Business Law Midterm Chapters 1-4
Exam 2026 Questions and Answers
Graded A+
Business Law - Correct answer-Enforceable rules of conduct that govern
commercial relationships
Law - Correct answer-Rules of conduct in any organized society that are enforced
by the governing authority of the community
Private Law - Correct answer-Law that involves suits between private individuals
or groups
Example: A businessman owns a computer equipment store and doesn't pay rent to
the landlord
Public Law - Correct answer-Law that involves suits between private individuals
or groups and their government
,Example: A computer store dumps waste behind its building; this is a violation of
local, state, or federal environmental regulations
Civil Law - Correct answer-The body of laws that govern the rights and
responsibilities either between persons or between persons and their government
Civil Law Example - Correct answer-In 1993, Jack-in-the-Box had to pay damages
after a 2 yr old died from food poisoning and several others became ill from the
meat
Criminal Law - Correct answer-Situations in which someone commits an act
against the public as a whole.
These crimes are prosecuted by the state/federal gov
Constitutional Law - Correct answer-General limits and powers of the federal and
state governments as stated in their written constitutions
The U.S. Constitution is supreme law of land; the foundation for all laws in the
U.S. Primary authority
Statutory Law - Correct answer-The assortment of rules and regulations put forth
by legislatures
, Legislative acts can be found in the U.S. code, which is a collection of all the laws
in one location
Model/Uniform Laws - Correct answer-Laws created to account for the variability
of laws among states.
These laws serve to standardize the otherwise different interstate laws.
Case/Common Law - Correct answer-Collection of legal interpretations made by
judges
Precedent - Correct answer-Makes rulings on cases on the basis of key similarities
to previous cases
The use of past decisions to guide future decisions
Stare Decisis - Correct answer-A principal stating that rulings made in higher
courts are binding precedent for lower courts
"Standing by the decision"
Exam 2026 Questions and Answers
Graded A+
Business Law - Correct answer-Enforceable rules of conduct that govern
commercial relationships
Law - Correct answer-Rules of conduct in any organized society that are enforced
by the governing authority of the community
Private Law - Correct answer-Law that involves suits between private individuals
or groups
Example: A businessman owns a computer equipment store and doesn't pay rent to
the landlord
Public Law - Correct answer-Law that involves suits between private individuals
or groups and their government
,Example: A computer store dumps waste behind its building; this is a violation of
local, state, or federal environmental regulations
Civil Law - Correct answer-The body of laws that govern the rights and
responsibilities either between persons or between persons and their government
Civil Law Example - Correct answer-In 1993, Jack-in-the-Box had to pay damages
after a 2 yr old died from food poisoning and several others became ill from the
meat
Criminal Law - Correct answer-Situations in which someone commits an act
against the public as a whole.
These crimes are prosecuted by the state/federal gov
Constitutional Law - Correct answer-General limits and powers of the federal and
state governments as stated in their written constitutions
The U.S. Constitution is supreme law of land; the foundation for all laws in the
U.S. Primary authority
Statutory Law - Correct answer-The assortment of rules and regulations put forth
by legislatures
, Legislative acts can be found in the U.S. code, which is a collection of all the laws
in one location
Model/Uniform Laws - Correct answer-Laws created to account for the variability
of laws among states.
These laws serve to standardize the otherwise different interstate laws.
Case/Common Law - Correct answer-Collection of legal interpretations made by
judges
Precedent - Correct answer-Makes rulings on cases on the basis of key similarities
to previous cases
The use of past decisions to guide future decisions
Stare Decisis - Correct answer-A principal stating that rulings made in higher
courts are binding precedent for lower courts
"Standing by the decision"
