NCSU MIE 305 Exam 1 Study Guide – Chapters
1–3.
for a spe- cific area of law
4. Do the differences be- tween primary
1. What is the
and secondary authority change
impor- tance of
depending on what court one is in?
a Busi- ness
Law course 5. What's the difference between
in a business/man- primary and secondary authority?
agement
curriculum, and/or 6. What is the differ- ence between
the importance of control-
knowing
something about it
to a busi-
nessperson?
2. How can business
peo- ple use the
law to a strategic
advantage?
3. Series of treatises
that articulate the
princi- ples or rules
1/
31
, NCSU MIE 305 Exam 1 Study Guide – Chapters
1–3.
The law is important to modern If it's a case or a statute (including administrative rules), it's
business. The history of business primary authority. If it's anything other than a case or
reveals the prominence of law. statute, it is secondary authority
Educators today emphasize the
role of law in preparing Controlling authority is law that is directly binding on a court
tomorrow's business leaders. in that jurisdiction. Persuasive authority is law somewhere,
but just not here
Knowing legal rights and duties
enhances one's ability to identify
legal risks and ettectively reduce or
eliminate resulting legal liability.
Knowing legal rights and duties
allows business leaders to use the
law to their strategic advantage.
Restatement of the Law
If the legal resource is from
somewhere else or here, then it
becomes controlling or persuasive
2/
31
, NCSU MIE 305 Exam 1 Study Guide – Chapters
1–3.
ling and persuasive
au- thority?
7. Why has the US As legislators churn out more statutory law, there is by necessity
ex- perienced an more printed definition of—and therefore less interpretive
"orgy of statute- space for—the rules of law, and many common law principles
making," as it's are modified or even eviscerated by statutes which come
described in the
along to trump them
book?
Courts of equity use philosophical sounding maxims, or
8. How do judges ap-
general princi- ples of justice, instead of strict rules of law to
proach their
decide cases.
powers of equity?
9. What is equity? A branch of law that developed alongside common law and is
concerned
with fairness and justice, formerly administered in special courts
10. How can modern systems?
US judges make
decisions between 13. Who or what was in- strumental in
law and/or equity, Common law's development?
and under what
circumstances?
11. How did equity
devel- op, both in
England and the
US?
12. What are
alternatives to
common law in use
in world legal
3/
31
, NCSU MIE 305 Exam 1 Study Guide – Chapters
1–3.
Decisions of law typically involve
monetary damages, decisions of
equity typically refers to injunctions,
specific performance, or vacatur
Before you could sue someone for
those money damages, you often
had to go through diflcult 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.
A civil-law or code-law system is
one where all the legal rules are in
one or more comprehensive
legislative enactments
Henry II
4/
31
1–3.
for a spe- cific area of law
4. Do the differences be- tween primary
1. What is the
and secondary authority change
impor- tance of
depending on what court one is in?
a Busi- ness
Law course 5. What's the difference between
in a business/man- primary and secondary authority?
agement
curriculum, and/or 6. What is the differ- ence between
the importance of control-
knowing
something about it
to a busi-
nessperson?
2. How can business
peo- ple use the
law to a strategic
advantage?
3. Series of treatises
that articulate the
princi- ples or rules
1/
31
, NCSU MIE 305 Exam 1 Study Guide – Chapters
1–3.
The law is important to modern If it's a case or a statute (including administrative rules), it's
business. The history of business primary authority. If it's anything other than a case or
reveals the prominence of law. statute, it is secondary authority
Educators today emphasize the
role of law in preparing Controlling authority is law that is directly binding on a court
tomorrow's business leaders. in that jurisdiction. Persuasive authority is law somewhere,
but just not here
Knowing legal rights and duties
enhances one's ability to identify
legal risks and ettectively reduce or
eliminate resulting legal liability.
Knowing legal rights and duties
allows business leaders to use the
law to their strategic advantage.
Restatement of the Law
If the legal resource is from
somewhere else or here, then it
becomes controlling or persuasive
2/
31
, NCSU MIE 305 Exam 1 Study Guide – Chapters
1–3.
ling and persuasive
au- thority?
7. Why has the US As legislators churn out more statutory law, there is by necessity
ex- perienced an more printed definition of—and therefore less interpretive
"orgy of statute- space for—the rules of law, and many common law principles
making," as it's are modified or even eviscerated by statutes which come
described in the
along to trump them
book?
Courts of equity use philosophical sounding maxims, or
8. How do judges ap-
general princi- ples of justice, instead of strict rules of law to
proach their
decide cases.
powers of equity?
9. What is equity? A branch of law that developed alongside common law and is
concerned
with fairness and justice, formerly administered in special courts
10. How can modern systems?
US judges make
decisions between 13. Who or what was in- strumental in
law and/or equity, Common law's development?
and under what
circumstances?
11. How did equity
devel- op, both in
England and the
US?
12. What are
alternatives to
common law in use
in world legal
3/
31
, NCSU MIE 305 Exam 1 Study Guide – Chapters
1–3.
Decisions of law typically involve
monetary damages, decisions of
equity typically refers to injunctions,
specific performance, or vacatur
Before you could sue someone for
those money damages, you often
had to go through diflcult 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.
A civil-law or code-law system is
one where all the legal rules are in
one or more comprehensive
legislative enactments
Henry II
4/
31
