BMAL 590: LEGAL ENVIRONMENT OF BUSINESS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED GRADED A++
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Course
BMAL 590
Institution
BMAL 590
BMAL 590: LEGAL ENVIRONMENT OF BUSINESS EXAM QUESTIONS AND ANSWERS WITH COMPLETE SOLUTIONS VERIFIED GRADED A++
What is law?
Law denotes the principles and regulations established in a community by some authority and applicable to its people, either through legislation, or through custom, or throu...
Law denotes the principles and regulations established in a community by some authority and applicable
to its people, either through legislation, or through custom, or through policies recognized and enforced
by a judicial decision. Law can also be defined as a body of rules of conduct of binding legal force that if
broken, subjects a party to criminal punishment or civil liability
Why do we need laws?
Primarily to regulate the behavior of the individual or the business, to be aligned with what is acceptable
to society as a whole.
Public Law
relates to the ability of society to take action against those whose actions are considered to be against
the law.
Private Law
relates to the ability of individuals to initiate action against others (to sue one another).
Law is made at the
federal, state, and local levels
Law is made by
,legislatures (statutes), by court decisions (common law), and by administrative agencies (regulations).
Old Laws can be
modified or repealed
New laws can be
made to address changed in society
Laws are not
static
In the U.S., the highest law is the
Constitution (No local, state, or federal law can contradict the provisions of the U.S. Constitution.)
The Constitution may be _________ by the procedure prescribed by the Constitution itself.
amended
An amendment comes into force when
approved by two-thirds of both houses of Congress, then ratified by three-fourths of the state
legislatures. When so ratified, the amendments become part of the Constitution.
The first 10 amendments are known as the
Bill of Rights
Laws created by legislative bodies at all levels are known as
statutes.
Generally, _______ laws are applicable throughout the country.
,federal
_____ laws are confined to a particular state.
State
laws are confined to the geographical jurisdiction of the authority.
Local
When a state law or a local law conflicts with a federal law, under __________, the federal law
prevails.
supremacy
Federal laws are passed by Congress and signed into law by the
President
State laws are passed by the state legislatures and signed into law by the
Governor
If the President or Governor rejects (vetoes) a proposed law, the legislature may
override the veto if at least two-thirds of the members of each house of the legislature vote in favor of
the law.
The President has the power to enter into ________ with ________ nations on a wide variety of issues
from trade to defense.
treaties; Sovereign
A treaty becomes a law when approved by two-thirds of the
, Senate.
A treaty becomes a law when approved by ______ of the Senate.
two-thirds
__________ are a source of precedent both for the parties concerned and prospectively for others in
the same jurisdiction in a similar situation.
Judicial decisions create
Judicial decisions; Case Law
The opinions of courts, taken together, creates
Common Law.
Courts make decisions based on
precedent
Over time, Common Law creates a degree of
consistency and predictability
The decision of a ______________ within the jurisdiction of the higher court.
higher court supersedes the decision of a lower court
Courts interpret
existing laws.
If there is no precedent to guide the resolution of a case, it is said to be a
Case of First Impression.
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