NCSU MIE 305 Exam 1 (Chapters 1-3) Questions And Verified Answers.

What is the importance of a Business Law course in a business/management curriculum, and/or the importance of knowing something about it to a businessperson? - Answer The law is important to modern business. The history of business reveals the prominence of law. Educators today emphasize the role of law in preparing tomorrow's business leaders. How can business people use the law to a strategic advantage? - Answer Knowing legal rights and duties enhances one's ability to identify legal risks and effectively reduce or eliminate resulting legal liability. Knowing legal rights and duties allows business leaders to use the law to their strategic advantage. Series of treatises that articulate the principles or rules for a specific area of law - Answer Restatement of the Law Do the differences between primary and secondary authority change depending on what court one is in? - Answer If the legal resource is from somewhere else or here, then it becomes controlling or persuasive What's the difference between primary and secondary authority? - Answer If it's a case or a statute (including administrative rules), it's primary authority. If it's anything other than a case or statute, it is secondary authority What is the difference between controlling and persuasive authority? - Answer Controlling authority is law that is directly binding on a court in that jurisdiction. Persuasive authority is law somewhere, but just not here Why has the US experienced an "orgy of statute-making," as it's described in the book? - Answer As legislators churn out more statutory law, there is by necessity more printed definition of—and therefore less interpretive space for—the rules of law, and many common law principles are modified or even eviscerated by statutes which come along to trump them