Business Law Exam #1 with all Correct & 100% Verified
Answers |Actual Complete Exam| Already Graded A+
why do legal systems evolve? ✔Correct Answer-to encourage and promote stability and order
define law ✔Correct Answer-a body of enforceable rules which govern relationships among and
between individuals and society
defin substantive law ✔Correct Answer-create rights, duties, and privileges consistent with public
policy at the time of enactment
examples of substantive law ✔Correct Answer-legislative acts and judicial pronouncements
define procedural laws ✔Correct Answer-allow institutions to control their internal functions
examples of public law ✔Correct Answer-Constitutional law, Administrative law, and Criminal law
define public law ✔Correct Answer-involves cases or controversies involving a legislative body as a
party or as the administrator of a legal process
examples of private law ✔Correct Answer-Contracts, Torts, Property
define private law ✔Correct Answer-the injured party seeks to recover for an injury from the party
causing the injury
define common law ✔Correct Answer-came from England. rules and analytical methods used by
judges became law
define civil law ✔Correct Answer-civil law countries have codified their laws
US and State Constitutions ✔Correct Answer-the basis of the legal system. they represent supreme
law
other legislative acts must... ✔Correct Answer-be consistent with the Constitution or be rendered
void
constitutions prevail over statutes ✔Correct Answer-statutes prevail over judicial decisions
vertical division of powers ✔Correct Answer-the federal government has limited authority to
interfere in state matters
horizontal division of powers ✔Correct Answer-the branches of government have separate
functions and may exercise checks and balances over the other branches
define judicial review ✔Correct 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? ✔Correct Answer-acts and orders of legislative bodies: Congress,
state legislatures, city councils
, criminal and taxing laws are... ✔Correct Answer-narrowly construed
remedial statues are... ✔Correct Answer-broadly construed
uniform state laws ✔Correct Answer-enacted by the federal government or proposed by the
NCCUSL
define stare decisis ✔Correct 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... ✔Correct Answer-unless a court decides a
precedent should no longer be followed
inherent problem in case law: ✔Correct 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? ✔Correct 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 ✔Correct Answer-a system of ethics and morals inherent in human nature
define legal positivism ✔Correct Answer-posits the only rights we have come from the state
define legal realism ✔Correct Answer-the development of the law is shaped by social and
technological forces
define remedy ✔Correct Answer-allows a litigant to enforce or to be compensated for an injury to
a right or privilege
two types of remedies ✔Correct Answer-legal or equitable
equitable remedies: ✔Correct Answer-injunctions, decrees, specific performance,
rescission/reformation of a contract, etc.
if the remedy at law was inadequate... ✔Correct Answer-a litigant may seek a remedy in equity
criminal law ✔Correct Answer-does public policy consider the wrong as one against society as a
whole
civil law ✔Correct Answer-does public policy consider the wrong as one against an individual
private law ✔Correct Answer-the dispute is between private individuals
public law ✔Correct Answer-the government is involved in the dispute
national law ✔Correct Answer-the dispute involves the law of a particular nation
Answers |Actual Complete Exam| Already Graded A+
why do legal systems evolve? ✔Correct Answer-to encourage and promote stability and order
define law ✔Correct Answer-a body of enforceable rules which govern relationships among and
between individuals and society
defin substantive law ✔Correct Answer-create rights, duties, and privileges consistent with public
policy at the time of enactment
examples of substantive law ✔Correct Answer-legislative acts and judicial pronouncements
define procedural laws ✔Correct Answer-allow institutions to control their internal functions
examples of public law ✔Correct Answer-Constitutional law, Administrative law, and Criminal law
define public law ✔Correct Answer-involves cases or controversies involving a legislative body as a
party or as the administrator of a legal process
examples of private law ✔Correct Answer-Contracts, Torts, Property
define private law ✔Correct Answer-the injured party seeks to recover for an injury from the party
causing the injury
define common law ✔Correct Answer-came from England. rules and analytical methods used by
judges became law
define civil law ✔Correct Answer-civil law countries have codified their laws
US and State Constitutions ✔Correct Answer-the basis of the legal system. they represent supreme
law
other legislative acts must... ✔Correct Answer-be consistent with the Constitution or be rendered
void
constitutions prevail over statutes ✔Correct Answer-statutes prevail over judicial decisions
vertical division of powers ✔Correct Answer-the federal government has limited authority to
interfere in state matters
horizontal division of powers ✔Correct Answer-the branches of government have separate
functions and may exercise checks and balances over the other branches
define judicial review ✔Correct 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? ✔Correct Answer-acts and orders of legislative bodies: Congress,
state legislatures, city councils
, criminal and taxing laws are... ✔Correct Answer-narrowly construed
remedial statues are... ✔Correct Answer-broadly construed
uniform state laws ✔Correct Answer-enacted by the federal government or proposed by the
NCCUSL
define stare decisis ✔Correct 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... ✔Correct Answer-unless a court decides a
precedent should no longer be followed
inherent problem in case law: ✔Correct 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? ✔Correct 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 ✔Correct Answer-a system of ethics and morals inherent in human nature
define legal positivism ✔Correct Answer-posits the only rights we have come from the state
define legal realism ✔Correct Answer-the development of the law is shaped by social and
technological forces
define remedy ✔Correct Answer-allows a litigant to enforce or to be compensated for an injury to
a right or privilege
two types of remedies ✔Correct Answer-legal or equitable
equitable remedies: ✔Correct Answer-injunctions, decrees, specific performance,
rescission/reformation of a contract, etc.
if the remedy at law was inadequate... ✔Correct Answer-a litigant may seek a remedy in equity
criminal law ✔Correct Answer-does public policy consider the wrong as one against society as a
whole
civil law ✔Correct Answer-does public policy consider the wrong as one against an individual
private law ✔Correct Answer-the dispute is between private individuals
public law ✔Correct Answer-the government is involved in the dispute
national law ✔Correct Answer-the dispute involves the law of a particular nation
