LAW FOR BUSINESS MIDTERM EXAM 2026
◉ liability. Answer: state of being legally responsible for something
like a debt or obligation
◉ breaches. Answer: failure to perform a legal obligation
◉ primary source of law. Answer: document that establishes law on
a particular issue
- 4 types
◉ 4 types of primary law sources. Answer: 1. constitution
2. statute
3. administrative rule
4. court decision
◉ constitution (primary law source). Answer: U.S. and those of the
various states
- U.S. however is supreme
◉ statutes. Answer: laws passed by congress and state legislatures
, ◉ administrative rules. Answer: regulations created by
administrative agencies
◉ case law. Answer: rules of law announced in court decisions
-interprets statutes, regulations, constitutional provisions & other
case law
◉ secondary sources of law. Answer: books and articles that
summarize and clarify primary law sources
◉ constitutional law. Answer: body of law derived from U.S.
Constitution and constitution of various states
◉ statutory law. Answer: body of law enacted by legislative bodies
◉ citation. Answer: reference to a publication in which a legal
authority (statute, court decision, etc.) can be found
◉ ordinances. Answer: regulation enacted by a city or county
legislative body that becomes part of that state's statutory law
◉ common law. Answer: body of law developed from
custom/judicial decisions in English & U.S. courts, not attributable to
a legislature
◉ liability. Answer: state of being legally responsible for something
like a debt or obligation
◉ breaches. Answer: failure to perform a legal obligation
◉ primary source of law. Answer: document that establishes law on
a particular issue
- 4 types
◉ 4 types of primary law sources. Answer: 1. constitution
2. statute
3. administrative rule
4. court decision
◉ constitution (primary law source). Answer: U.S. and those of the
various states
- U.S. however is supreme
◉ statutes. Answer: laws passed by congress and state legislatures
, ◉ administrative rules. Answer: regulations created by
administrative agencies
◉ case law. Answer: rules of law announced in court decisions
-interprets statutes, regulations, constitutional provisions & other
case law
◉ secondary sources of law. Answer: books and articles that
summarize and clarify primary law sources
◉ constitutional law. Answer: body of law derived from U.S.
Constitution and constitution of various states
◉ statutory law. Answer: body of law enacted by legislative bodies
◉ citation. Answer: reference to a publication in which a legal
authority (statute, court decision, etc.) can be found
◉ ordinances. Answer: regulation enacted by a city or county
legislative body that becomes part of that state's statutory law
◉ common law. Answer: body of law developed from
custom/judicial decisions in English & U.S. courts, not attributable to
a legislature
