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MIE 305 EXAM 1 QUESTIONS AND ANSWERS ALREADY PASSED
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MIE 305 EXAM 1 QUESTIONS AND ANSWERS ALREADY PASSED 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 pr...

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  • May 18, 2024
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  • 2023/2024
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MIE 305 EXAM 1 QUE STIONS AND ANSWERS ALREADY PASSED What is the imp ortance 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 businesspeople use the law to a strategic advantage? ✔✔- Knowing the legal rights and duties enhances one's ability to identify legal risks and effectively reduce or eliminate resulting liability - Knowing legal rights and duties allows business leaders to use the law to their strategic advantage Law ✔✔The system of rules which a particular country or community recognizes as regulating the actions of its members a nd which it may enforce by the imposition of penalties Law merchant ✔✔Medieval legal system prevalent in Europe that established practical rules of commerce and trade Substantive law ✔✔Laws that regulate and control the rights and duties of persons and a re used to resolve disputes Procedural law ✔✔Laws that establish the process by which litigation is conducted Public law ✔✔Bodies that affect the public generally - Constitutional law - Administrative law - Criminal law Private law ✔✔Body that pertain s to the relationship between individuals in an organized society - Contracts - Torts - Property Prescriptions ✔✔Things that must be done Proscriptions ✔✔Things that must not be done Equity ✔✔Fairness, justice Stare decisis ✔✔- To let the decision stand. -When a precedent is established by earlier cases with similar facts, that precedent should be used with new cases - that's the way you get stability Res judicata ✔✔The legal doctrine that once a dispute is lit igated and resolved, these parties are forcer barred from litigating the same matter again - "the thing has been decided" Ratio decidendi ✔✔The reason for the decision Dicta ✔✔Statements of the court that are not necessary to decide the controversy before the court What are Vago's purposes and functions of law? ✔✔- "What does the law do for us" - Social control: explicit rules of conduct, planned sanctions to support the rules and designated officials to interpret and enforce the rules - Dispute resolutio n: this 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 - Social change function of law: refers to purposive planned and directed soc ial change initiated, guided and supported by the law What are Vago's perspectives? ✔✔"What social purpose does law serve? Usefulness?" - Considers law as a neural framework for maintaining social integration... law is an attempt to satisfy, to reconcile, to harmonize, to adjust these overlapping and often claims and demands - Considers society as consisting of individuals and groups characterized by conflict and dissention and held together by coercion. Order is temporary and unstable because every indivi dual and group strives to maximize its own interests in a world of limited resources and goods What are the objectives of a legal system? ✔✔- A legal system should promote order in society - The ability for individuals and entities to achieve justice shou ld be another objective of a legal system - A legal system should cultivate a sense of reasonableness

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