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BMAL 590: LEGAL ENVIRONMENT OF BUSINESS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED GRADED A++
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BMAL 590: LEGAL ENVIRONMENT OF BUSINESS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED GRADED A++ What is law? Law denotes the principles and regulations established in a community by some authority and applicable to its people, either through legislation, or through custom, or throu...

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  • 7. oktober 2024
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BMAL 590: LEGAL ENVIRONMENT OF BUSINESS EXAM

QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS

VERIFIED GRADED A++

What is law?


Law denotes the principles and regulations established in a community by some authority and applicable

to its people, either through legislation, or through custom, or through policies recognized and enforced

by a judicial decision. Law can also be defined as a body of rules of conduct of binding legal force that if

broken, subjects a party to criminal punishment or civil liability


Why do we need laws?


Primarily to regulate the behavior of the individual or the business, to be aligned with what is acceptable

to society as a whole.


Public Law


relates to the ability of society to take action against those whose actions are considered to be against

the law.


Private Law


relates to the ability of individuals to initiate action against others (to sue one another).


Law is made at the


federal, state, and local levels


Law is made by

,legislatures (statutes), by court decisions (common law), and by administrative agencies (regulations).


Old Laws can be


modified or repealed


New laws can be


made to address changed in society


Laws are not


static


In the U.S., the highest law is the


Constitution (No local, state, or federal law can contradict the provisions of the U.S. Constitution.)


The Constitution may be _________ by the procedure prescribed by the Constitution itself.


amended


An amendment comes into force when


approved by two-thirds of both houses of Congress, then ratified by three-fourths of the state

legislatures. When so ratified, the amendments become part of the Constitution.


The first 10 amendments are known as the


Bill of Rights


Laws created by legislative bodies at all levels are known as


statutes.


Generally, _______ laws are applicable throughout the country.

,federal


_____ laws are confined to a particular state.


State


laws are confined to the geographical jurisdiction of the authority.


Local


When a state law or a local law conflicts with a federal law, under __________, the federal law

prevails.


supremacy


Federal laws are passed by Congress and signed into law by the


President


State laws are passed by the state legislatures and signed into law by the


Governor


If the President or Governor rejects (vetoes) a proposed law, the legislature may


override the veto if at least two-thirds of the members of each house of the legislature vote in favor of

the law.


The President has the power to enter into ________ with ________ nations on a wide variety of issues

from trade to defense.


treaties; Sovereign


A treaty becomes a law when approved by two-thirds of the

, Senate.


A treaty becomes a law when approved by ______ of the Senate.


two-thirds


__________ are a source of precedent both for the parties concerned and prospectively for others in

the same jurisdiction in a similar situation.

Judicial decisions create


Judicial decisions; Case Law


The opinions of courts, taken together, creates


Common Law.


Courts make decisions based on


precedent


Over time, Common Law creates a degree of


consistency and predictability


The decision of a ______________ within the jurisdiction of the higher court.


higher court supersedes the decision of a lower court


Courts interpret


existing laws.


If there is no precedent to guide the resolution of a case, it is said to be a


Case of First Impression.

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