BUSI 301 Exam 1 Chrisman Study Guide Test 2024.

BUSI 301 Exam 1 Chrisman Study Guide Test 2024. Definition of Law - CORRECT ANSWER A body of rules of action or conduct prescribed by controlling authority and having legal binding forces Purpose of Law - CORRECT ANSWER - To provide a system of order that defines rules of conduct and levies punishment for violation - Promote Good faith dealing -Reliability Language of Law - CORRECT ANSWER Black Laws Dictionary Role of Counsel - CORRECT ANSWER Business opportunities, reduced cost, limitation of risk and liability Sources and levels of American Law - CORRECT ANSWER Primary: Constitution, statutory, common and administrative law Levels: Federal, state, local Two-Box v. One Box - CORRECT ANSWER God's law and human laws. A law above the law - Historically western tradition used two box (Declaration of Independence) - Bible presents Two-Box View Constitutional Law - CORRECT ANSWER Supreme law of the land. Establishes structure for government, established shared powers, and civil rights for citizens. Statutory Law and International Agreement - CORRECT ANSWER Laws passed that either approved or rejected by the executive branch