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Exam (elaborations)

BUS 404 MIDTERM 1 ANDERSON Questions and Answers

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  • Course
  • BUS 404
  • Institution
  • BUS 404

definition of law o :# 1. Predictions of the way in which a court will decide specific legal questions 2. A rule of civil conduct prescribed by the supreme power in a state, which commands what is right, and prohibits what is wrong Meanings of Law o :# 1. The legal order of society 2. The ag...

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  • September 2, 2024
  • 41
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUS 404
  • BUS 404
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2024/2025 1|Page




BUS 404 MIDTERM 1 ANDERSON Questions and
Answers
definition of law

o :# 1. Predictions of the way in which a court will decide specific legal questions




2. A rule of civil conduct prescribed by the supreme power in a state, which commands

what is right, and prohibits what is wrong




Meanings of Law

o :# 1. The legal order of society

2. The aggregate of laws or legal precepts

3. The judicial process




Function of Law

o :# to maintain stability in the social, political, and economic system through

dispute resolution, protection of property, and the preservation of the state, while

simultaneously permitting ordered change




disputes

o :# may involve criminal or noncriminal matter; the law has an elaborate set of

rules to resolve them

, 2024/2025 2|Page


Protection of Property

o :# includes law of property, contracts, sales, commercial paper, and business

associations




Preservation of State

o :# In the United States, the law ensures orderly changes in our leadership




Law and Justice

o :# two separate and distinct concepts, but without law, there can be no justice




justice

o :# the fair, equitable, and impartial treatment of the competing interests of

individuals with regard for the common good




right

o :# the capacity of a person, with the aid of the law, to require another person or

persons to perform, or to refrain from performing, a certain act




duty

o :# the obligation the law imposes upon a person to perform, or refrain from a

certain act

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substantive law

o :# Law that defines, describes, regulates, and creates legal rights and obligations.




Procedural Law

o :# Law that establishes the methods of enforcing the rights established by

substantive law.




Substantive vs. Procedural Law

o :# - *Substantive law* is the "what" that defines, regulates, and creates legal

rights.

- *Procedural law* is "how" to enforce your rights, how the process of enforcing the law

goes, and establishes penalties or remedies.




Public Law

o :# is the branch of substantive law that deals with the gov't's rights and powers

and its relationship to individuals or groups

- Consists of constitutional, administrative, and criminal law




Private Law

o :# is the part of substantive law governing individuals and legal entities

(corporations) in their relationships to one another

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Civil Law

o :# defines duties, the violation of which constitutes a wrong against the party

injured by the violation




Criminal Law

o :# establishing duties, the violation of which is a wrong against the whole

community




supreme law

o :# Law that takes precedence over all conflicting laws




Constitiution

o :# the fundamental law of a particular level of gov't that establishes the

governmental structure and allocates power among levels




Judicial Review

o :# the power of the courts to determine the constitutionality of legislative and

executive acts




Common Law System

o :# body of law originating in England and derived from judicial decisions

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