Business Law Exam 1 Chapters 1-7 Questions with Complete Solutions, Rated A+

Definition of law - Enforceable rules governing relationships among individuals and between individuals and their society Function of law - Provide stability predictability and continuity Sources of American Law - Constitution statutory administrative common law Common Law started in? - England Legal v. Equitable remedies - Legal- money or items of value (land) Equitable- specific performance injunction and rescission of contractual obligation Doctrine of Stare decisis - judges are obligated to follow the precedents within their jurisdiction Legal Reasoning - Reasoning by judge harmonizes his/her decisions with the judicial decisions of previous cases Law v. Facts - Law is clear while there could be disputes with facts Schools of Jurisprudential Thought - Natural Positivist Historical Legal Realism Civil v. Criminal Law - Civil-between persons and between persons and their governments Criminal- wrongs committed against the public Which is NOT a source of law in the legal system of the US - Police officers Common Law is important today because - The need to interpret statutory law Legal reasoning requires identification of the issue and the applicable rule of law to the facts to reach a decision true or false - True The rule of stare decisis means that judges are obligated to follow the precedents within their jurisdiction true or false - True Equitable remedies are available when - There is no adequate remedy at law for damages Civil law involves disputes between society and the individual true or false - False What is the role of the judiciary in American government - interpret the laws and apply them to specific situations Jurisdiction - The authority of a court to hear and decide a specific action Venue - Most appropriate location for a trial Standing to sue - Individual must have a legally protected and tangible interest at stake in the litigation State v. Federal Court - State-general jurisdiction Federal- have 3 levels Both-have appellate courts What is ADR - Alternative Dispute Resolutions What are the types of ADR - Arbitration negotiation mediation The US Supreme Court may hear appeals from both state and federal courts True or false - True Surrogates Court and Family Courts are example of - Courts of limited original jurisdiction Federal courts have jurisdiction if there is a federal question or the parties are citizens of different states and the amount in controversy exceeds - $75,000 If a person wishes to contest a will the proper court to hear the case is - Surrogate's Court Obtaining jurisdiction in New York over an out of state defendant under the long arm statue requires - Minimum contacts by the defendant with NY State In an arbitration preceding the role of the arbitrator is to help the parties reach a settlement that is fair to everyone true or false - False that is the meditation If the parties to an action waive a jury trial this is a form of ADR true or false - False