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NCSU MIE 305 Exam 1 (Chapters 1-3)/Q’s and A’s
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NCSU MIE 305 Exam 1(Chapters 1-3)/Q’s and A’s
What is the importance of a Business Law course in a business/management
curriculum, and/or the importance of knowing something about it to a
businessperson? - -The law is important to modern business. The history of
business reveals the prominence of law. Educators today emphasize the role
of law in preparing tomorrow's business leaders.
-How can business people use the law to a strategic advantage? - -Knowing
legal rights and duties enhances one's ability to identify legal risks and
effectively reduce or eliminate resulting legal liability. Knowing legal rights
and duties allows business leaders to use the law to their strategic
advantage.
-Series of treatises that articulate the principles or rules for a specific area of
law - -Restatement of the Law
-Do the differences between primary and secondary authority change
depending on what court one is in? - -If the legal resource is from
somewhere else or here, then it becomes controlling or persuasive
-What's the difference between primary and secondary authority? - -If it's a
case or a statute (including administrative rules), it's primary authority. If it's
anything other than a case or statute, it is secondary authority
-What is the difference between controlling and persuasive authority? - -
Controlling authority is law that is directly binding on a court in that
jurisdiction. Persuasive authority is law somewhere, but just not here
-Why has the US experienced an "orgy of statute-making," as it's described
in the book? - -As legislators churn out more statutory law, there is by
necessity more printed definition of—and therefore less interpretive space
for—the rules of law, and many common law principles are modified or even
eviscerated by statutes which come along to trump them
-How do judges approach their powers of equity? - -Courts of equity use
philosophical sounding maxims, or general principles of justice, instead of
strict rules of law to decide cases.
-What is equity? - -A branch of law that developed alongside common law
and is concerned with fairness and justice, formerly administered in special
courts
, -How can modern US judges make decisions between law and/or equity, and
under what circumstances? - -Decisions of law typically involve monetary
damages, decisions of equity typically refers to injunctions, specific
performance, or vacatur
-How did equity develop, both in England and the US? - -Before you could
sue someone for those money damages, you often had to go through difficult
procedural mechanisms to get written permission to do so. This system
dissuaded many parties from going to the bother of seeking justice in that
way.
-What are alternatives to common law in use in world legal systems? - -A
civil-law or code-law system is one where all the legal rules are in one or
more comprehensive legislative enactments
-Who or what was instrumental in Common law's development? - -Henry II
-How did the Common Law come to be, and how was it spread across
England? - -Henry II streamlined the court system and standardized it
throughout the land, requiring great deference be paid to the decisions of
the curia regis and developing a system of "ridings" and "circuits". Judges
would learn from each other the intended interpretation of rulings from the
curia regis, and as they shared their own case decisions with each other, a
general consensus among judges of what the common law rule should be in
a certain case with a certain set of facts developed
-What is judicial review, and why was Marbury v. Madison important to that
concept? - -The power of the judiciary to review the actions of the other
branches of government and to set them aside as null and void if they are in
violation of the Constitution. In this case, they literally created for the court a
power that the founding fathers had not enumerated (spelled out) in the
Constitution.
-What are the four sources of law, and how do they fit hierarchically? - -(1)
constitutions; (2) legislation; (3) administrative agencies; and (4) common
law rules.
-What is the significance of Llewelyn and Hoebel's The Cheyenne Way? - -
They used a rich oral history to transmit the rules from generation to
generation, there was no need to write the rules down or put them in
reference books anywhere.
-Do legal systems have to be written? - -For code law yes, for civil and
common law no.
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