business law Collin College -Business Law Exam #1

business law Collin College - What is law? - correct answer consists of enforceable rules governing relationships among individuals and between individuals and their society What feature do all laws have in common? - correct answer they establish rights, duties, and privileges that are consistent with the values and beliefs of a society or ruling group. Breach - correct answer failure to perform a legal obligation Primary Sources of Law - correct answer Sources that establish the law include the following... 1)The US constitution and the constitutions of various states 2) Statutes, or laws, passed by congress and by state legislatures 3) Regulations created by administrative agencies, such as the US Food and Drug administration 4) Case Law (Court decisions Secondary Sources of Law - correct answer Books and articles that clarify and summarize the primary sources of law • Legal encyclopedias • Compilations (such as restatements of the law, which summarize court decisions on a particular topic) • Official comments to statutes • Treatises • Articles in law reviews published by law schools • Articles in other legal journals (courts refer to secondary sources of law for guidance when interpreting and applying primary sources of law)