BUSFIN 3500 IRVINE MIDTERM FINAL PAPER
2026 QUESTIONS WITH FULL SOLUTION
GRADED A+
◉ Private Law. Answer: Regulates disputes between private
individuals or groups
◉ Public Law. Answer: Controls disputes between private
individuals or groups and their government
◉ Civil Law. Answer: Lays out the rights and responsibilities implied
in relationships between persons and between persons and their
government
◉ Criminal Law. Answer: Regulates situations in which someone
commits an act against the public as a whole, in which the
government represents the public in court.
◉ Criminal Business Practices. Answer: Money laundering, bribery,
mail fraud, racketeering, price fixing, insurance fraud,
embezzlement, theft of trade secrets, monopolization, insider
trading, etc.
,◉ Insider Trading. Answer: An unethical and difficult to track
activity in which insiders use private company information to
further their own fortunes or those of their family and friends
◉ Cyberlaw. Answer: An informal term used to refer to all laws
governing electronic communications and transactions, particularly
those conducted via the Internet.
◉ Statutory Law. Answer: Law passed by the U.S. Congress or state
legislatures
◉ Model/Uniform Laws. Answer: Serve as a basis/suggestion for
some statutory law at the state level to improve uniformity of laws
between the states
◉ Uniform Commercial Code (UCC). Answer: A comprehensive
statutory scheme that includes laws that cover aspects of
commercial transactions
◉ National Conference of Commissioners on Uniform State Laws
(NCC). Answer: A group of commissioners who drafts laws to help
promote legal uniformity between states. Laws drafted by this
organizations are simply suggestions, but often serve as the basis for
new state laws as they're drafted by Congress.
, ◉ Case Law. Answer: Also known as common law, is the collection of
legal interpretations made by judges (precedent). Judges rule based
on the decisions made by other judges in order to promote
uniformity within the legal system.
◉ Precedent. Answer: An earlier legal case that is regarded as an
example or guide to be considered in subsequent similar
circumstances in order to improve uniformity across the legal
system.
◉ Stare Decisis. Answer: Respect and uphold the precedent
◉ Roe v. Wade (1973). Answer: Abortion rights fall within the
privacy implied in the 14th amendment
◉ Planned Parenthood v. Casey (1992). Answer: States can regulate
abortion, but not with regulations that impose "undue burden" upon
women; did not overturn Roe v. Wade, but gave states more leeway
in regulating abortion (e.g., 24-hour waiting period, parental
consent for minors)
◉ Brown v. Board of Education (1954). Answer: The Supreme Court
overruled Plessy v. Ferguson, declared that racially segregated
facilities are inherently unequal and ordered all public schools
desegregated.
2026 QUESTIONS WITH FULL SOLUTION
GRADED A+
◉ Private Law. Answer: Regulates disputes between private
individuals or groups
◉ Public Law. Answer: Controls disputes between private
individuals or groups and their government
◉ Civil Law. Answer: Lays out the rights and responsibilities implied
in relationships between persons and between persons and their
government
◉ Criminal Law. Answer: Regulates situations in which someone
commits an act against the public as a whole, in which the
government represents the public in court.
◉ Criminal Business Practices. Answer: Money laundering, bribery,
mail fraud, racketeering, price fixing, insurance fraud,
embezzlement, theft of trade secrets, monopolization, insider
trading, etc.
,◉ Insider Trading. Answer: An unethical and difficult to track
activity in which insiders use private company information to
further their own fortunes or those of their family and friends
◉ Cyberlaw. Answer: An informal term used to refer to all laws
governing electronic communications and transactions, particularly
those conducted via the Internet.
◉ Statutory Law. Answer: Law passed by the U.S. Congress or state
legislatures
◉ Model/Uniform Laws. Answer: Serve as a basis/suggestion for
some statutory law at the state level to improve uniformity of laws
between the states
◉ Uniform Commercial Code (UCC). Answer: A comprehensive
statutory scheme that includes laws that cover aspects of
commercial transactions
◉ National Conference of Commissioners on Uniform State Laws
(NCC). Answer: A group of commissioners who drafts laws to help
promote legal uniformity between states. Laws drafted by this
organizations are simply suggestions, but often serve as the basis for
new state laws as they're drafted by Congress.
, ◉ Case Law. Answer: Also known as common law, is the collection of
legal interpretations made by judges (precedent). Judges rule based
on the decisions made by other judges in order to promote
uniformity within the legal system.
◉ Precedent. Answer: An earlier legal case that is regarded as an
example or guide to be considered in subsequent similar
circumstances in order to improve uniformity across the legal
system.
◉ Stare Decisis. Answer: Respect and uphold the precedent
◉ Roe v. Wade (1973). Answer: Abortion rights fall within the
privacy implied in the 14th amendment
◉ Planned Parenthood v. Casey (1992). Answer: States can regulate
abortion, but not with regulations that impose "undue burden" upon
women; did not overturn Roe v. Wade, but gave states more leeway
in regulating abortion (e.g., 24-hour waiting period, parental
consent for minors)
◉ Brown v. Board of Education (1954). Answer: The Supreme Court
overruled Plessy v. Ferguson, declared that racially segregated
facilities are inherently unequal and ordered all public schools
desegregated.
