Business Law Final Exam
-exam elaborations with 100% verified answer/solutions-
Excel & Succeed - academic year (2026)
196 Q&A
Common law
Judge made law, body of all decisions made by judges
Statute
Law passed by congress or by a state legislature
Equity
Court's use of power to create an equitable result
Precedent
Earlier court case used to influence a court decision in a current case
Criminal law
Concerns behavior so threatening that society outlaws it altogether
Civil law
Regulates the rights and duties between parties
,Holding
Courts decision
Reverse
To declare lower courts ruling wrong and void
Remand
To send a case back down to a lower court
Affirm
To uphold a lower court's ruling
Litigation
Process of resolving disputes in court
Alternative dispute resolution
Resolving disputes out of court through formal or informal processes
Mediation
Form of adr in which a neutral third party coaxes the disputing parties toward
a voluntary settlement
Arbitration
Form of adr in which a neutral third party has the power to impose a binding
decision
Trial courts
Determine the facts and apply to them the law given by appellate courts
Jurisdiction
Court's power to hear a case
Appellate courts
, Generally accept the facts provided by trial courts and review the record for
legal errors
Error of law
Wrong decision made in a trial that leads to the reversal of a decision or a new
trial
Federal question case
Claim based on the us constitution, a federal statute, or a federal treaty
Diversity case
Lawsuit in which the two parties are of different states and the amount in
dispute exceeds 75,000
Steps to litigation
Pleadings, complaint, answer, discovery, interrogatories, depositions,
production of documents and things, summary judgement(optional), trial
Steps of trial
Opening statements, plaintiffs case, defendants case, closing argument,
verdict
Pleadings
Documents that begin a lawsuit; complaint, answer, reply
Complaint
Short statement of the facts alleged by the plaintiff, and his or her legal claims
Answer
Defendants response to the complaint
Default judgement
Decision that the plaintiff in a case wins without going to trial
Class action
Suit filed by a group of plaintiffs with related claims
-exam elaborations with 100% verified answer/solutions-
Excel & Succeed - academic year (2026)
196 Q&A
Common law
Judge made law, body of all decisions made by judges
Statute
Law passed by congress or by a state legislature
Equity
Court's use of power to create an equitable result
Precedent
Earlier court case used to influence a court decision in a current case
Criminal law
Concerns behavior so threatening that society outlaws it altogether
Civil law
Regulates the rights and duties between parties
,Holding
Courts decision
Reverse
To declare lower courts ruling wrong and void
Remand
To send a case back down to a lower court
Affirm
To uphold a lower court's ruling
Litigation
Process of resolving disputes in court
Alternative dispute resolution
Resolving disputes out of court through formal or informal processes
Mediation
Form of adr in which a neutral third party coaxes the disputing parties toward
a voluntary settlement
Arbitration
Form of adr in which a neutral third party has the power to impose a binding
decision
Trial courts
Determine the facts and apply to them the law given by appellate courts
Jurisdiction
Court's power to hear a case
Appellate courts
, Generally accept the facts provided by trial courts and review the record for
legal errors
Error of law
Wrong decision made in a trial that leads to the reversal of a decision or a new
trial
Federal question case
Claim based on the us constitution, a federal statute, or a federal treaty
Diversity case
Lawsuit in which the two parties are of different states and the amount in
dispute exceeds 75,000
Steps to litigation
Pleadings, complaint, answer, discovery, interrogatories, depositions,
production of documents and things, summary judgement(optional), trial
Steps of trial
Opening statements, plaintiffs case, defendants case, closing argument,
verdict
Pleadings
Documents that begin a lawsuit; complaint, answer, reply
Complaint
Short statement of the facts alleged by the plaintiff, and his or her legal claims
Answer
Defendants response to the complaint
Default judgement
Decision that the plaintiff in a case wins without going to trial
Class action
Suit filed by a group of plaintiffs with related claims
