NCSU MIE 305 Exam 1 Questions and
Answers Graded A+
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 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? - Correct 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 -
Correct answer-Restatement of the Law
Do the differences between primary and secondary authority change depending on
what court one is in? - Correct answer-If the legal resource is from somewhere else
or here, then it becomes controlling or persuasive
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,What's the difference between primary and secondary authority? - Correct 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? - Correct
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? - Correct 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
How do judges approach their powers of equity? - Correct answer-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 answer-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 answer-Decisions of law typically involve monetary
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, damages, decisions of equity typically refers to injunctions, specific performance,
or vacatur
How did equity develop, both in England and the US? - Correct answer-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
answer-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 answer-
Henry II
How did the Common Law come to be, and how was it spread across England? -
Correct answer-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 each other, a general consensus among judges
of what the common law rule should be in a certain case with a certain set of facts
developed
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
Answers Graded A+
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 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? - Correct 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 -
Correct answer-Restatement of the Law
Do the differences between primary and secondary authority change depending on
what court one is in? - Correct answer-If the legal resource is from somewhere else
or here, then it becomes controlling or persuasive
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,What's the difference between primary and secondary authority? - Correct 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? - Correct
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? - Correct 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
How do judges approach their powers of equity? - Correct answer-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 answer-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 answer-Decisions of law typically involve monetary
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, damages, decisions of equity typically refers to injunctions, specific performance,
or vacatur
How did equity develop, both in England and the US? - Correct answer-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
answer-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 answer-
Henry II
How did the Common Law come to be, and how was it spread across England? -
Correct answer-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 each other, a general consensus among judges
of what the common law rule should be in a certain case with a certain set of facts
developed
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
