Business Law - Exam 1 (Chapters 1, 2, 3, 4, 5, 6, 7, 10)
Questions and Verified Answers.
Law - ANS A body of enforceable rules governing relationships among individuals and
between individuals and their society.
Liability - ANS The state of being legally responsible for something.
Primary Sources of Law - ANS U.S. Constitution, Statutory Law, Regulations, Case Law
Secondary Sources of Law - ANS Books and articles
Constitutional Law - ANS Law based on the U.S. Constitution and the constitutions of
the various states.
Statutory Law - ANS The body of the law enacted by legislative bodies.
Ordinances - ANS A law passed by a city or county.
Administrative Law - ANS The body of law created by administrative agencies in order
to carry out their duties and responsibilities.
Administrative Agency - ANS A federal or state government agency.
Executive Agencies - ANS an administrative agency within the executive branch of
government.
Independent Regulatory Agencies - ANS an administrative agency that is not
considered part of the government's executive branch and is not subject to the authority
of the president. Independent agency officials cannot be removed without cause.
Case Law - ANS The rules of law announced in court decisions.
Common Law - ANS A legal system based on custom and court rulings.
Remedies - ANS The relief given to an innocent party to enforce a right or compensate
for the violation of a right.
Courts of Law - ANS A court in which the only remedies that could be granted were
things of value, such as money damages.
Remedies at Law - ANS A remedy available in a court of law. Money damages are
awarded as a remedy at law.
, Damages - ANS A monetary award sought out as a remedy for a breach of contract or
tortious act.
Courts of Equity - ANS A court that decides controversies and administers justice
according to the rules, principles, and precedents of equity.
Remedies in Equity - ANS A remedy allowed by courts in situations where remedies at
law are not appropriate. Remedies in equity are based on settled rules of fairness,
justice, and honesty, and include injunction, specific performance, rescission and
restitution, and reformation.
Equitable Maxims - ANS General propositions or principles of law that have to do with
fairness.
Commerce Clause - ANS Clause stating that Congress can regulate interstate and
international commerce.
Laches - ANS Bars a party's right to legal action if the party has neglected for an
unreasonable length of time to act on his or her rights.
Defendant - ANS Individual being sued.
Plaintiff - ANS Suing party.
Petitioner - ANS The party bringing a lawsuit.
Respondent - ANS Answers complaint.
Stare Decisis - ANS Decisions are based on precedents from previous cases.
Binding Authority - ANS Any source of law that a court must follow when deciding a
case.
Case of First Impression - ANS A case that has never been faced before, no precedents
exist.
Persuasive Authorities - ANS Any legal authority or source of law that a court may look
to for guidance.
Legal Reasoning - ANS The process of reasoning by which a judge matches their
opinion with past case decisions, and the process of evaluating how various laws apply
to a given situation.
Full Faith and Credit Clause - ANS Ensures rights, contracts, deeds, act. in one state
will be honored by other states.
Questions and Verified Answers.
Law - ANS A body of enforceable rules governing relationships among individuals and
between individuals and their society.
Liability - ANS The state of being legally responsible for something.
Primary Sources of Law - ANS U.S. Constitution, Statutory Law, Regulations, Case Law
Secondary Sources of Law - ANS Books and articles
Constitutional Law - ANS Law based on the U.S. Constitution and the constitutions of
the various states.
Statutory Law - ANS The body of the law enacted by legislative bodies.
Ordinances - ANS A law passed by a city or county.
Administrative Law - ANS The body of law created by administrative agencies in order
to carry out their duties and responsibilities.
Administrative Agency - ANS A federal or state government agency.
Executive Agencies - ANS an administrative agency within the executive branch of
government.
Independent Regulatory Agencies - ANS an administrative agency that is not
considered part of the government's executive branch and is not subject to the authority
of the president. Independent agency officials cannot be removed without cause.
Case Law - ANS The rules of law announced in court decisions.
Common Law - ANS A legal system based on custom and court rulings.
Remedies - ANS The relief given to an innocent party to enforce a right or compensate
for the violation of a right.
Courts of Law - ANS A court in which the only remedies that could be granted were
things of value, such as money damages.
Remedies at Law - ANS A remedy available in a court of law. Money damages are
awarded as a remedy at law.
, Damages - ANS A monetary award sought out as a remedy for a breach of contract or
tortious act.
Courts of Equity - ANS A court that decides controversies and administers justice
according to the rules, principles, and precedents of equity.
Remedies in Equity - ANS A remedy allowed by courts in situations where remedies at
law are not appropriate. Remedies in equity are based on settled rules of fairness,
justice, and honesty, and include injunction, specific performance, rescission and
restitution, and reformation.
Equitable Maxims - ANS General propositions or principles of law that have to do with
fairness.
Commerce Clause - ANS Clause stating that Congress can regulate interstate and
international commerce.
Laches - ANS Bars a party's right to legal action if the party has neglected for an
unreasonable length of time to act on his or her rights.
Defendant - ANS Individual being sued.
Plaintiff - ANS Suing party.
Petitioner - ANS The party bringing a lawsuit.
Respondent - ANS Answers complaint.
Stare Decisis - ANS Decisions are based on precedents from previous cases.
Binding Authority - ANS Any source of law that a court must follow when deciding a
case.
Case of First Impression - ANS A case that has never been faced before, no precedents
exist.
Persuasive Authorities - ANS Any legal authority or source of law that a court may look
to for guidance.
Legal Reasoning - ANS The process of reasoning by which a judge matches their
opinion with past case decisions, and the process of evaluating how various laws apply
to a given situation.
Full Faith and Credit Clause - ANS Ensures rights, contracts, deeds, act. in one state
will be honored by other states.
