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BUS 300 Exam 1 Questions and Answers Latest Update $15.49   Add to cart

Exam (elaborations)

BUS 300 Exam 1 Questions and Answers Latest Update

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BUS 300 Exam 1 Questions and Answers Latest Update

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  • October 28, 2024
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  • 2024/2025
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BUS 300 Exam 1 Questions and Answers Latest
Update

Purposes of Law (8) ANS✔✔ 1. peacekeeping,

2. personal freedom,

3. planning and actualization of reasonable expectations

4. contracts, promote/protect competition to promote economic growth

5. antitrust

6. social justice

7. environmental protection

8. system of order - consistency and fairness

9. promotes good faith dealing among merchants and consumers



Public Policy ANS✔✔ Requirements for a enforceable contract necessitating
that the term and consistent with public policy objectives



Law ANS✔✔ a body of rules of action or conduct prescribed by controlling
authority, and having legal binding force



Jurisprudence ANS✔✔ The science and philosophy of the law that defines
various approaches to the appropriate function of law and how legal
doctrines should be developed and applied



Primary Sources of Law ANS✔✔ Constitutional law

Statutory law

, Solution 2024/2025
Pepper
Common law

Administrative law



Constitutional Law ANS✔✔ Establishes important legal principles

Not designed to specifically resolve every legal issue or case

May require "interpretation" by courts

Exists at state and federal levels



Statutory Law ANS✔✔ Created by a legislative body

Approved or disapproved by the

executive branch

(i.e., governor or president)

Also known as "codes"



Common Law ANS✔✔ Made by appellate courts

Based on the fundamentals of

previous cases that had similar facts

Also known as "case" law



Administrative Law ANS✔✔ Source of law that regulates the exercise of
authority by government agencies

Also known as "regulations"



Secondary Sources of Law ANS✔✔ have no independent authority, nor are
they legally binding.

, Solution 2024/2025
Pepper
Include the Restatements of the Law and sets of model statutes

Example: Uniform Commercial Code



How many articles are in the constitution ANS✔✔ 7



How many amendments are in the constitution ANS✔✔ 27



What is Stare Decisis ANS✔✔ is the principle that similar cases with similar
facts and issues should have the same judicial outcome.



What is Precedent ANS✔✔ When a court applies the law from a previous
case to a current case



Why is Stare Decisis Important ANS✔✔ Allows individuals and business to
have some degree of confidence that the law will remain reasonably
consistent.

Requires all lower courts, such as a trial court, to follow the case precedent
so that any similar case would be decided according to the precedent.



What is "Equity" in our legal system? ANS✔✔ used in the context of the
common laws rules that guild courts in deciding cases and controversies
before them



What are 2 maxims of equity ANS✔✔ Equity Aids the Vigilant

Substance over Form

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