NCSU MIE 305 Exam 1 (Chapters 1-3) Questions With 100% Correct Answers

NCSU MIE 305 Exam 1 (Chapters 1-3) Questions With 100% Correct Answers What is the importance of a Business Law course in a business/management curriculum, and/or the importance of knowing something about it to a businessperson? - answerThe law is important to modern business. The history of business reveals the prominence of law. Educators today emphasize the role of law in preparing tomorrow's business leaders. How can business people use the law to a strategic advantage? - answerKnowing legal rights and duties enhances one's ability to identify legal risks and effectively reduce or eliminate resulting legal liability. Knowing legal rights and duties allows business leaders to use the law to their strategic advantage. Series of treatises that articulate the principles or rules for a specific area of law - answerRestatement of the Law Do the differences between primary and secondary authority change depending on what court one is in? - answerIf the legal resource is from somewhere else or here, then it becomes controlling or persuasive What's the difference between primary and secondary authority? - answerIf it's a case or a statute (including administrative rules), it's primary authority. If it's anything other than a case or statute, it is secondary authority What is the difference between controlling and persuasive authority? - answerControlling authority is law that is directly binding on a court in that jurisdiction. Persuasive authority is law somewhere, but just not here Why has the US experienced an "orgy of statute-making," as it's described in the book? - answerAs legislators churn out more statutory law, there is by necessity more printed definition of—and therefore less interpretive space for—the rules of law, and many common law principles are modified or even eviscerated by statutes which come along to trump them How do judges approach their powers of equity? - answerCourts of equity use philosophical sounding maxims, or general principles of justice, instead of strict rules of law to decide cases. What is equity? - answerA branch of law that developed alongside common law and is concerned with fairness and justice, formerly administered in special courts How can modern US judges make decisions between law and/or equity, and under what circumstances? - answerDecisions of law typically involve monetary damages, decisions of equity typically refers to injunctions, specific performance, or vacatur How did equity develop, both in England and the US? - answerBefore you could sue someone for those money damages, you often had to go through difficult procedural mechanisms to get written permission to do so. This system dissuaded many parties from going to the bother of seeking justice in that way. What are alternatives to common law in use in world legal systems? - answerA civil-law or code-law system is one where all the legal rules are in one or more comprehensive legislative enactments Who or what was instrumental in Common law's development? - answerHenry II How did the Common Law come to be, and how was it spread across England? - answerHenry II streamlined the court system and standardized it throughout the land, requiring great deference be paid to the decisions of the curia regis and developing a system of "ridings" and "circuits". Judges would learn from each other the intended interpretation of rulings from the curia regis, and as they shared their own case decisions with each other, a general consensus among judges of what the common law rule should be in a certain case with a certain set of facts developed What is judicial review, and why was Marbury v. Madison important to that concept? - answerThe power of the judiciary to review the actions of the other branches of government and to set them aside as null and void if they are in violation of the Constitution. In this case, they literally created for the court a power that the founding fathers had not enumerated (spelled out) in the Constitution. What are the four sources of law, and how do they fit hierarchically? - answer(1) constitutions; (2) legislation; (3) administrative agencies; and (4) common law rules.