NCSU MIE 305 EXAM 1 (CHAPTERS 1-3)
EXAM WITH CORRECT QUESTIONS
AND ANSWERS 2025
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? - CORRECT-
ANSWERS*********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? - CORRECT-
ANSWERS*********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 - CORRECT-
ANSWERS*********Restatement of the Law
Do the differences between primary and secondary authority change depending on what court
one is in? - CORRECT-ANSWERS*********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? - CORRECT-
ANSWERS*********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? - CORRECT-
ANSWERS*********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? -
CORRECT-ANSWERS*********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
How do judges approach their powers of equity? - CORRECT-ANSWERS*********Courts of
equity use philosophical sounding maxims, or general principles of justice, instead of strict rules
of law to decide cases.
What is equity? - CORRECT-ANSWERS*********A branch of law that developed alongside
common law and is concerned with fairness and justice, formerly administered in special courts
How can modern US judges make decisions between law and/or equity, and under what
circumstances? - CORRECT-ANSWERS*********Decisions of law typically involve monetary
damages, decisions of equity typically refers to injunctions, specific performance, or vacatur
How did equity develop, both in England and the US? - CORRECT-ANSWERS*********Before
you could sue someone for those money damages, you often had to go through difficult
, procedural mechanisms to get written permission to do so. This system dissuaded many parties
from going to the bother of seeking justice in that way.
What are alternatives to common law in use in world legal systems? - CORRECT-
ANSWERS*********A civil-law or code-law system is one where all the legal rules are in one or
more comprehensive legislative enactments
Who or what was instrumental in Common law's development? - CORRECT-
ANSWERS*********Henry II
How did the Common Law come to be, and how was it spread across England? - CORRECT-
ANSWERS*********Henry II streamlined the court system and standardized it throughout the
land, requiring great deference be paid to the decisions of the curia regis and developing a
system of "ridings" and "circuits". Judges would learn from each other the intended
interpretation of rulings from the curia regis, and as they shared their own case decisions with
EXAM WITH CORRECT QUESTIONS
AND ANSWERS 2025
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? - CORRECT-
ANSWERS*********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? - CORRECT-
ANSWERS*********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 - CORRECT-
ANSWERS*********Restatement of the Law
Do the differences between primary and secondary authority change depending on what court
one is in? - CORRECT-ANSWERS*********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? - CORRECT-
ANSWERS*********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? - CORRECT-
ANSWERS*********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? -
CORRECT-ANSWERS*********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
How do judges approach their powers of equity? - CORRECT-ANSWERS*********Courts of
equity use philosophical sounding maxims, or general principles of justice, instead of strict rules
of law to decide cases.
What is equity? - CORRECT-ANSWERS*********A branch of law that developed alongside
common law and is concerned with fairness and justice, formerly administered in special courts
How can modern US judges make decisions between law and/or equity, and under what
circumstances? - CORRECT-ANSWERS*********Decisions of law typically involve monetary
damages, decisions of equity typically refers to injunctions, specific performance, or vacatur
How did equity develop, both in England and the US? - CORRECT-ANSWERS*********Before
you could sue someone for those money damages, you often had to go through difficult
, procedural mechanisms to get written permission to do so. This system dissuaded many parties
from going to the bother of seeking justice in that way.
What are alternatives to common law in use in world legal systems? - CORRECT-
ANSWERS*********A civil-law or code-law system is one where all the legal rules are in one or
more comprehensive legislative enactments
Who or what was instrumental in Common law's development? - CORRECT-
ANSWERS*********Henry II
How did the Common Law come to be, and how was it spread across England? - CORRECT-
ANSWERS*********Henry II streamlined the court system and standardized it throughout the
land, requiring great deference be paid to the decisions of the curia regis and developing a
system of "ridings" and "circuits". Judges would learn from each other the intended
interpretation of rulings from the curia regis, and as they shared their own case decisions with
