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MIE 305 EXAM 1/197 QUESTIONS AND ANSWERS
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MIE 305 EXAM 1/197 QUESTIONSAND ANSWERS
What is the importance of a Business Law course in a business/management
curriculum, and/or the importance of knowing something about it to a
businessperson? - -- The law is important to modern business
- The history of business reveals the prominence of law
- Educators today emphasize the role of law in preparing tomorrow's
business leaders
-How can businesspeople use the law to a strategic advantage? - -- Knowing
the legal rights and duties enhances one's ability to identify legal risks and
effectively reduce or eliminate resulting liability
- Knowing legal rights and duties allows business leaders to use the law to
their strategic advantage
-Law - -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
-Law merchant - -Medieval legal system prevalent in Europe that
established practical rules of commerce and trade
-Substantive law - -Laws that regulate and control the rights and duties of
persons and are used to resolve disputes
-Procedural law - -Laws that establish the process by which litigation is
conducted
-Public law - -Bodies that affect the public generally
- Constitutional law
- Administrative law
- Criminal law
-Private law - -Body that pertains to the relationship between individuals in
an organized society
- Contracts
- Torts
- Property
-Prescriptions - -Things that must be done
-Proscriptions - -Things that must not be done
,-Equity - -Fairness, justice
-Stare decisis - -- To let the decision stand.
-When a precedent is established by earlier cases with similar facts, that
precedent should be used with new cases- that's the way you get stability
-Res judicata - -The legal doctrine that once a dispute is litigated and
resolved, these parties are forcer barred from litigating the same matter
again- "the thing has been decided"
-Ratio decidendi - -The reason for the decision
-Dicta - -Statements of the court that are not necessary to decide the
controversy before the court
-What are Vago's purposes and functions of law? - -- "What does the law do
for us"
- Social control: explicit rules of conduct, planned sanctions to support the
rules and designated officials to interpret and enforce the rules
- Dispute resolution: this law settles disagreements that arise between
parties and imposes responsibility if one party has a valid, legal claim
against another, as in a suit for breach of contract
- Social change function of law: refers to purposive planned and directed
social change initiated, guided and supported by the law
-What are Vago's perspectives? - -"What social purpose does law serve?
Usefulness?"
- Considers law as a neural framework for maintaining social integration...
law is an attempt to satisfy, to reconcile, to harmonize, to adjust these
overlapping and often claims and demands
- Considers society as consisting of individuals and groups characterized by
conflict and dissention and held together by coercion. Order is temporary
and unstable because every individual and group strives to maximize its own
interests in a world of limited resources and goods
-What are the objectives of a legal system? - -- A legal system should
promote order in society
- The ability for individuals and entities to achieve justice should be another
objective of a legal system
- A legal system should cultivate a sense of reasonableness
-Do legal systems have to be written? - -No, they can be oral
-What is the significance of Llewelyn and Hoebel's The Cheyenne Way in
that regard? - -The Cheyenne didn't have written laws, but rather oral laws.
, The way this worked was that everyone who is subject to these laws has to
know them
-What are the four sources of law, and how do they fit hierarchically? - -1.
US Constitution
2. Statutory Law
3. Administrative Law
4. Common Law
-Constitutional Law - -- Constitutional provisions establish the foundational
principles upon which legislative, judicial and administrative agencies
function.
- Article 6 of the constitution states the supremacy clause that says the
constitution is the "supreme law of the land" and the judges of every state
should be bound to the constitution.
-What are state constitutions? - -Supreme law of their land too, but only of
that state; the NC Constitution is not enforceable in SC!
-Statutory Law - -- Statutes (written law) enacted by a duty authorized
legislature; come from congress or legislature
- Federal and state (also-local ordinances); State laws have two
"constitutional masters"
-Administrative Law - -From administrative agencies is a comparatively new
source of law that emerged with the rise of what some social scientists call
the "bureaucratic state"
-Common Law - -- Rules that emerge from court decisions- precedents- in a
common law system that are widely adopted and enforced by other courts in
the system
- The body of law deriving from judicial decisions
- Comes from judges in courts hearing live active cases
-Judicial Review - -The power of the courts to declare laws and executive
actions unconstitutional
-Separation of Powers - -The doctrine that the legislative, executive, and
judicial branches of government function independently of one another and
that each branch serves as a check of others
-Why was Marbury v. Madison important to that concept? - -Judicial review
states that American courts have the power to strike down laws, statutes,
and some government actions that violate the constitution of the United
States
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