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MIE 305 Exam 1 study guide Questions with Answers
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MIE 305 Exam 1 study guideQuestions with Answers
What is the importance of business law in business curriculum? - --
understanding the law will continue to be an important dimension to
consider in conducting business.
-the law controls the relationships between parties.
-the law today provides the mechanism by which government regulates
business behavior
-How can businesspeople use the law to a strategic advantage? - -
-law - -is the regime that orders human activities and relations through
systematic application of the force of politically organized society, or through
social pressure, backed by the force
-law merchant - -is various rules of commerce and trade used by business
people to deal with one another beginning in the Middle Ages and enforced
by merchant guilds. Functioning as the international law of trade and
commerce for business.
-equity - -to provde adequate relief often made it impossible to obtain
justice in the king's court of law.
-stare decisis - -to stand by decisions and not to disturb what is settled.
-tells us that once a case has established a precedent, it should be followed
in subsequent cases involving the same issues.
-res judicata - -"the thing that has been decided."
-applies when, between the parties themselves, the matter is closed at the
conclusion of the lawsuit.
-dicta - -Or implication in prior cases may be follow if sound and just.
-Substantive vs. Procedural Law - -- *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 vs. Private Law - -- *Public law* is the relationship between members
of society and the government.
- *Private law* is the relationship between members of society.
, -Civil vs. Criminal Law - --Criminal laws regulate crimes, or wrongs
committed against the government.
-Civil laws regulate disputes between private parties.
-Vago's purposes and functions of law - -1. social control
2. dispute resolution
3. social change
-Vago dispute resolution - -the law settles disagreements that arise
between parties and imposes responsibility if one party has a valid, legal
claim against another, as in a suit for breach of contract.
-Vago social change function of law - -"refers to purposive, planned, and
directed social change initiated, guided, and supported by the law"
-Vago social control - -the formal social control mechanism is characterized
by "(1) explicit rules of conduct. (2) planned use of sanctions to support the
rules and (3) designated officials to interpret and enforce the rules, and often
to make them.
-Vago consensu perspective - -"considers law as a neutral framework for
maintaining social intergration... law is an attempt to satisfy, reconcile, to
harmonize, to adjust these overlapping and often conflicting claims and
demands"
-Vago conflict perspective - -"considers society as consisting of individuals
and groups characterized by conflict and dissension and held together by
coercion. Order is temporary and unstable because every individual and
group strives to maximize its own interests in a world of limited resources
and goods."
-What are the objectives of a legal system? - --to promote order: making
sure the legal controversies come to an end and the process concludes as
quickly as possible.
-to allow justice to be attained
-cultivate a sense of reasonableness
-substantive law - -used to decide disputes
-Procedural law - -procedures that determine how a law suit is begun, how
the trial is conducted, how appeals are taken, and how a judgment is
enforced
-public law - -law that affects the public generally.
-Constitutional= concerns itself with the rights powers, and duties of federal
and state governments under the constitution of Us and states.
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