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MS 331 Ch1
Business Law: Ch 1 The Legal and Constitutional Environment of Business
| Question | Answer |
|---|---|
| The _____ consists of enforceable rules governing relationships among individuals and between individuals and between individuals and their society | law |
| Regardless of how such rules (laws) are created, they all have one thing in common: | establish rights, duties, privileges (consistent with values and beliefs of their society) |
| Breaking or failing to perform as a contract is referred to as ____ | breaching |
| What are the two (broad) categories of "sources of law"? | Primary sources of law and Secondary Sources of Law |
| Primary Sources of law include: | U.S. Consitution; state constitutions; statutes or law passed by Congress/state legislation; Regulations by administrative agencies (FDA); Case law (court decisions) |
| Secondary Sources of law include: | books and articles that summarize and clarify the primary sources of law |
| What is the law as expressed in constitutions (federal government and state) | Constitutional law |
| Laws enacted by legislative bodies at any level of government, such as the statutes passed by congress or by state legislatures, make up the body of law generally referred to as ________ | Statutory law |
| Statutes (laws, rules, or orders) passed by municipal or county governing units to govern matters not covered by federal or state law are called _____ | Ordinances |
| What are model statutes for states to consider adopting? -- which were created to counter problems in trade/commerce between states | Uniform Laws |
| T or F: States are required to adopt uniform laws | False, each state has the option to adopt the uniform law |
| _____ consists of the rules, orders, and decisions of administrative agencies | Administrative Law |
| ____ - the doctrines and priciples announced in case - governs all areas not covered by statutory law or administrative law and is part of our common law tradition | Case Law |
| The body of law developed from custom or judicial decisions in English and U.S. courts, not attributable to a legislature | Common law |
| A court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts | Precedent |
| A common law doctrine under which judges are obligated to follow the precedents established in prior decisions | stare decisis |
| An area in which a court or courts have the power to apply the law | jurisdiction |
| Any source of law that a court must follow when deciding a cse | binding authority |
| How does the doctrine of stare decisis help the courts to be more efficient? | other courts have carefully reasoned through a similar case, their opinions/rulings can serve as guides |
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