LSTD 2106 Final Exam Question and answers rated A+
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Course
LSTD 2106
Institution
LSTD 2106
LSTD 2106 Final Exam Question and answers rated A+
Law - correct answer a body of rules of action or conduct prescribed by controlling authority and having legal binding force
Purpose of law - correct answer to provide a system of order, to levy punishment/consequences for violation of ru...
LSTD 2106 Final Exam Question and
answers rated A+
Law - correct answer ✔a body of rules of action or conduct prescribed by
controlling authority and having legal binding force
Purpose of law - correct answer ✔to provide a system of order, to levy
punishment/consequences for violation of rules, resolving disputes, promote
equality and justice in society, give some degree of reliability in applying the
law, and to serve as an important catalyst for commerce by promoting good
faith dealing
Counsel - correct answer ✔also known as attorney; business context
In-House Counsel - correct answer ✔can be a part of the executive or
midlevel management team, ensures complying with securities or things like
patent laws; "general counsel"
Law Firms - correct answer ✔attorneys devoting a significant amount of
professional time to advise businesses on issues such as formation,
governance, labor and employment laws, regulatory agency compliance, legal
transactions, intellectual property, and other legal issues important to
business operations; "business lawyers" or "corporate lawyers"; majority of
companies go this route
Constitutional law - correct answer ✔the body of law interpreting state and
federal constitutions; establishes a structure for federal & state governments
setting rules for amending the constitution, and granting specific enumerated
powers to the different branches of government; establishes the concept of
federalism; establishes individual civil rights and providing procedural
protections for US citizens from wrongful government actions
,Statutory Law - correct answer ✔the body of law created by the legislature
and approved by the executive branch of state and federal government
Common Law - correct answer ✔law that has not been passed by the
legislature but rather is made by the courts; based on the fundamentals of
previous cases with similar facts
Administrative Law - correct answer ✔refers to both the law made by
administrative agencies and the laws and regulations that govern the creation,
organization, and operation of administrative agencies
Primary Sources of Law - correct answer ✔constitutional law, statutory law,
common law, administrative/regulatory law
Doctrine of Stare Decisis - correct answer ✔the principle that similar cases
with similar facts under similar circumstances should have similar outcomes
Restatements of the Law - correct answer ✔a collection of uniform legal
principles focused in a particular area of traditional state law
Secondary Sources of Law - correct answer ✔sources of law that have no
independent authority or legally binding effect but can be used to illustrate a
point or clarify a legal issue
Model State Statutes - correct answer ✔statutes drafted by legal experts to
be used as a model for state legislatures to adopt in their individual
jurisdictions in order to increase the level of uniformity and fairness across
courts in all states; secondary source of law
,Civil Laws - correct answer ✔laws designed to compensate parties for
money lost as a results of another's conduct
Criminal Laws - correct answer ✔laws designed to protect society that result
in penalties to the violator such as fines or imprisonment
Damages - correct answer ✔money lost as a result of another's conduct; civil
law
Remedies - correct answer ✔judicial actions, which can be monetary or
equitable, taken by courts that are intended to compensate an injured party in
a civil lawsuit; measures for law and equity
Equitable Relief - correct answer ✔relief granted in the form of either specific
performance ("do it") or an injunction ("stop doing it") when monetary
damages are insufficient due to the unique or irreversible consequence of the
breach
Equitable Maxims - correct answer ✔common law rules that guide courts in
deciding cases and controversies and are intended to be broad statements of
rues base on notions of fairness and justice
Equity Aids the Vigilant - correct answer ✔the law favors those who exercise
vigilance in pursuing their claims and disfavors those who rest their legal
rights by failing to act to protect their rights in a reasonable period of time;
equitable maxim
Substance Over Form - correct answer ✔courts look to the intent of parties
involved and adhere to a standard of good faith & fair play instead of applying
the letter of law in a way that would violate fundamental principles of fairness
and consistency; equitable maxim
, Clean Hands Doctrine - correct answer ✔courts are guided in their decisions
not only by the letter of the law but also on the basis that one seeking the aid
of a court must come to the court with clean hands that are unstained by bad
faith, misrepresentations, or deceit; equitable maxim
Equity Aids the Vigilant - correct answer ✔Which equitable maxim?: Statutes
of limitations imposes a deadline on when an aggrieved party must file a
claim. After the deadline has passed, the party is barred from recovering any
losses or damages
Substance Over Form - correct answer ✔Which equitable maxim?: Blackwell
signs an agreement that she is a limited partner. In substance, she acts like a
general partner. Courts will treat her as a general partner despite what the
parties call themselves.
Clean Hands Doctrine - correct answer ✔Which equitable maxim?"
Kauffman fraudulently transfers stock to his brother to avoid paying a legal
judgement entered against him. When a dispute arises with his brother,
Kauffman sues to try and recover the stock. Kauffman is barred from
recovering the stock because he committed fraud in transferring it to his
brother in the first place
Public Laws - correct answer ✔laws derived from a government entity
Private Laws - correct answer ✔laws recognized as binding between two
parties even though no specific statute or regulation provides for the rights of
the parties
Administrative Agencies - correct answer ✔governmental bodies, including
department, nondepartment, and independent agencies, that have the
authority to implement and administer particular regulations
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