Exam (elaborations)
BUS 300 Exam 1 Questions and Answers Latest Update
- Course
- BUS 300
- Institution
- University Of Massachusetts, Amherst
BUS 300 Exam 1 Questions and Answers Latest Update
[Show more]
Content preview
Solution 2024/2025Pepper
BUS 300 Exam 1 Questions and Answers Latest
Update
Purposes of Law (8) ANS✔✔ 1. peacekeeping,
2. personal freedom,
3. planning and actualization of reasonable expectations
4. contracts, promote/protect competition to promote economic growth
5. antitrust
6. social justice
7. environmental protection
8. system of order - consistency and fairness
9. promotes good faith dealing among merchants and consumers
Public Policy ANS✔✔ Requirements for a enforceable contract necessitating
that the term and consistent with public policy objectives
Law ANS✔✔ a body of rules of action or conduct prescribed by controlling
authority, and having legal binding force
Jurisprudence ANS✔✔ The science and philosophy of the law that defines
various approaches to the appropriate function of law and how legal
doctrines should be developed and applied
Primary Sources of Law ANS✔✔ Constitutional law
Statutory law
, Solution 2024/2025
Pepper
Common law
Administrative law
Constitutional Law ANS✔✔ Establishes important legal principles
Not designed to specifically resolve every legal issue or case
May require "interpretation" by courts
Exists at state and federal levels
Statutory Law ANS✔✔ Created by a legislative body
Approved or disapproved by the
executive branch
(i.e., governor or president)
Also known as "codes"
Common Law ANS✔✔ Made by appellate courts
Based on the fundamentals of
previous cases that had similar facts
Also known as "case" law
Administrative Law ANS✔✔ Source of law that regulates the exercise of
authority by government agencies
Also known as "regulations"
Secondary Sources of Law ANS✔✔ have no independent authority, nor are
they legally binding.
, Solution 2024/2025
Pepper
Include the Restatements of the Law and sets of model statutes
Example: Uniform Commercial Code
How many articles are in the constitution ANS✔✔ 7
How many amendments are in the constitution ANS✔✔ 27
What is Stare Decisis ANS✔✔ is the principle that similar cases with similar
facts and issues should have the same judicial outcome.
What is Precedent ANS✔✔ When a court applies the law from a previous
case to a current case
Why is Stare Decisis Important ANS✔✔ Allows individuals and business to
have some degree of confidence that the law will remain reasonably
consistent.
Requires all lower courts, such as a trial court, to follow the case precedent
so that any similar case would be decided according to the precedent.
What is "Equity" in our legal system? ANS✔✔ used in the context of the
common laws rules that guild courts in deciding cases and controversies
before them
What are 2 maxims of equity ANS✔✔ Equity Aids the Vigilant
Substance over Form
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 Schoolflix. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52928 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now