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MGMT 209 - Chapter 1 || WELL-ENLIGHTENED WITH COMPLETE SOLUTIONS.
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Two major roles of law in business world correct answers -Dispute resolution -Regulatory Dispute resolution role correct answers -settles differences between two or more parties Regulatory role correct answers -governmental interference with private business -directs and standardizes busi...

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  • August 7, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • two major roles of law in business world

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  • Mgmt
  • Mgmt

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MGMT 209 - Chapter 1 || WELL-ENLIGHTENED WITH
COMPLETE SOLUTIONS.
Two major roles of law in business world correct answers -Dispute resolution
-Regulatory

Dispute resolution role correct answers -settles differences between two or more parties

Regulatory role correct answers -governmental interference with private business
-directs and standardizes business activities to improve society

Law (definition) correct answers The collection of rules and regulations that determines
how...
-the government will treat its citizens
-the citizens will treat the government
-the citizens will treat other citizens

AND the enforcement thereof

Without enforcement... correct answers Law is useless

Enforcement of the law leads to... correct answers -Stability
-Predictability
-Uniformity (hopefully)

Constitutional law correct answers -MOST IMPORTANT source of law
-Supreme Law of the land

Statutory Law correct answers -AKA Legislative law
(Constrains behavior)
-US Congress passes laws (statutes) as per the Constitution (Article I)
-State governments can also pass legislative laws

Process of passing Statutory law correct answers -Each House (Senate and House of
Representatives) must pass bill in identical language
-Then, they send it to the President
-If he SIGNS the bill, it becomes law
-President can VETO the bill
-But Congress can override veto with:
two-thirds vote of membership of BOTH houses
-if this happens, the bill becomes law regardless of the President's veto

Executive Law correct answers -Executive Order
-President controls executive branch AGENCIES and Bureaus
-President appoints Federal Judge

Executive Order correct answers -Law by President to control policies of the Executive
Branch
Examples:

, -Affirmative Action (President Johnson, 1965)
-Don't Ask, Don't Tell (made by Clinton, repealed by Obama)

President Controlling Agencies & Bureaus correct answers -Oversees their spending
(Congress appropriates funds)
-Appoints their leaders

President Appointing Federal Judges correct answers -Normally appoints someone with
similar political ideology
-Once confirmed, the Federal Judge DOESNT have to follow political ideology

Judiciary Law (Courts) correct answers -Courts interpret the law
-If NO JURY, Courts also determine facts
-Courts use the Common Law System
-Courts INTERPRET statutes and REVIEW Agency decisions
-Courts have the power of Judicial Review

Stare Decisis Doctrine correct answers -When courts follow previously decided cases
UNLESS there is a good, legal reason to change

The Common Law System correct answers -It is also called 'Judge-made Law' because it is
law that is created by the court
-When the court follows the Stare Decisis doctrine, the are setting PRECEDENT
-This leads to predictability and uniformity
-Judges are reluctant to change precedent

Interpretation of Statutes correct answers -Usually follows legislative intent
-Courts are NOT BOUND to follow legislative intent

Judicial Passivism correct answers Follows legislative intent

Judicial Activism correct answers DOES NOT FOLLOW legislative intent
CHANGES legislative intent

Judicial Review correct answers -Supreme Court assumed the power of Judicial Review (with
Marbury v. Madison)
-Judicial Review is the power of the courts to declare an act of Congress or the President
unconstitutional
-Can be OVERRULED by Constitutional Amendment (rare)
Example:
Texas v. Johnson
(Flag burning controversy)

Administrative Law correct answers -Law created by the regulatory agencies
-Governs the activities of regulatory agencies
-It is a branch of public law
-Deals with the decision making of administrative units of government
Examples:
Board of Education
Federal Trade Commission

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