Business Law Exam and Correct
Answers
US and State Constitutions - ANSWER-the basis of the legal system. they represent
supreme law
other legislative acts must... - ANSWER-be consistent with the Constitution or be
rendered void
constitutions prevail over statutes - ANSWER-statutes prevail over judicial decisions
vertical division of powers - ANSWER-the federal government has limited authority to
interfere in state matters
why do legal systems evolve? - ANSWER-to encourage and promote stability and order
define law - ANSWER-a body of enforceable rules which govern relationships among
and between individuals and society
defin substantive law - ANSWER-create rights, duties, and privileges consistent with
public policy at the time of enactment
examples of substantive law - ANSWER-legislative acts and judicial pronouncements
define procedural laws - ANSWER-allow institutions to control their internal functions
examples of public law - ANSWER-Constitutional law, Administrative law, and Criminal
law
define public law - ANSWER-involves cases or controversies involving a legislative
body as a party or as the administrator of a legal process
examples of private law - ANSWER-Contracts, Torts, Property
define private law - ANSWER-the injured party seeks to recover for an injury from the
party causing the injury
define common law - ANSWER-came from England. rules and analytical methods used
by judges became law
define civil law - ANSWER-civil law countries have codified their laws
, what are three great powers judges have in our system? - ANSWER-judicial review;
interpretation of statutes; and creation of law thru precedent
trial judges - ANSWER-preside over trials. they hear testimony and make evidentiary
and other legal rulings. trial judges exercise original jurisdiction over disputes and act as
protectors of constitutional limitations and guarantees of litigants
appellate judges - ANSWER-review trial proceedings for errors of law or facts which
prevented a litigant from receiving a fair trial. rarely deal with litigants.
horizontal division of powers - ANSWER-the branches of government have separate
functions and may exercise checks and balances over the other branches
define judicial review - ANSWER-the power of the judiciary to review the actions of the
other branches and to set them aside if in violation of the Constitution
What does legislation include? - ANSWER-acts and orders of legislative bodies:
Congress, state legislatures, city councils
criminal and taxing laws are... - ANSWER-narrowly construed
remedial statues are... - ANSWER-broadly construed
uniform state laws - ANSWER-enacted by the federal government or proposed by the
NCCUSL
define stare decisis - ANSWER-once a case has established a precedent, it should be
followed in subsequent cases involving the same issues
common law courts are bound by stare decisis... - ANSWER-unless a court decides a
precedent should no longer be followed
inherent problem in case law: - ANSWER-not compiled in a coherent fashion, the sheer
volume means most lawyers do not know the law at any given time. precedents conflict
and may be cited by opposing lawyers in a particular case
which state's laws apply when a transaction involves more than one state? - ANSWER-
the substantive law of the appropriate state may be used in a foreign jurisdiction, but the
forum may use its procedural laws.
define natural law - ANSWER-a system of ethics and morals inherent in human nature
define legal positivism - ANSWER-posits the only rights we have come from the state
define legal realism - ANSWER-the development of the law is shaped by social and
technological forces
Answers
US and State Constitutions - ANSWER-the basis of the legal system. they represent
supreme law
other legislative acts must... - ANSWER-be consistent with the Constitution or be
rendered void
constitutions prevail over statutes - ANSWER-statutes prevail over judicial decisions
vertical division of powers - ANSWER-the federal government has limited authority to
interfere in state matters
why do legal systems evolve? - ANSWER-to encourage and promote stability and order
define law - ANSWER-a body of enforceable rules which govern relationships among
and between individuals and society
defin substantive law - ANSWER-create rights, duties, and privileges consistent with
public policy at the time of enactment
examples of substantive law - ANSWER-legislative acts and judicial pronouncements
define procedural laws - ANSWER-allow institutions to control their internal functions
examples of public law - ANSWER-Constitutional law, Administrative law, and Criminal
law
define public law - ANSWER-involves cases or controversies involving a legislative
body as a party or as the administrator of a legal process
examples of private law - ANSWER-Contracts, Torts, Property
define private law - ANSWER-the injured party seeks to recover for an injury from the
party causing the injury
define common law - ANSWER-came from England. rules and analytical methods used
by judges became law
define civil law - ANSWER-civil law countries have codified their laws
, what are three great powers judges have in our system? - ANSWER-judicial review;
interpretation of statutes; and creation of law thru precedent
trial judges - ANSWER-preside over trials. they hear testimony and make evidentiary
and other legal rulings. trial judges exercise original jurisdiction over disputes and act as
protectors of constitutional limitations and guarantees of litigants
appellate judges - ANSWER-review trial proceedings for errors of law or facts which
prevented a litigant from receiving a fair trial. rarely deal with litigants.
horizontal division of powers - ANSWER-the branches of government have separate
functions and may exercise checks and balances over the other branches
define judicial review - ANSWER-the power of the judiciary to review the actions of the
other branches and to set them aside if in violation of the Constitution
What does legislation include? - ANSWER-acts and orders of legislative bodies:
Congress, state legislatures, city councils
criminal and taxing laws are... - ANSWER-narrowly construed
remedial statues are... - ANSWER-broadly construed
uniform state laws - ANSWER-enacted by the federal government or proposed by the
NCCUSL
define stare decisis - ANSWER-once a case has established a precedent, it should be
followed in subsequent cases involving the same issues
common law courts are bound by stare decisis... - ANSWER-unless a court decides a
precedent should no longer be followed
inherent problem in case law: - ANSWER-not compiled in a coherent fashion, the sheer
volume means most lawyers do not know the law at any given time. precedents conflict
and may be cited by opposing lawyers in a particular case
which state's laws apply when a transaction involves more than one state? - ANSWER-
the substantive law of the appropriate state may be used in a foreign jurisdiction, but the
forum may use its procedural laws.
define natural law - ANSWER-a system of ethics and morals inherent in human nature
define legal positivism - ANSWER-posits the only rights we have come from the state
define legal realism - ANSWER-the development of the law is shaped by social and
technological forces
