Exam (elaborations)
LSB 3213 Exam 1 (Okstate) Questions and Answers 100% Guaranteed Pass
LSB 3213 Exam 1 (Okstate) Questions
and Answers 100% Guaranteed Pass
knowledge of "black-letter" law and what conduct leads to liability is enough
- false
areas of law that affect business decision making - contracts,
intellectual property, product liability, torts, sales, internet law (privac...
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LSB 3213
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LSB 3213 Exam 1 (Okstate) Questions
and Answers 100% Guaranteed Pass
knowledge of "black-letter" law and what conduct leads to liability is enough
- ✔✔false
areas of law that affect business decision making - ✔✔contracts,
intellectual property, product liability, torts, sales, internet law (privacy),
environmental law
torts defined - ✔✔common law jurisdiction; a civil wrong that causes
someone else to suffer loss
primary sources of law - ✔✔those that establish the law, such as
constitutions, statutes, and regulations
what do secondary sources of law do - ✔✔summarize and clarify the
primary sources (restatements)
deceit defined - ✔✔a promise made without intent of performing it
what is the fourth branch of government - ✔✔administrative law
1
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
,what does administrative law consist of - ✔✔federal agencies and
state/local agencies
what law is American law based upon - ✔✔English common law
what do the courts of law do? - ✔✔they grant limited kinds of remedies
what do the courts of equity do - ✔✔they award non-monetary relief
why would anyone use an equity court - ✔✔pride and leverage
what is the hierarchy of primary sources of law - ✔✔US constitution, federal
statutory law, state constitution, state statutory law, local ordinance,
administrative regulations, common law
have equitable maxims lost their relevance in the 21st century - ✔✔no
may a party request both legal and equitable remedies in the same action -
✔✔yes
action of law/equity initiation of lawsuit - ✔✔filing complaint/ filing a petition
action of law/equity parties - ✔✔(plaintiff, defendant)/(petitioner,
respondent)
action of law/equity decision - ✔✔by judge or jury/ by judge
action of law/equity result - ✔✔judgement/decree
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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
, action of law/equity remedy - ✔✔monetary damages/ injunction, specific
performance, or rescission
what amendment grants the right to a jury trial to actions at law - ✔✔7th
what is statutes of limitations - ✔✔a legal defense (self explanatory)
what are laches - ✔✔you waited an unreasonable amount of time to file a
lawsuit
define rescission - ✔✔undo or terminate a contract
define stare decisis - ✔✔a common law doctrine under which judges must
follow precedents established in prior decision
how do judges make their own decisions - ✔✔they apply the law to the
facts of the case
what are the 2 aspects of stare decisis - ✔✔a court should not overturn its
own precedent unless it has a compelling reason not to, decisions made by
higher courts are binding to lower courts
define binding authority - ✔✔any source of law a court must follow when
deciding a case
define a controlling precedent - ✔✔a binding authority that requires a court
to follow prior court decisions in its jurisdiction
3
©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.