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MIE 305 EXAM 1 2024 RECENT UPDATE [MOST TESTED QUESTIONS] CERTIFIED STUDY GUIDE RESOURCES COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS GET IT RIGHT GRADE A+,,,Alpha€16,58
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MIE 305 EXAM 1 2024 RECENT UPDATE [MOST TESTED QUESTIONS] CERTIFIED STUDY GUIDE RESOURCES COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS GET IT RIGHT GRADE A+,,,Alpha
MIE 305 EXAM 1
2024 RECENT UPDATE
[MOST TESTED QUESTIONS] CERTIFIED STUDY GUIDE RESOURCES COMPREHENSIVE QUESTIONS AND VERIFIED ANSWERS GET IT RIGHT GRADE A+,,,Alpha
[MOST TESTED QUESTIONS] CERTIFIED
STUDY GUIDE RESOURCES COMPREHENSIVE
QUESTIONS AND VERIFIED ANSWERS GET IT
RIGHT GRADE A+
Liability - (correct answer) the state of being legally
responsible (liable) for something, such as debt or obligation
Breach - (correct answer) failure to perform a legal
obligation
Sources that establish American Law - (correct
answer) The constitution, statues or laws passed by congress
or state legislatures, regulations created by admin agencies,
case law
Primary Sources of American Law - (correct answer) a
document that establishes the law on a particular issue, such as
,a constitution, a statue, an administrative rule, or a court
decision
Secondary Source of American Law - (correct answer)
a publication that summarizes or interprets the law, such as a
legal encyclopedia, a legal treatise, or an article in a law review
Constitutional Law - (correct answer) The body of law
derived from the U.S. constitution and the constitutions of
various states
Law - (correct answer) a body of enforceable rules
governing relationships among individuals and between
individuals and their society
-establish rights, duties, and privileges that are consistent w/
the values & beliefs of a society or its ruling group
role of law in small business - (correct answer) 1. Business
organization (type of entity, how much personal liability?)
2. Taxation (how it will be taxed, how to reduce taxes)
3. Intellectual property (any patents that need to be protected?
what steps should the firm take)
,4. Administrative law (what types of gov regulations apply to
business/how to comply)
5. Employment (employee manual? explicitly inform employees
of their rights?)
6. Contracts, Sales, and Leases (will the firm be entering into
contracts with others?)
7. Accounting (do the financial statements need to be verified
for accuracy?)
8. Finances (appropriate and legal ways to raise additional
capital)
Statutory Law - (correct answer) The body of law enacted by
legislative bodies (as opposed to constitutional law, admin law,
or case law)
Citation - (correct answer) a reference to a publication in
which a legal authority--such as a statue or a court decision-- or
other source can be found
ordinance - (correct answer) a regulation enacted by a city
or county legislative body that becomes part of that state's
statutory law
, Uniform Law - (correct answer) a model law developed by
the National conference of Commissioners on Uniform State
Laws for the states to consider enacting into statue
Admin Law - (correct answer) consists of the rules, orders,
and decisions of administrative agencies
Case Law - (correct answer) the rules of law announced in
court decisions. case law interprets statues, regulations,
constitutional provisions, and other case law
Common Law - (correct answer) the body of law developed
from custom or judicial decisions in English and U.S. courts, not
attributable to a legislature
-became part of heritage of all nations that were once British
colonies
Precedent - (correct answer) A court decision that furnishes
an example or authority for deciding a subsequent cases
involving identical or similar legal principles or facts
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