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BULW 301 exam 1 Questions and Correct Verified Answers Latest Version $12.49   Add to cart

Exam (elaborations)

BULW 301 exam 1 Questions and Correct Verified Answers Latest Version

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Law consists of enforceable rules governing relationships among individuals and between individuals and their society Why do we have laws? to provide stability, to keep society running, system in place if something goes wrong Liability the state of being legally responsible (liable) for...

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  • October 14, 2024
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1 | P a g e | © copyright 2024/2025 | Grade A+




Bule GMU exam 1 Questions and
Correct Verified Answers Latest
Version
Areas of law that may affect business decision making


✓ contracts, sales, negotiable instruments, creditors rights, e-commerce,

torts, and court decisions




Primary sources of law


✓ U.S. and state constitutions, statutes or laws passed by congress and

state legislatures, regulations made by administrative agencies, and

case law (court decision)




Secondary sources of law


✓ books and articles that summarize and clarify the sources of law (legal

encyclopedias)




Types of law


✓ statutory, uniform, administrative, and case law




ordinances


Master01 | September, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

✓ statute of a local area




uniform laws


✓ laws dealing with states business, the state has the option to adopt

these laws




administrative laws


✓ rules, orders, decisions or an administrative agency




case laws


✓ the doctrines and principles announced in cases




common law


✓ a body of general rules that applied throughout the entire English

realm




"Stare Decisis"




Master01 | September, 2024/2025 | Latest update

, 1 | P a g e | © copyright 2024/2025 | Grade A+

✓ (to stand on decided cases)- deciding new cases with reference to

former decisions.



✓ Two Parts: 1. Decisions made by higher courts are binding on lower

courts.

✓ 2. A court should not overturn its own precedents unless there is a

strong reason.




Binding Authority


✓ Any source of law that a court must follow when deciding a case.




Persuasive Authorities


✓ Precedents from other jurisdictions.




Remedy


✓ The means given to a party to enforce a right or to compensate for the

violation of a right.




Specific Performance


✓ An order to perform what was promised.




Master01 | September, 2024/2025 | Latest update

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