LSB 3213 Exam 1 (Okstate) Study Guide with Complete Solutions
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Course
LSB 3213
Institution
LSB 3213
LSB 3213 Exam 1 (Okstate) Study Guide
with Complete Solutions
knowledge of "black-letter" law and what conduct leads to liability is
enough - Answer️️ -false
areas of law that affect business decision making - Answer️️ -contracts,
intellectual property, product liability, torts, sales,...
LSB 3213 Exam 1 (Okstate) Study Guide
with Complete Solutions
knowledge of "black-letter" law and what conduct leads to liability is
enough - Answer✔️✔️-false
areas of law that affect business decision making - Answer✔️✔️-contracts,
intellectual property, product liability, torts, sales, internet law (privacy),
environmental law
torts defined - Answer✔️✔️-common law jurisdiction; a civil wrong that
causes someone else to suffer loss
primary sources of law - Answer✔️✔️-those that establish the law, such as
constitutions, statutes, and regulations
what do secondary sources of law do - Answer✔️✔️-summarize and clarify
the primary sources (restatements)
deceit defined - Answer✔️✔️-a promise made without intent of performing
it
what is the fourth branch of government - Answer✔️✔️-administrative law
what does administrative law consist of - Answer✔️✔️-federal agencies and
state/local agencies
what law is American law based upon - Answer✔️✔️-English common law
what do the courts of law do? - Answer✔️✔️-they grant limited kinds of
remedies
what do the courts of equity do - Answer✔️✔️-they award non-monetary
relief
why would anyone use an equity court - Answer✔️✔️-pride and leverage
what is the hierarchy of primary sources of law - Answer✔️✔️-US
constitution, federal statutory law, state constitution, state statutory law,
local ordinance, administrative regulations, common law
have equitable maxims lost their relevance in the 21st century -
Answer✔️✔️-no
may a party request both legal and equitable remedies in the same action -
Answer✔️✔️-yes
action of law/equity initiation of lawsuit - Answer✔️✔️-filing complaint/
filing a petition
action of law/equity parties - Answer✔️✔️-(plaintiff, defendant)/(petitioner,
respondent)
action of law/equity decision - Answer✔️✔️-by judge or jury/ by judge
action of law/equity result - Answer✔️✔️-judgement/decree
action of law/equity remedy - Answer✔️✔️-monetary damages/ injunction,
specific performance, or rescission
what amendment grants the right to a jury trial to actions at law -
Answer✔️✔️-7th
what is statutes of limitations - Answer✔️✔️-a legal defense (self
explanatory)
what are laches - Answer✔️✔️-you waited an unreasonable amount of time
to file a lawsuit
define rescission - Answer✔️✔️-undo or terminate a contract
define stare decisis - Answer✔️✔️-a common law doctrine under which
judges must follow precedents established in prior decision
how do judges make their own decisions - Answer✔️✔️-they apply the law
to the facts of the case
what are the 2 aspects of stare decisis - Answer✔️✔️-a court should not
overturn its own precedent unless it has a compelling reason not to,
decisions made by higher courts are binding to lower courts
define binding authority - Answer✔️✔️-any source of law a court must
follow when deciding a case
define a controlling precedent - Answer✔️✔️-a binding authority that
requires a court to follow prior court decisions in its jurisdiction
what happens if there is no authority - Answer✔️✔️-it is called a case of first
impression
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