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Business law BADM 7140 Exam With Complete Solutions 100% Verified
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Business law BADM 7140 Exam With Complete Solutions 100% Verified...
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Business law BADM 7140 Exam With CompleteSolutions 100% Verified
Law - ANSWER a set of enforceable rules that govern 1) the relationship between
individuals and 2) the relationship between people and society
15 sources of Law - ANSWER International law, federal constitution, federal executive
order, federal statute, federal cases, federal regulations, state constitution, state
executive order, state statute, state civil code, state cases, state regulations,
ordinances, works of scholars, private party contracts, trade usage (industry practices)
Natural law - ANSWER Divine law, higher code of interest
Positive law - ANSWER Written law
Federal court power - ANSWER Court with limited power, but supreme power. Hear
cases with diversity and > $75,000. Also hear federal bankruptcy, federal questions,
suits against ambassadors, maritime/admiralty cases, and federal tax cases.
State court power - ANSWER Court that can hear virtually any type of case (general
SMJ)
Standing to Sue - ANSWER A party must have a legally protected, tangible interest at
stake.
Privileges and immunities clause - ANSWER Citizens of each state shall be entitled to
all privileges and immunities of citizens in the several state.
Full faith and credit clause - ANSWER Full faith and credit shall be given in each state
,to public acts, records, and judicial proceedings of every other state.
Commerce clause - ANSWER US constitution expressly allows Congress to regulate
Commerce with foreign nations and among the several states and with the Indian tribes.
Supremacy clause - ANSWER the constitution, laws, and treaties of the US are the
supreme law of the land.
Establishment clause - ANSWER Prohibits the government from establishing a
state-sponsored religion as well as from passing laws that promote religion or that show
a preference for one religion over another.
Free exercise clause - ANSWER Guarantees that a person can hold any religious belief
that he or she wants or a person can have no religious belief.
Due process clause - ANSWER Both fourth and fifth amendment provide that no person
shall be deprived of life liberty or property without due process.
Procedural due process - ANSWER Requires government decision to take life liberty or
property be made equitably; proper notice and opportunity to be heard.
Substantive due process - ANSWER Protects individuals life liberty or property against
certain government actions regardless of the fairness of the procedures used to
implement them.
Equal protection clause - ANSWER A state may not deny to any person within its
jurisdiction the equal protection of the laws. It also means the federal government
cannot enact laws that treat similarly situated individual's differently.
Agreement - ANSWER Parties must agree on the terms of the contract and manifest to
each other their mutual assent to the same bargain.
, Consideration - ANSWER Value given in return for a promise or in return for a
performance. Something of legally sufficient value must be given usually there must be a
bargained for exchange.
Capacity - ANSWER The legal ability to enter into a contractual agreement.
Legality - ANSWER Contract must be formed for legal purpose.
Three types of Alternative Dispute Resolution - ANSWER Negotiation, mediation,
arbitration
Negotiation - ANSWER A process in which the parties attempt to settle their dispute
informally, with or without attorneys to represent them.
Mediation - ANSWER A neutral third party acts as mediator and works with both sides
in the dispute to facilitate a resolution.
Arbitration - A method of resolving disputes in which an impartial person (a single
arbitrator) or a panel renders a binding decision after considering arguments from each
side. May be legally binding if the parties agree to it in advance.
Arbitration Clause - A clause within a contract that requires a dispute arising under
that contract to be resolved through arbitration rather than in court.
Five boxes of Litigation - ANSWER 1. Cause of Action 2. Right of Action 3. Subject
Matter Jurisdiction 4. Personal Jurisdiction 5. Venue
Civil Law - ANSWER Written code to deal with private law such as businesses,
negligence lawsuits and practices J (perceived as pure form of law)
Common Law - ANSWER Precedents, case law; stare decisis "let the decision stand"
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