Business Law Exam 1 Study Guide questions with correct answers rated A+

Business Law Exam 1 Study Guide questions with correct answers rated A+Common Law - correct answer Developed by judges who issue their opinions when deciding a case. Statutes - correct answer Written law enacted by the legislative branch of the federal & state governments that establishes certain courses of conduct that covered parties must adhere to. Stare Decisis - correct answer "To stand by the decision" Precedent - correct answer -Rule of law established in a court decision. -Lower courts must follow Exclusive Jurisdiction - correct answer Hears cases involving federal crimes, antitrust, bankruptcy, patent and copyright, suits against the U.S., and most admiralty cases. Concurrent Jurisdiction - correct answer Hears cases involving diversity of citizenship and federal questions over which federal courts do not have exclusive jurisdiction. In Rem Jurisdiction - correct answer Jurisdiction to hear a case because of jurisdiction over the property of the lawsuit. In Personem Jurisdiction - correct answer Jurisdiction over the parties to a lawsuit. Diversity Jurisdiction - correct answer Means for bringing a lawsuit in federal court that involves a nonfederal question if the parties are (1) citizens of different states or (2) citizen of a state and a citizen or subject of a foreign country. Standing to Sue - correct answer Having some stake in the outcome of a lawsuit.