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Exam 1- Business Law |131 Questions with Solutions
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Exam 1- Business Law |131 Questions with SolutionsConstitutions Correct-establish governmental structure, specific rights and duties
Statutes Correct-written laws enacted by legislatures
Common/case law Correct-made and applied by judges at the state level as judges decide
cases according to the doctrine of precedent or stare decisis
Stare decisis Correct-Let the decision stand; decisions are based on precedents from
previous cases
equity Correct-is applied by state level judiciary to achieve justice when common law rules
would produce unfair results
injunction Correct-court forbids a party to do some act or orders a party to perform an act
specific performance Correct-a party is ordered to perform according to the terms of her
contract
, Exam 1- Business Law |131 Questions with Solutions
reformation Correct-the court rewrites the contract's terms to reflect the parties' real
intentions
recission Correct-the cancellation of a contract; goes back to policy inception with all
premiums paid minus and payments; usually do to fraud, concealment or material
misrepresentation
administrative regulations and decisions Correct-made by state and federal agencies that
were created by statute and hold delegated (granted) power
treaty Correct-made by other nations, by the US pres on behalf of the US, approved by the
senate
ordinance Correct-made by subunits of state governments (e.g., counties, cities) for local
issues, such as zoning
executive order Correct-issued by the pres or a state governor under limited powers
, Exam 1- Business Law |131 Questions with Solutions
federal supremecy Correct-a rule of priority for conflicts between laws stating that the U.S.
Constitution is the supreme law
federal supremecy Correct-Federal law defeats state law
State constitution defeats state legislation
Statute defeats administrative regulation
Statute or regulation defeats common law
criminal law Correct-establishes duties to society
Government charges and prosecutes defendant, who will be found guilty or innocent
A convicted defendant will be imprisoned or fined
civil law Correct-establishes duties and obligations between private parties
Plaintiff sues defendant for monetary damages or equitable relief
A defendant will be held liable or not liable for the plaintiff's injury
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