business law Collin College -Business Law Exam 1 Chapters 1-7 questions with answers

business law Collin College -Business Law Exam 1 Chapters 1-7 questions with answersDefinition of law - correct answer Enforceable rules governing relationships among individuals and between individuals and their society Function of law - correct answer Provide stability predictability and continuity Sources of American Law - correct answer Constitution statutory administrative common law Common Law started in? - correct answer England Legal v. Equitable remedies - correct answer Legal- money or items of value (land) Equitable- specific performance injunction and rescission of contractual obligation Doctrine of Stare decisis - correct answer judges are obligated to follow the precedents within their jurisdiction Legal Reasoning - correct answer Reasoning by judge harmonizes his/her decisions with the judicial decisions of previous cases Law v. Facts - correct answer Law is clear while there could be disputes with facts Schools of Jurisprudential Thought - correct answer Natural Positivist Historical Legal Realism Civil v. Criminal Law - correct answer Civil-between persons and between persons and their governments Criminal- wrongs committed against the public Which is NOT a source of law in the legal system of the US - correct answer Police officers