Business Law Exam 1 Auburn University Quiz Questions And Answers Rated A+

What is the most important function of the law to business? - Answer-facilitating planning The example of protecting the $1 Billion investment that car companies make per model is an example of the law doing what? - Answer-Facilitating Planning What did the UN decide is the reason underdeveloped countries have poverty? - Answer-They don't have laws that protect business investment. The example of Huego Shavez and why Venezuela is poor is an example of a lack of what? - AnswerFacilitating Planning _______ and ________ affect virtually all business regulations. - Answer-Laws and Regulations Sources of American law are: - Answer-Constitutional law, Statutory law, Administrative law, Case law and Common law Which source of American law derives from the law that our elected representatives make? - AnswerStatutory Law Which source of American Law derives from Federal Agencies and State and local agencies? - AnswerAdministrative Law T/F: According to Mr. Cochran, the aim of American society is that we should all be equal? - Answer-False T/F Business people should let lawyers worry about the law? - Answer-False How much of the world operates under Common law? - Answer-1/3 American common law is based largely on what? - Answer-English Common lawWilliam the Conqueror established one court called what? He did this because he was concerned about what? - Answer-Court of law He was concerned about the Aristocracy and did not want people forming private armies In the early English courts, there were two separate court systems in common law. These were called what? - Answer-Courts of law and Courts of Equity The merchants were not allowed to go to these courts because the Peasants hated them due to the fact that they were making money on matching buyers and sellers..... - Answer-Courts of Equity The third evolved Law of Court - Answer-Law Merchant __________ essentially created business law - Answer-Merchants Why was law merchant so effective? - Answer-They did not have to worry about politics This law is very fair and stable - Answer-Merchant Law By about 1600, the courts of _______ and courts of ______ absorbed the merchant law so that it became a part of _______ _______. - Answer-Equity, Law, and Common Law What developed in merchant law? - Answer-Contracts By 1896 in the U.S. we had combined all law, equitable, and law merchant courts. The only exception to this is that these two states have Chancery courts. - Answer-Delaware and Tennessee This is judge made law and means to "stand on previous cases". - Answer-Stare Decisis What term means that each decision and interpretation becomes a legal precedent? - Answer-Stare DecisisEx: Baron Acton and Baron Botley owned 1000 acres of land that was separated by a river. After a storm, the river shifted 100 acres to the right into Baron Botley's land so that it now only has 900 acres. They are all forced into the court by the King. All the judge knew was to be fair. Acton said he always owned everything west of the stream and this ended up being the decision that was made. 50 years later, a similar case comes up and the judge rules just how he did before. From here on out, all judges follow this. This is an example of what? - Answer-Stare Decisis To this day, judges are obligated to follow the _________, unless it is decided the previous decision was wrong or if the times have changed and a new one is needed. - Answer-Precedent The _______ _____ is very stable but is also very slow. - Answer-Common Law The idea that there have already been 23 generations before us that have reviewed common law, thus change should be slow and thought out. - Answer-The wisdom of the ages T/F: There is not one right answer. - Answer-True T/F: Judges have personal beliefs that can affect decisions. - Answer-True T/F: Outcomes to lawsuits can usually be predicted with certainty. - Answer-False ________ law governs transactions that are not covered by _______ law. - Answer-Common, Statutory T/F: Common law is not used very much anymore today. - Answer-False Who interprets common law statues? - Answer-The courts 49/50 states adopted the _______ ______ law upon joining the union. - Answer-English Common law T/F: In Alabama, we adopted the English Common Law when we joined the union. - Answer-TrueT/F: If a state has not changed the precedent, then it is still the same law as is in the English common law. - Answer-True T/F: Most of our laws today are laws from the English Common Law. - Answer-False Anything that happened in the English Common Law before ________, still applies to us. Anything that happened after this, does not matter. - Answer-1819 In order for any English laws to apply to us, it must comply with the ______. - Answer-Constitution In ______ law countries, they have books with all their laws and do NOT use precedents. - Answer-Civil T/F: There is no such thing as US common law. - Answer-True T/F: The English Law in 1709 could be the law in some states but not in others. - Answer-True What are the four schools of jurisprudential thought? - Answer-Historical, Sociological, Law and Economics, and Command This is an identifiable group of people that share ideas about the law..... - Answer-School of Jurisprudential thought What is the oldest School of Jurisprudential thought? - Answer-Natural This school believes that the law is inherent in us and we already know right from wrong. - AnswerNatural T/F: Nobody is predominantly in one school. This changes over time for everybody. - Answer-TrueThe fact that you knew it was wrong to murder someone before anyone told you is what school of though? - Answer-Natural The Declaration of Independence assumes ______ law - Answer-Natural T/F: Natural law allows us to determine all laws? - Answer-False This school of law focuses on the wisdom of the ages and is more conservative..... - Answer-Historical This school says the law is just another tool to solve social injustice and is more liberal..... - AnswerSociological school This school says economics underlie virtually all law.... - Answer-Law and economics school This is the newest school and fastest school... - Answer-Law and economics T/F: The law and economics school believes that economics itself will determine law. - Answer-False Obama's healthcare is an example of what school of law? - Answer-Law and economic school What school believes that the people in power make the rules and everyone else must follow? - AnswerCommand school T/F: The command school is alive and well throughout the world today? - Answer-True Very few Americans believe which school of thought? - Answer-Command What school had these main influencers: Thomas Jefferson, Aristotle, and John Locke - Answer-Natural What school had these main influencers: John Roberts, George Will, John Ashcroft - Answer-HistoricalWhat school had these main influencers: FDR, Bill Clinton, Elena Kagan - Answer-Sociological What school had these main influencers: Richard Posner, Gary Becker - Answer-Economics