business law Collin College -Business Law - Exam 1 (Chapters 1-6) with answers

business law Collin College -Business Law - Exam 1 (Chapters 1-6) with answers Rule of Law - correct answer general and equal application of laws, even to lawmakers Supreme Law of the Land vs. Highest Court - correct answer Supreme Law of the Land- U.S. Constitution Highest Court- U.S. Supreme Court Civil vs. Criminal Law - correct answer Civil Law- law governing the rights and duties between private parties Criminal Law- area of the law dealing with wrongs against the state as representative of the community at large Statutes vs. Regulations - correct answer Statute- legislative body makes law; collectively statutes Regulation- expert agencies come up with regulations Case law - correct answer the legal principles that are developed by appellate judges through their written opinions Precendent - correct answer a prior judicial decision relied upon as an example of a rule of law Stare decisis - correct answer the doctrine that traditionally indicates that a court should follow prior decisions in all cases based on substantially similar facts Types of Damages - correct answer Compensatory, Punitive, and Liquidated McDonald's case - correct answer Name- Stella Liebeck Supreme Court case that limits punitive damages - correct answer BMW vs. Gore