BADM 300 CHAPTER 1 QUESTIONS &
ANSWERS(RATED A+)
Bottom-Up Approach - ANSWERWhen laws are created solely for the efficiency and are
built specifically for a cause or industry and its constituents (Businesses, people, etc)
Top-Down - ANSWERBody of enforceable rules governing relationships among
individuals and between individuals and their society
Importance of Law in Business - ANSWER1. Protects Privacy
2. Provides for contract enforcement
3. Allows for agency and business organizations
4. It may have an institutional nudging effect
Substantive Law - ANSWERAll Laws that define, describe, regulate, and create legal
rights and obligations
Examples: Criminal Laws & Civil Laws
Procedural Laws - ANSWERAll Laws that establish the methods of enforcing the rights
established by substantive law
Examples: Court Procedure & Criminal Procedure
Private Law - ANSWERDealing with relationships between persons
Examples: Contract Law, Corporate Law, Torts
Federal Law - ANSWERAdopts and enforces laws that are binding on citizens of all
states
State Law - ANSWERAdopts and enforces laws effective within the respective state
Sources of American Law (Primary Sources) - ANSWER- The US Constitution
- The Constitution of Various States
- Statutes or laws passed by Congress and by state legislatures
- Regulations created by administrative agencies, such as the federal FDA
- Case Law
Sources of American Law (Secondary Sources) - ANSWER- Books and Articles
published by Law Schools
- Legal Journals
- Treatises
Functions of the US Constitution - ANSWER- Limits the Powers of the States and their
Governments
- Lists the powers that the States have delegated to the Federal Government
ANSWERS(RATED A+)
Bottom-Up Approach - ANSWERWhen laws are created solely for the efficiency and are
built specifically for a cause or industry and its constituents (Businesses, people, etc)
Top-Down - ANSWERBody of enforceable rules governing relationships among
individuals and between individuals and their society
Importance of Law in Business - ANSWER1. Protects Privacy
2. Provides for contract enforcement
3. Allows for agency and business organizations
4. It may have an institutional nudging effect
Substantive Law - ANSWERAll Laws that define, describe, regulate, and create legal
rights and obligations
Examples: Criminal Laws & Civil Laws
Procedural Laws - ANSWERAll Laws that establish the methods of enforcing the rights
established by substantive law
Examples: Court Procedure & Criminal Procedure
Private Law - ANSWERDealing with relationships between persons
Examples: Contract Law, Corporate Law, Torts
Federal Law - ANSWERAdopts and enforces laws that are binding on citizens of all
states
State Law - ANSWERAdopts and enforces laws effective within the respective state
Sources of American Law (Primary Sources) - ANSWER- The US Constitution
- The Constitution of Various States
- Statutes or laws passed by Congress and by state legislatures
- Regulations created by administrative agencies, such as the federal FDA
- Case Law
Sources of American Law (Secondary Sources) - ANSWER- Books and Articles
published by Law Schools
- Legal Journals
- Treatises
Functions of the US Constitution - ANSWER- Limits the Powers of the States and their
Governments
- Lists the powers that the States have delegated to the Federal Government
