BUSINESS LAW EXAM 1 2026 EDITION
COMPREHENSIVE STUDY GUIDE,
COMPREHENSION QUESTIONS, CASE-
BASED PRACTICE EXAM, DETAILED
ANSWER EXPLANATIONS AND EXAM
PREPARATION RESOURCE
directed verdict - CORRECT ANSWER -weight of evidence leads to only one
conclusion
trier of fact - CORRECT ANSWER -the jury in a jury trial; the judge when
there is not a jury trial-- sees material evidence, hears testimony of
witnesses and decides outcome based on facts
matters of law - CORRECT ANSWER -issues not of fact, but of law. Decided
by a judge
Judgement non obstante veredicto - CORRECT ANSWER -A judgement
notwithstanding the jury's verdict. Asking the court to disregard the jury's
verdict.
remittitur - CORRECT ANSWER -The reduction by a judge of the damages
awarded by a jury. very common
,article 1 - CORRECT ANSWER -legislative branch (congress- house and
senate)
article 2 - CORRECT ANSWER -executive branch/president- execute
legislation, command armed forces and make treaties
article 3 - CORRECT ANSWER -judicial branch- supreme court and
subsidiary courts power
marbury v madison - CORRECT ANSWER -This case establishes the
Supreme Court's power of Judicial Review- power to declare statute or
governmental action unconstitutional and void
powers shared w the states - CORRECT ANSWER -power to tax, spend
article VI (6) - CORRECT ANSWER -federal supremacy is on this article
article 1, section 8 - CORRECT ANSWER -lists issues on which congress may
pass statutes
rational basis test (minimal scrutiny) - CORRECT ANSWER -if law has
rational basis, it will stand
intermediate scrutiny - CORRECT ANSWER -Law must substantially relate
to important governmental objectives to stand
, strict scrutiny - CORRECT ANSWER -law presumed invalid if, on its face, it is
based on race, ethnicity and religion
commerce clause - CORRECT ANSWER -in article 1, section 8- INTERstate
commerce but intra when it affects inter
first amendment - CORRECT ANSWER -Guarantees freedom of religion,
speech, press, assembly, and petition to individuals and corporations--
protection has never been afforded to certain classes of speech like false,
lewd, profane, etc
commercial speech - CORRECT ANSWER -speech proposing a commercial
transaction. 1st amend protects if it seeks to implement a substantial govt
interest and directly advances the interest and is the least restrictive
method of achieving the interest
5th amendment - CORRECT ANSWER -prohibits federal govt from depriving
any person of life liberty or property without due process of law-- due
process clause. applied to states through 14th amend by process of
incorporation
due process clause - CORRECT ANSWER -interpreted liberally to be a
guarantee of protection from unreasonable procedures/laws and
government action
takings clause - CORRECT ANSWER -depriving a person of property- govt
must pay property owner just compensation in exchange for taking
property by eminent domain-- public use purpose is required
COMPREHENSIVE STUDY GUIDE,
COMPREHENSION QUESTIONS, CASE-
BASED PRACTICE EXAM, DETAILED
ANSWER EXPLANATIONS AND EXAM
PREPARATION RESOURCE
directed verdict - CORRECT ANSWER -weight of evidence leads to only one
conclusion
trier of fact - CORRECT ANSWER -the jury in a jury trial; the judge when
there is not a jury trial-- sees material evidence, hears testimony of
witnesses and decides outcome based on facts
matters of law - CORRECT ANSWER -issues not of fact, but of law. Decided
by a judge
Judgement non obstante veredicto - CORRECT ANSWER -A judgement
notwithstanding the jury's verdict. Asking the court to disregard the jury's
verdict.
remittitur - CORRECT ANSWER -The reduction by a judge of the damages
awarded by a jury. very common
,article 1 - CORRECT ANSWER -legislative branch (congress- house and
senate)
article 2 - CORRECT ANSWER -executive branch/president- execute
legislation, command armed forces and make treaties
article 3 - CORRECT ANSWER -judicial branch- supreme court and
subsidiary courts power
marbury v madison - CORRECT ANSWER -This case establishes the
Supreme Court's power of Judicial Review- power to declare statute or
governmental action unconstitutional and void
powers shared w the states - CORRECT ANSWER -power to tax, spend
article VI (6) - CORRECT ANSWER -federal supremacy is on this article
article 1, section 8 - CORRECT ANSWER -lists issues on which congress may
pass statutes
rational basis test (minimal scrutiny) - CORRECT ANSWER -if law has
rational basis, it will stand
intermediate scrutiny - CORRECT ANSWER -Law must substantially relate
to important governmental objectives to stand
, strict scrutiny - CORRECT ANSWER -law presumed invalid if, on its face, it is
based on race, ethnicity and religion
commerce clause - CORRECT ANSWER -in article 1, section 8- INTERstate
commerce but intra when it affects inter
first amendment - CORRECT ANSWER -Guarantees freedom of religion,
speech, press, assembly, and petition to individuals and corporations--
protection has never been afforded to certain classes of speech like false,
lewd, profane, etc
commercial speech - CORRECT ANSWER -speech proposing a commercial
transaction. 1st amend protects if it seeks to implement a substantial govt
interest and directly advances the interest and is the least restrictive
method of achieving the interest
5th amendment - CORRECT ANSWER -prohibits federal govt from depriving
any person of life liberty or property without due process of law-- due
process clause. applied to states through 14th amend by process of
incorporation
due process clause - CORRECT ANSWER -interpreted liberally to be a
guarantee of protection from unreasonable procedures/laws and
government action
takings clause - CORRECT ANSWER -depriving a person of property- govt
must pay property owner just compensation in exchange for taking
property by eminent domain-- public use purpose is required
