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MIE 305 Exam 1/172 Questions with Answers
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- MIE 305 Exam 1/172 Questions With Answers
MIE 305 Exam 1/172 Questions with Answers
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MIE 305 Exam 1/172 Questionswith Answers
Law - -a body of enforceable rules governing relationships among individuals
and between individuals and their society
-establish rights, duties, and privileges that are consistent w/ the values &
beliefs of a society or its ruling group
-role of law in small business - -1. Business organization (type of entity, how
much personal liability?)
2. Taxation (how it will be taxed, how to reduce taxes)
3. Intellectual property (any patents that need to be protected? what steps
should the firm take)
4. Administrative law (what types of gov regulations apply to business/how
to comply)
5. Employment (employee manual? explicitly inform employees of their
rights?)
6. Contracts, Sales, and Leases (will the firm be entering into contracts with
others?)
7. Accounting (do the financial statements need to be verified for accuracy?)
8. Finances (appropriate and legal ways to raise additional capital)
-Liability - -the state of being legally responsible (liable) for something, such
as debt or obligation
-Breach - -failure to perform a legal obligation
-Sources that establish American Law - -The constitution, statues or laws
passed by congress or state legislatures, regulations created by admin
agencies, case law
-Primary Sources of American Law - -a document that establishes the law
on a particular issue, such as a constitution, a statue, an administrative rule,
or a court decision
-Secondary Source of American Law - -a publication that summarizes or
interprets the law, such as a legal encyclopedia, a legal treatise, or an article
in a law review
-Constitutional Law - -The body of law derived from the U.S. constitution
and the constitutions of various states
-Statutory Law - -The body of law enacted by legislative bodies (as opposed
to constitutional law, admin law, or case law)
, -Citation - -a reference to a publication in which a legal authority--such as a
statue or a court decision-- or other source can be found
-ordinance - -a regulation enacted by a city or county legislative body that
becomes part of that state's statutory law
-Uniform Law - -a model law developed by the National conference of
Commissioners on Uniform State Laws for the states to consider enacting
into statue
-Admin Law - -consists of the rules, orders, and decisions of administrative
agencies
-Case Law - -the rules of law announced in court decisions. case law
interprets statues, regulations, constitutional provisions, and other case law
-Common Law - -the body of law developed from custom or judicial
decisions in English and U.S. courts, not attributable to a legislature
-became part of heritage of all nations that were once British colonies
-Precedent - -A court decision that furnishes an example or authority for
deciding a subsequent cases involving identical or similar legal principles or
facts
-Stare decisis - -a common law doctrine under which judges are obligated to
follow the precedents established in prior decisions
-"to stand on decided cases"
-makes law more stable and predictable
-Binding Authority - -any source of law that a court must follow when
deciding a case
-Persuasive Authority - -any legal authority or source of law that a court
may look to for guidance but need not follow when making its decision
-remedy - -the relief given to an innocent party to enforce a right or
compensate for the violation of a right
-Jurisprudence - -the science or philosophy of law
-Natural Law - -the oldest school of legal thought, based on the belief that
the legal system should reflect universal "higher" moral and ethical
principles that are inherent to human nature
-if written law is unjust, then its not true natural law and need not be obeyed
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