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Exam (elaborations)

Final Exam- Business Law Questions and Answers

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  • Course
  • Business law
  • Institution
  • Business Law

Final Exam- Business Law Questions and Answers

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  • September 10, 2024
  • 30
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Business law
  • Business law
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Final Exam- Business Law Questions and Answers
common law Correct-judge made law, body of all decisions made by judges




statute Correct-law passed by Congress or by a state legislature




equity Correct-court's use of power to create an equitable result




precedent Correct-earlier court case used to influence a court decision in a current case




criminal law Correct-concerns behavior so threatening that society outlaws it altogether




civil law Correct-regulates the rights and duties between parties




holding Correct-courts decision




reverse Correct-to declare lower courts ruling wrong and void




remand Correct-to send a case back down to a lower court

, Final Exam- Business Law Questions and Answers


affirm Correct-to uphold a lower court's ruling




litigation Correct-process of resolving disputes in court




alternative dispute resolution Correct-resolving disputes out of court through formal or

informal processes




mediation Correct-form of ADR in which a neutral third party coaxes the disputing parties

toward a voluntary settlement




arbitration Correct-form of ADR in which a neutral third party has the power to impose a

binding decision




trial courts Correct-determine the facts and apply to them the law given by appellate

courts




jurisdiction Correct-court's power to hear a case

, Final Exam- Business Law Questions and Answers


appellate courts Correct-generally accept the facts provided by trial courts and review the

record for legal errors




error of law Correct-wrong decision made in a trial that leads to the reversal of a decision

or a new trial




federal question case Correct-claim based on the US Constitution, a federal statute, or a

federal treaty




diversity case Correct-lawsuit in which the two parties are of different states and the

amount in dispute exceeds 75,000




steps to litigation Correct-pleadings, complaint, answer, discovery, interrogatories,

depositions, production of documents and things, summary judgement(optional), trial




steps of trial Correct-opening statements, plaintiffs case, defendants case, closing

argument, verdict

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