MGMT 322
Business Law Question and answers
Law - ✅✅Enforceable rules of conduct made by government to keep order and protect rights.
Stages of Growth of Law - ✅✅1. Personal revenge 2. leader forces compensation 3. courts are
created 4. government prevents and punishes wrongs
Common law - ✅✅law made by judges through court decisions and precedent
positive law - ✅✅written law created by government bodies
stare decisis - ✅✅courts must follow previous decisions in similar cases
equity - ✅✅fairness used when common law cannot give a proper remedy
injunction - ✅✅court order telling someone to stop doing something
specific performance - ✅✅court order forcing someone to follow through with a contract
criminal law - ✅✅law dealing with wrongs against society and punishments
civil law - ✅✅law dealing with private disputes where money damages are awarded
sources of law (highest to lowest) - ✅✅constitution, statutes, case law, administrative law,
ordinances
, ethics - ✅✅system of moral principles guiding right and wrong behaviours
civil disobedience - ✅✅peaceful breaking of an unjust law to bring about change
declaration of independence - ✅✅declared independence and stated natural rights
articles of confederation - ✅✅first US government with a weak central government
US constitution - ✅✅supreme law of the land establishing federal government
bill of rights - ✅✅first 10 amendments protecting individual freedoms
separation of powers - ✅✅division of government into legislative, executive, and judicial branches
checks and balances - ✅✅system allowing each branch to limit the power of others
federalism - ✅✅division of power between federal and state government
due process - ✅✅government must follow fair legal procedures
litigation - ✅✅resolving disputes by going to court
mediation - ✅✅neutral third party helps parties reach an agreement that is not binding
arbitration - ✅✅neutral third party makes a binding decision
trial court - ✅✅court that hears evidence and witnesses in original jurisdiction
Business Law Question and answers
Law - ✅✅Enforceable rules of conduct made by government to keep order and protect rights.
Stages of Growth of Law - ✅✅1. Personal revenge 2. leader forces compensation 3. courts are
created 4. government prevents and punishes wrongs
Common law - ✅✅law made by judges through court decisions and precedent
positive law - ✅✅written law created by government bodies
stare decisis - ✅✅courts must follow previous decisions in similar cases
equity - ✅✅fairness used when common law cannot give a proper remedy
injunction - ✅✅court order telling someone to stop doing something
specific performance - ✅✅court order forcing someone to follow through with a contract
criminal law - ✅✅law dealing with wrongs against society and punishments
civil law - ✅✅law dealing with private disputes where money damages are awarded
sources of law (highest to lowest) - ✅✅constitution, statutes, case law, administrative law,
ordinances
, ethics - ✅✅system of moral principles guiding right and wrong behaviours
civil disobedience - ✅✅peaceful breaking of an unjust law to bring about change
declaration of independence - ✅✅declared independence and stated natural rights
articles of confederation - ✅✅first US government with a weak central government
US constitution - ✅✅supreme law of the land establishing federal government
bill of rights - ✅✅first 10 amendments protecting individual freedoms
separation of powers - ✅✅division of government into legislative, executive, and judicial branches
checks and balances - ✅✅system allowing each branch to limit the power of others
federalism - ✅✅division of power between federal and state government
due process - ✅✅government must follow fair legal procedures
litigation - ✅✅resolving disputes by going to court
mediation - ✅✅neutral third party helps parties reach an agreement that is not binding
arbitration - ✅✅neutral third party makes a binding decision
trial court - ✅✅court that hears evidence and witnesses in original jurisdiction
