Business Law Exam 1 Bundle

law - Answer A body of enforceable rules governing relationships among individuals and between individuals and their society. Primary sources of law - Answer 1. The U.S. Constitution and the constitutions of the various states. 2. Statutory law—including laws passed by Congress, state legislat...

administrative agency - Answer a federal, state, or local government agency established to perform a specific function; administrative agencies are authorized by legislative acts to make and enforce rules to administer and enforce the acts. administrative law - Answer the body of law created by a...

constitutional law - Answer Deals with interpretation and implementation of the united states constitution. statutory law - Answer Law passed by the U.S. Congress or state legislatures; most important source of law today administrative law - Answer Consists of those rules and procedures establ...

What is law? - Answer a body of rules of action or conduct prescribed by controlling authority and having legally binding force. What is the rule of law? - Answer the principle that all people and institutions are subject to and accountable to law that is fairly applied and enforced; the principl...

Common Law - Answer Rules are not written down. The Law used by the United States. Civil Law - Answer The most common out of the System of Laws. Has specific rules and regulations and is more strucured. Used by 150 countries. Criminal Law (plaintiff v. defendant) - Answer Where the plaintiff i...

Substantive Law - Answer "nor shall any state deprive any person of life, liberty, or property" Law that defines the rights and duties of individuals with respect to each other, as opposed to procedural law, which defines the manner in which these rights and duties may be enforced. class ex: can...

Law: - Answer A body of enforceable rules governing relationships among individuals and between individuals and their society. Liability: - Answer Liability: The state of being legally responsible (liable) for something, such as a debt or obligation. Business Decision Making Areas (7): - Answe...

The US Constitution - Answer The Supreme Law of America, which establishes general organization of goverment, and is the basis of ALL law is the ______. Statutory Laws - Answer Laws passed by Federal congress and the state legislatures is called a _____. Federal Code - Answer When a Statutory ...

Statutory Law - Answer -laws created by legislative bodies -allows for problems to be addressed at the time of the problem Uniform Commercial Code - Answer -facilitates commerce among states by providing a uniform yet flexible set of rules Ordinance - Answer -regulations passed by municipal o...

______ is a rule of law established in a court decision. Lower courts must follow what is established by higher courts. - Answers Precedent ____ are orders issued by a member of the executive branch of the government. - Answers Executive Orders Which of the following is a school of thought tha...

The person who files or commences a civil lawsuit is the: - Answer plaintiff Which of the following is correct with regard to treaties in the United States legal system? - Answer Under the U.S. Constitution, they must be signed by the President and approved by the U.S. Senate. Which one of the...

The law - Answer Rules that govern two types of relationships What are the two types of relationships that the law governs? - Answer 1.Among individuals 2. Between individuals and society Legal Philosophy - what three places does the law come from? - Answer 1. Naturalists (natural) 2. Posit...

One primary source of American law is: - Answer U.S. Constitution A law from England in 1699 could - Answer be the law in Vermont but not the law in Kansas Which branch of government has the authority to enforce the law? - Answer Executive Branch When New Jersey became a state(joined the un...

Juris Prudence - Answer Juris = law Prudence = a cardinal virtue Juris Prudence = common sense/practical wisdom 4 Jurisprudential Schools - Answer 1. Historical 2. Realist 3. Positivist 4. Natural Aquinas Characteristics of Law - Answer 1. Reasonable 2. Publicly Disclosed 3. From Author...