Two major roles of law in the business world correct answers 1. Dispute Resolution Role
2. Regulation (Regulatory) Role
Dispute Resolution role correct answers - Settles differences between two or more parties
- Mainly covered in a Business Law class
Regulation (Regulatory) role correct ans...
MGMT 209 Exam 1 (TAMU Swim) QUESTIONS AND
ANSWERS 100% CORRECT
Two major roles of law in the business world correct answers 1. Dispute Resolution Role
2. Regulation (Regulatory) Role
Dispute Resolution role correct answers - Settles differences between two or more parties
- Mainly covered in a Business Law class
Regulation (Regulatory) role correct answers - Government interferes with private business
- Directs and standardizes business activities (Government becomes an active third party)
Definition of Law correct answers Law is a collection of rules and regulations that determines
how the government will treat its citizens, how its citizens will treat the government, how its
citizens treat each other, and the enforcement of these laws
Sources of Law correct answers 1. Constitutional
2. Statutory or Legislative
3. Executive Creation of Law
4. Judicial Creation of Law
5. Administrative Law
(Sources of law) Constitutional Law correct answers - Supreme law of the land
- Most important source of law
- Comes from the United States Constitution
- Law must be constitutional or they cannot exist or be enforced
(Sources of law) Statutory Law correct answers - Also called Legislative law
- Written law passed by a body of legislature
- U.S. Congress passes laws (statues) as per the Constitution (Article 1)
- State governments and other legislative bodies can also pass law
Congress can override a veto with correct answers - 2/3 of both houses agree at which time
the becomes law without the signature of the President
(Sources of Law) Executive Creation of Law correct answers - Executive Orders
- Appointment of Executive Officials
- Appointment of Judges
Executive Orders correct answers - The President can independently create laws by issuing
executive orders and controlling the policies of the executive branch
(Sources of Law) Judiciary Creation of Law correct answers - Common law
- Interpretation of Statues/Agency law
,- Judicial Review (Marbury v Madison)
Judges' two basic functions in a trial correct answers 1. Interpret the law
2. Determine the facts if there is no jury
The Common Law System (Judiciary) correct answers - Also called judge-made law since it
is actually created by the court
- Heart of system is Stare Decisis which means that previously decided cases should be
followed unless there is a good, legal reason to change the previous decision
- When a court rules on the fact of a particular controversy the court is making a ruling
setting precedent
stare decisis correct answers - Part of the common law system
- Previously decided cases should be followed unless there is a good, legal reason to change
the previous decision.
Precedent correct answers - Established answer to that set of facts
- Normally an appellate court is the only type of court that can create precedent
Legislative intent correct answers - Courts look to the legislative histories of statutes for
guidance in interpreting statutes
- Judiciary evades its duty to enforce the Constitution in a meaningful manner and hence
betray a central feature of the Constitution
Judicial Activism correct answers - Judges are also "free" to interpret the law and this means
that they do not always follow legislative intent
- Critics often refer to this as judges being legislators in black robes
Judicial Review (Marbury v. Madison) correct answers - The power to declare an act of
Congress or the President unconstitutional and thus unenforceable
Texas v. Johnson (1989) correct answers - Example of a courts review of laws
- Case went to U.S. Supreme Court which declared the Texas law unconstitutional as being
too restrictive on the First Amendment right of freedom of speech
United States v. Eichman correct answers - Declared Flag Protection Act, which made flag-
burning illegal, unconstitutional, 1990
(Sources of Law) Administrative Law correct answers - Law created by regulatory agencies
- State and local governments are empowered to regulate business
- Perhaps the most important source of law other than Constitutional Law
Police powers (reserved powers) correct answers - The power of the state to place restraints
on the personal freedom and property rights of persons for the protection of the public safety,
health, and morals, or the promotion of the public convenience and general prosperity, are
reserved to the individuals states
- 10th Amendmen
10th Amendment correct answers - The powers not delegated to the United States by the
Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to
the people
Federal Law correct answers - All laws developed under the authority of the Constitution, by
Congress, the President, or federal regulations
State Law correct answers - Ordinances passed by local governments, laws passed by state
legislatures, and the laws created by state regulatory agencies
What is the most important Constitutional provision concerning the federal government's
regulation of business? correct answers - The Commerce Clause, specifically the Interstate
Commerce Clause
Majority rule correct answers - Where a majority of states agree
Minority rule correct answers - Where only a few states agree
Private Law correct answers - Government not directly involved
- Ex. Divorce cases, adoptions
Public Law correct answers - Government involved
- Ex. Criminals
Does the amount of Publicity have anything to do with whether a law is private or public?
correct answers - No; classification has nothing to do with the amount of publicity a case
generates
Criminal Law correct answers - Concerned with the punishment of those who commit crimes
- Always public and exclusively statutory (regulated by law) in nature
- Has to be proven beyond reasonable doubt
Civil Law correct answers - Focuses more on reimbursement or restitution --> Not
punishment
- Preponderance of evidence
Civil Law and Criminal Law and not ___________ correct answers - Easily distinguishable
Substantive Law correct answers - "Meat of the law or the heart of the law"
- Defines rights and duties
Procedural Law correct answers - "How to of the law"
- Defines procedural means to through which violations of rights and duties are remedied
- Step by step
Legal remedies (Monetary damages) correct answers - Most common; more common than
equitable remedies
, Equitable remedies correct answers - Only available where the monetary (legal) damage is
too late or does no good
__________ remedies try to avoid the harm and __________ remedies pay for the damages
after the harm has been done correct answers - Equitable and Legal
Constitution correct answers - Establishes branches of national government
Establishes federal system -- divides governing power between federal and state government
Who is generally regarded as the author of the Constiution? correct answers James Madison
Shay's Rebellion (1786) Cause correct answers - The banks fore closed farmers' lands
Shay's Rebellion (1786) Effect correct answers - 1500 men raided the federal arsenal and
rode courthouse to courthouse to stop foreclosures
- Constitutional Convention
Constitutional Convention (1787) correct answers - 55 representatives from 12 states (Rhode
Island did not send any representatives) met in Philadelphia
Who led the Constitutional Convention? correct answers George Washington
Virginia Plan correct answers - Big states favored
- Wanted powerful national government with three branches
Who wrote the Virginia Plan? correct answers James Madison
New Jersey Plan correct answers - Small states favored
- Wanted to amend the Articles of Confederation, one house one per vote
The Connecticut Compromise/ The Great Compromise correct answers - Three-fifths of the
slave population would be counted for determining direct taxation and representation in the
House of Representatives
Limited Government correct answers - Central government's power would be dispersed
among three branches (legislative, executive, judicial)
Separation of Powers correct answers - Designed to control the use of the powers granted by
the states to the federal government
Federalists correct answers - Supporters of the Constitution
- James Madison, John Jay, and Alexander Hamilton
Authors of the Federalist Papers correct answers - James Madison, Alexander Hamilton, John
Jay
Antifederalists correct answers - Opposed proposed Constitution
- Thomas Jefferson (wasn't there at convention to oppose)
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