Business Law Exam 1 (ch. 1-2, 4, 6-7) Questions with Complete Answers

3 Branches of Government - Legislative, Executive, Judicial What does the Legislative branch do? - Writes the Law What does the Executive branch do? - Enforces the law What does the Judicial branch do? - Interprets the law 4 sources of law - US Constitution, Statutes, Rules/Regulations, Case law/Common Law Who writes Statutes? - Legislative Branch Where can you find Florida statutes? - Florida statute website Who writes Rules/Regulations? - Executive Branch Where can you find Florida Rules/Regulations? - Florida Administrative Code (website) Who writes Case law/Common Law? - Judicial branch 4 Schools of thought - Naturalism Positivism Historical Theory Legal Realism Naturalism - written laws don't cover everything. Positivism - Written law doesn't apply to you so cant prosecute you. try to put a new law into place or create a new law to cover this. Historical Theory - Precedent. maintain predictability referencing previous case law to figure out how you should rule in this case. Legal Realism - Case by case theory. Considering all the factors because every case is different and circumstantial. 3 Functions of Law - Stability Predictability Continuity Criminal Vs. Civil - Criminal - Crime against Society & Jail time Civil - Specific Victim & no Jail time (Legal or Equitable Remedy) 2 types of remedies - Legal and Equitable Legal - Money and Property Equitable - not money/property (usually a service, contract, agreement) 3 requirements for a court to review a case - 1. Jurisdiction - Power over people/party and then subject matter 2. Venue - location 3. Standing - does this affect you or are you personally involved Original Vs. Appellate - Original - Where trial happens Appellate - Reviewing the trial transcript Judicial Review - The court's power to hear the case. Does the court get its power of judicial review from the constitution? - No. Comes from Case law Dispute Resolution - Arbitration and Mediation Arbitration - Guarantees Result. Has a judge-like person Mediation - Not guaranteed results. Has a Counselor-like person Jurisdiction Types - 1. Power over Party/Persons 2. Subject Matter