BMGT 380 - Business Law Midterm #1 Exam Questions With Verified Answers
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Module
BMGT 380
Institution
BMGT 380
BMGT 380 - Business Law Midterm #1
Exam Questions With Verified Answers
7 Sources of Law - answerConstitutional
Statutory
Common
Administrative (Regulations and Decisions)
Treaties
Ordinances
Executive Orders
Constitutional Law - answerLaw that involves the interpretation and application o...
BMGT 380 - Business Law Midterm #1
Exam Questions With Verified Answers
7 Sources of Law - answer✔Constitutional
Statutory
Common
Administrative (Regulations and Decisions)
Treaties
Ordinances
Executive Orders
Constitutional Law - answer✔Law that involves the interpretation and application of the U.S.
Constitution and state constitutions; DC's version is called a charter.
Statutory Law - answer✔Law that comes from statues - pieces of proposed legislation that later
became a law.
Common Law - answer✔A legal system based on custom and court rulings. Precedence -
judgements used in previous cases that can be applied to provide a relevant ruling.
Administrative (Regulations and Decisions) - answer✔Similar to statues, but created by a legal
agency.
Treaties - answer✔Formal agreements with other countries - does not become source of law
until two-thirds of the Senate approves.
Oridance - answer✔A local law - like a statue, but on a smaller scale.
Executive Orders - answer✔Formal orders issued by the president to bypass the Legislator.
Supreme Court is the only entity that can control these orders.
Priority Rules - answer✔When constitution and laws conflict, the following rules must be
applied:
1. Constitution trumps all other sources of law
2. Federal statues trump conflicting state statues and state constitutions
3. Statues trump Common Law and Administrative Regulations
4. Administrative Regulations trump a conflicting Common Law Rule
Classification of Law - answer✔1. Criminal vs Civil
2. Substantive vs Procedural
3. Public vs Private
Criminal Law - answer✔A law that defines crimes against the public order.
Civil Law - answer✔The system of law concerned with private relations between members of a
community rather than criminal, military, or religious affairs.
Substantive Law - answer✔Law that defines, describes, regulates, and creates legal rights and
obligations.
Procedural Law - answer✔Law that establishes the methods of enforcing the rights established
by substantive law.
Public Parties - answer✔Lawsuit of the government vs private party
Functions of Law - answer✔1. Peace keeping
2. Control government power
3. Promoting people's reasonable expectations
4. Promoting economic growth through free competition
5. Promoting social justice
6. Protecting the environment
Legal Reasoning - answer✔The reasoning process used by judges in deciding what law applies
to a given dispute and then applying that law to the specific facts or circumstances of the case
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