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Exam 1- Business Law |131 Questions with Solutions $13.49   Add to cart

Exam (elaborations)

Exam 1- Business Law |131 Questions with Solutions

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  • Course
  • Business law
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  • Business Law

Exam 1- Business Law |131 Questions with Solutions

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  • September 10, 2024
  • 25
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
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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

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