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Final Exam- Business Law Questions and Answers
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Final Exam- Business Law Questions and Answerscommon law Correct-judge made law, body of all decisions made by judges
statute Correct-law passed by Congress or by a state legislature
equity Correct-court's use of power to create an equitable result
precedent Correct-earlier court case used to influence a court decision in a current case
criminal law Correct-concerns behavior so threatening that society outlaws it altogether
civil law Correct-regulates the rights and duties between parties
holding Correct-courts decision
reverse Correct-to declare lower courts ruling wrong and void
remand Correct-to send a case back down to a lower court
, Final Exam- Business Law Questions and Answers
affirm Correct-to uphold a lower court's ruling
litigation Correct-process of resolving disputes in court
alternative dispute resolution Correct-resolving disputes out of court through formal or
informal processes
mediation Correct-form of ADR in which a neutral third party coaxes the disputing parties
toward a voluntary settlement
arbitration Correct-form of ADR in which a neutral third party has the power to impose a
binding decision
trial courts Correct-determine the facts and apply to them the law given by appellate
courts
jurisdiction Correct-court's power to hear a case
, Final Exam- Business Law Questions and Answers
appellate courts Correct-generally accept the facts provided by trial courts and review the
record for legal errors
error of law Correct-wrong decision made in a trial that leads to the reversal of a decision
or a new trial
federal question case Correct-claim based on the US Constitution, a federal statute, or a
federal treaty
diversity case Correct-lawsuit in which the two parties are of different states and the
amount in dispute exceeds 75,000
steps to litigation Correct-pleadings, complaint, answer, discovery, interrogatories,
depositions, production of documents and things, summary judgement(optional), trial
steps of trial Correct-opening statements, plaintiffs case, defendants case, closing
argument, verdict
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