LAW FOR BUSINESS FINAL EXAM 2026.
◉ Common law. Answer: based upon the current standards or
customs of the people.
◉ positive law. Answer: Law that is dictated from above by a
sovereign or other central authority
◉ business ethics. Answer: Ethical principles used in making
business decisions
◉ Guidelines. Answer: Laws made by administrative agencies
◉ stare decisis. Answer: Doctrine that requires lower courts to
adhere to existing case law in making decisions
◉ ordinances. Answer: Legislative actions taken by city or town
councils
◉ statutes. Answer: Laws enacted by state or federal legislative
bodies
, ◉ case law. Answer: The type of law made when an appellate court
endorses a rule to be used in deciding court cases
◉ ethics. Answer: A collection of standards of conduct and moral
judgment forming the basis for a reasoned, impartial decision as to
what is right and what is wrong
◉ Thomas Jefferson. Answer: author of the Declaration of
Independence
◉ the preamble to the U.S. Constitution (quote it). Answer: We, the
people, in order to form a more perfect union, establish justice,
insure domestic tranquility, provide for the common defense,
promote the general welfare, and secure the blessings of liberty to
ourselves and our prosperity.....
◉ Bill of Rights. Answer: The first 10 amendments to the
constitution
◉ 5th amendment. Answer: the right to life, liberty and property
◉ Executive, Judicial, and Legislative. Answer: The three branches of
the government
◉ Common law. Answer: based upon the current standards or
customs of the people.
◉ positive law. Answer: Law that is dictated from above by a
sovereign or other central authority
◉ business ethics. Answer: Ethical principles used in making
business decisions
◉ Guidelines. Answer: Laws made by administrative agencies
◉ stare decisis. Answer: Doctrine that requires lower courts to
adhere to existing case law in making decisions
◉ ordinances. Answer: Legislative actions taken by city or town
councils
◉ statutes. Answer: Laws enacted by state or federal legislative
bodies
, ◉ case law. Answer: The type of law made when an appellate court
endorses a rule to be used in deciding court cases
◉ ethics. Answer: A collection of standards of conduct and moral
judgment forming the basis for a reasoned, impartial decision as to
what is right and what is wrong
◉ Thomas Jefferson. Answer: author of the Declaration of
Independence
◉ the preamble to the U.S. Constitution (quote it). Answer: We, the
people, in order to form a more perfect union, establish justice,
insure domestic tranquility, provide for the common defense,
promote the general welfare, and secure the blessings of liberty to
ourselves and our prosperity.....
◉ Bill of Rights. Answer: The first 10 amendments to the
constitution
◉ 5th amendment. Answer: the right to life, liberty and property
◉ Executive, Judicial, and Legislative. Answer: The three branches of
the government
