Exam 1- Business Law |131 Questions with Solutions
Constitutions Correct-establish governmental structure, specific rights and duties
Statutes Correct-written laws enacted by legislatures
Common/case law Correct-made and applied by judges at the state level as judges decide
cases according to the doctrine of precedent or stare decisis
Stare decisis Correct-Let the decision stand; decisions are based on precedents from
previous cases
equity Correct-is applied by state level judiciary to achieve justice when common law rules
would produce unfair results
injunction Correct-court forbids a party to do some act or orders a party to perform an act
specific performance Correct-a party is ordered to perform according to the terms of her
contract
, Exam 1- Business Law |131 Questions with Solutions
reformation Correct-the court rewrites the contract's terms to reflect the parties' real
intentions
recission Correct-the cancellation of a contract; goes back to policy inception with all
premiums paid minus and payments; usually do to fraud, concealment or material
misrepresentation
administrative regulations and decisions Correct-made by state and federal agencies that
were created by statute and hold delegated (granted) power
treaty Correct-made by other nations, by the US pres on behalf of the US, approved by the
senate
ordinance Correct-made by subunits of state governments (e.g., counties, cities) for local
issues, such as zoning
executive order Correct-issued by the pres or a state governor under limited powers
, Exam 1- Business Law |131 Questions with Solutions
federal supremecy Correct-a rule of priority for conflicts between laws stating that the U.S.
Constitution is the supreme law
federal supremecy Correct-Federal law defeats state law
State constitution defeats state legislation
Statute defeats administrative regulation
Statute or regulation defeats common law
criminal law Correct-establishes duties to society
Government charges and prosecutes defendant, who will be found guilty or innocent
A convicted defendant will be imprisoned or fined
civil law Correct-establishes duties and obligations between private parties
Plaintiff sues defendant for monetary damages or equitable relief
A defendant will be held liable or not liable for the plaintiff's injury
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamRoom. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.