BUSFIN 3500 IRVINE MIDTERM EXAM
QUESTIONS AND ANSWERS
Private Law - -regulates disputes between private individuals or groups Ex: if
a store owner is delinquent in paying rent to the landlord, the resulting
dispute is governed by this
- Public Law - -controls disputes between private individuals or groups and
their government. Ex: if a store dumps waste behind its building in violation
of loca, state, or federal environmental regulations, this will resolve the
dispute
- Civil Law - -delineates the rights and responsibilities implied in
relationships between persons and between persons and their government.
It also identifies the remedies available when someone's rights are violated.
Ex: in 1993 the restaurant chain Jack In The Box was ordered to pay
damages after a 2 year old child died of food poisoning and sever other
people became ill from eating meat gained with E coli bacteria
- Criminal law - -regulates incidents in which someone commits an act
against the public as a whole, such as by conducting insider trading on the
stock exchange
- Constitutional Law - -refers to the general limits and powers of these
governments as stated in their written constitutions
- Statutes - -rules and regulations put forth by legislatures. they are written
into the United States Code when they are passes by Congress or into the
appropriate state codes when they are enacted by state legislatures
- Statutory Law - -assortment of statutes
- Model/Uniform laws - -Serve as a basis for some statutory law at the state
level. Business activity is made more difficult when laws vary from state to
state. The National Conference of Commissioners on Uniform State Laws
regularly urges states to enact this to provide greater uniformity
- Case/Common Law - -the collection of legal interpretations made by
judges. These interpretations are law unless revoked later by new statutory
law
- Precedent - -past decisions in similar cases that guide later decisions
thereby providing greater stability and predictability to the law
, - Stare decisis - -When courts rely on precedent, they are obeying the
principle of this term meaning "standing by their decision" in which rulings
made in higher courts become binding precedent for lower courts
- Restatements of the Law - -common law evolves with the assistance of
this mechanism, which are summaries of the common law rules in a
particular area of the law that have been enacted by most states.
- Administrative Law - -the collection of rules and decisions made by all
these agencies including OSHA and EPA.
- Treaty - -a binding agreement between two states or international
organizations. I may be an international agreement, a covenant, an
exchange of letters, a convention, or protocols.
- Natural law - -describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans. Under this,
individuals have not only basic human rights but also the freedom to disobey
a law enacted by people if their conscience go against it and they believe it
is wrong.
- Legal Positivism - -sees our proper role as obedience to duly authorized
law. That law is quite distinct from morality and moral questions about the
law should not interfere with our inclination to obey it.
- Identification with the vulnerable - -on the grounds that some higher law
or body of moral principles connects all of us in the human community.
- Legal realism - -based on the idea that, when ruling on a case, judges
need to consider more than just the law; they also weigh factors such as
social and economic conditions, since legal guidelines were designed by
humans and exist in an ever-changing environment
- Cost-benefit analysis - -choosing the alternatives that maximized benefits
and minimized costs; tied closely with the pursuit of efficiency
- Jurisdiction - -"to speak the law"; a court's power to hear cases and render
decisions that bind the parties before them. A court must have several types
of this to decide any particular case
- Trial Courts/Courts of Original Jurisdiction - -have the power to hear and
decide cases when they FIRST enter the legal system. In these courts, the
parties present evidence and call witnesses to testify. Federal system calls
them district courts
QUESTIONS AND ANSWERS
Private Law - -regulates disputes between private individuals or groups Ex: if
a store owner is delinquent in paying rent to the landlord, the resulting
dispute is governed by this
- Public Law - -controls disputes between private individuals or groups and
their government. Ex: if a store dumps waste behind its building in violation
of loca, state, or federal environmental regulations, this will resolve the
dispute
- Civil Law - -delineates the rights and responsibilities implied in
relationships between persons and between persons and their government.
It also identifies the remedies available when someone's rights are violated.
Ex: in 1993 the restaurant chain Jack In The Box was ordered to pay
damages after a 2 year old child died of food poisoning and sever other
people became ill from eating meat gained with E coli bacteria
- Criminal law - -regulates incidents in which someone commits an act
against the public as a whole, such as by conducting insider trading on the
stock exchange
- Constitutional Law - -refers to the general limits and powers of these
governments as stated in their written constitutions
- Statutes - -rules and regulations put forth by legislatures. they are written
into the United States Code when they are passes by Congress or into the
appropriate state codes when they are enacted by state legislatures
- Statutory Law - -assortment of statutes
- Model/Uniform laws - -Serve as a basis for some statutory law at the state
level. Business activity is made more difficult when laws vary from state to
state. The National Conference of Commissioners on Uniform State Laws
regularly urges states to enact this to provide greater uniformity
- Case/Common Law - -the collection of legal interpretations made by
judges. These interpretations are law unless revoked later by new statutory
law
- Precedent - -past decisions in similar cases that guide later decisions
thereby providing greater stability and predictability to the law
, - Stare decisis - -When courts rely on precedent, they are obeying the
principle of this term meaning "standing by their decision" in which rulings
made in higher courts become binding precedent for lower courts
- Restatements of the Law - -common law evolves with the assistance of
this mechanism, which are summaries of the common law rules in a
particular area of the law that have been enacted by most states.
- Administrative Law - -the collection of rules and decisions made by all
these agencies including OSHA and EPA.
- Treaty - -a binding agreement between two states or international
organizations. I may be an international agreement, a covenant, an
exchange of letters, a convention, or protocols.
- Natural law - -describes certain ethical laws and principles believed to be
morally right and "above" the laws devised by humans. Under this,
individuals have not only basic human rights but also the freedom to disobey
a law enacted by people if their conscience go against it and they believe it
is wrong.
- Legal Positivism - -sees our proper role as obedience to duly authorized
law. That law is quite distinct from morality and moral questions about the
law should not interfere with our inclination to obey it.
- Identification with the vulnerable - -on the grounds that some higher law
or body of moral principles connects all of us in the human community.
- Legal realism - -based on the idea that, when ruling on a case, judges
need to consider more than just the law; they also weigh factors such as
social and economic conditions, since legal guidelines were designed by
humans and exist in an ever-changing environment
- Cost-benefit analysis - -choosing the alternatives that maximized benefits
and minimized costs; tied closely with the pursuit of efficiency
- Jurisdiction - -"to speak the law"; a court's power to hear cases and render
decisions that bind the parties before them. A court must have several types
of this to decide any particular case
- Trial Courts/Courts of Original Jurisdiction - -have the power to hear and
decide cases when they FIRST enter the legal system. In these courts, the
parties present evidence and call witnesses to testify. Federal system calls
them district courts
