BLAW 2301 Betanzos Exam 1 (Ch. 1, 2 &
4-9) Key Terms (Part 3), Business Law
2301 Test 1 (Part 2), Business Law 2301
Test 1
What is a Law? - correct answer ✔✔The system of rules which a particular country or community
recognizes as regulating the actions of its members and which it may enforce by the imposition of
penalties.
Is Everything in Law Black and White? - correct answer ✔✔Nope. There is tension in the law, there is
always the need for stability and/or change, and that is why there is a reason for the existence of
judiciary entities.
What is the role of the US Constitution? - correct answer ✔✔It establishes Congress, the Presidency, and
Courts (branches of government), it gives to states powers not given to Federal government, and it
guarantees basic rights to all citizens.
What do State Constitutions do? - correct answer ✔✔They create state executive, legislative & judicial
systems.
What are statutes? - correct answer ✔✔A written law passed by a legislative body, either on a federal or
state level.
What is Common Law? - correct answer ✔✔A body of unwritten laws based on legal precedents
established by the courts. Common law influences the decision-making process in unusual cases where
the outcome cannot be determined based on existing statutes or written rules of law.
What is the Doctrine of Stare Decisis? - correct answer ✔✔a Latin term meaning "to stand by that which
is decided. Basically, it is a legal doctrine that obligates courts to follow historical cases when making a
ruling on a similar case. ... Simply put, it binds courts to follow legal precedents set by previous decisions.
, What is Administrative Law? - correct answer ✔✔Law created by agencies; the body of law that
regulates the operation and procedures of government agencies (usually in the executive branch).
What are court orders? - correct answer ✔✔A direction issued by a court or a judge requiring a person
to do or not do something.
What is equity? - correct answer ✔✔The principle that courts may issue rulings such as injunctions to
provide an equitable remedy.
What is the difference between Criminal Law and Civil Law? - correct answer ✔✔Criminal Law:
Dangerous behavior outlawed by society, government prosecutes accused, guilt is determined, and
punishment or fine is imposed. Civil Law: Regulates rights and duties between parties, victim, not
government brings suit, guilt not determined, compensation, or equitable relief, is ordered.
What is a plaintiff and what is a defendant? - correct answer ✔✔Plaintiff: a person who brings a case
against another in a court of law. Defendant: an individual, company, or institution sued or accused in a
court of law.
Why is the law important? - correct answer ✔✔We depend upon the law to give us a stable nation and
economy, a fair society, a safe place to live and work. ...But while law is a vital tool for crafting the society
we want, there are no easy answers about how to create it.
What are ethics? - correct answer ✔✔Moral principles that govern a person's behavior or the
conducting of an activity.
Is it possible for an ethical action to be illegal, and for a legal action to be unethical? - correct answer
✔✔Yes! Ex of an ethical action being illegal: Assisted Suicide for someone in Terminal Condition. Ex of a
legal action that is unethical: Martin Shkreli raising prices on exclusive medicine.
Why should we as a society be ethical? - correct answer ✔✔Society as a whole benefits by encouraging
economic competition; no one wants to compete with unfair competitors, people feel better when they
behave ethically, and unethical behavior can be costly. What is the cost of a lost reputation?
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