Encourage creation.
Trademark - ✔✔Protects Brand name and logo and design. Trademark lasts forever. It can be
bought and sold, country specific.
Contract - ✔✔Voluntary.
Offer and Acceptance.
Consideration (Something of value).
Legal.
Proper Form.
Competent (Capacity, Age).
Brown v Board of Edu - ✔✔Could schools legally be segregated by race?
You could not have segregation in school.
Roe v Wade - ✔✔Were laws prohibiting abortion legal?
First 3 months only allowed for abortion, right to privacy.
