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Exam- Business Law Final Ivy Tech; Questions and Answers
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Exam- Business Law Final Ivy Tech; Questions and Answers
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Exam- Business Law Final Ivy Tech; Questions andAnswers
What does Law establish? Correct-establishes rights, duties and privileges that are
consistent with the values and beliefs of a society or its ruling group
What does the Law consist of? Correct-consists of enforceable rules governing
relationships among individuals and between individuals and their society
What is Constitutional Law? Correct-found in text and cases arising from federal and state
constitutions
US Constitution is the supreme law of the land
What is Statutory Law? Correct-laws enacted by federal and state legislatures. Statutory
Law comes fro Statues (the law) or the legislature. Can be local legislature also.
Ordinances: enacted by a local or state body of law
What is Primacy source of Law? Correct-the constitution, court decision or administrative
rule
What is Secondary source? Correct-Law encyclopedia or commentary
, Exam- Business Law Final Ivy Tech; Questions and
Answers
What is Administrative Law? Correct-Law created by federal or state agencies, ex speed
limits
What is Agency Creation? Correct-administration agencies can be independent regulatory
agency such as FDA
What is Rule Making? Correct-rules, orders and decisions of administrative agencies
What is Administrative Law, Adjudication? Correct-purpose is to ensure that the rule
issued is based on a consideration of relevant factors rather than being arbitrary and
capricious, which include the powers to: ---conduct inspections and tests
-issue subpoenas
-search warrants
What is Case Law and Common Law Doctrines? Correct-rules and decisions made by
courts, otherwise known as case law, governs all areas of law not covered by statutory or
administrative law
, Exam- Business Law Final Ivy Tech; Questions and
Answers
What is Stare Decisis? Correct-controlling precednet, practice of deciding new cases based
on precedent a higher courts decisions is a precednet that has binding authority on lower
courts.
Departures from precedent
What are equitable remedies and courts of equity? Correct-remedy, means to enforce a
right or compensate for injury to that right
equitable remedy and Remedy are not always the same
What is Substantive vs. procedural Law? Correct--substantive laws that define and regulate
rights and duties.
-Procedural laws that establish methods for enforcing and protecting rights
What is Civil Law and Criminal Law? Correct-Civil: private rights and duties between
persons and government
Criminal: public wrongs against society
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