Exam (elaborations)
Legal Environment of Business_ Unit 1.
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Legal Environment of Business_ Unit 1.
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Legal Environment of Business: Unit 1What are the five things you address when reading a law case? - ANS-1) What question
or issue was the Court asked to answer?
2) What law did the Court apply?
3) What was the result?
4) What reasoning did the Court use to reach this result?
5) Do you agree with the outcome of this case and why?
Who is the plaintiff? - ANS-person suing
Who is the defendant? - ANS-person being sued
What is the legal citation? - ANS-where to find the case in a law library
What are the foundations of a free market system? - ANS--The Rule of Law
-Enforceability of contracts
-Enforceability of property interests
What is a law? - ANS-Enforceable rules that regulate the conduct of individuals,
businesses, and other organizations within society.
What are the classifications of law? - ANS-Criminal or Civil
What are the two convictions in criminal law? How do they vary? - ANS--Felony =
imprisonment of 1+ years
-Misdemeanor = imprisonment of less than 1 year
What are the four kinds of civil law? - ANS--Contract
-Tort
-Domestic
-Constitutional
What are the types of law? - ANS-Substantive and Procedural
What does substantive law deal with? - ANS-"Merits" of a dispute
-defines the rights and responsibilities of citizens
What does procedural law deal with? - ANS-Procedures of the legal system
, -focuses on the process
What are the sources of US law? - ANS--Constitutions
-Treaties
-Executive orders
-Regulations and administrative orders
-Statutory law
-Judicial decisions
What comprises statutes (codified law)? - ANS--Federal statutes (US Code)
-State statutes (State codes)
-Uniform laws (Uniform Commercial Code)
What are the federal and state agencies that regulate businesses? - ANS--Occupational
Safety and Health Administration
-Equal Employment Opportunity Commission
-National Labor Relations Board
What is Stare Decisis latin for? Who does it apply to? - ANS-"To stand by the decision"
meaning adherence to precedent
-Applies to lower courts
How can you distinguish between civil and criminal law? - ANS--Criminal law concerns
behavior so threatening that society outlaws it altogether
-Civil Law regulates the rights and duties between parties
What is jurisprudence concerned with? What are the three theories? - ANS--Concerned
with the basic nature of law
1) Legal positivism = the law is what the sovereign says it is
2) Natural Law= An unjust law is no law at all
3) Legal realism = Who enforces the law is more important than what the law says
What is a statute? - ANS-a written law passed by a legislative body
What is a common law? - ANS-judge made law
What are ethics? - ANS-Normative standards, generally accepted rules of conduct that
govern society
What is the difference between ethics and law? - ANS-Ethics- unspoken rules
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