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Business Law #1
Chapter 1
| Question | Answer |
|---|---|
| Do laws reflect the culture and circumstances that create them? | Yes |
| In the US, at what level(s) of government are laws created? | All of them (federal, state and local) |
| Who is the final interpreter of the US Constitution? | The Supreme Court |
| What are the world's two great systems of law? | English common law and Roman civil law |
| What is the difference between interstate law and intrastate law? | Interstate- between two or more states Intrastate- within a state |
| Who controls administrative agencies like the Social Security Administration? | Federal, state, and local legislatures |
| Is UCC (Uniform Commercial Code) a federal statute? | No |
| What is the system of law in the US based on? | English common law |
| What does the doctrine of stare decisis mean? | Requires lower courts to follow established case law in deciding similar cases |
| In the US, are there separate law courts and equity courts? | No |
| What documents sets forth the framework of a government and its relationship to the people it governs? | The Consitution |
| How many stages do most societies go through in forming their legal systems? | Four |
| If the US Constitution and a state constitution conflict, which prevails? | The US Constitution |
| What type of law is based on current standards or customs of the people? | Common law |
| What type of law is dictated from above by a central authority? | Positive law |
| What types of matters do police investigate? | Criminal |
| Where did equity courts develop? | England |
| What do we call laws made by administrative agencies? | Rules and Regulations |
| What is the term that describes using prior cases as a guide for deciding similar new cases? | Precedent |
| Business laws greatly affect who? | Merchants and consumers |
| Compare and contrast criminal law and civil law | Criminal- an offence against society Civil- a remedy for wrongs against individuals |
| Compare and contrast substantive law and procedural law | Procedural- deals with the methods for enforcing legal rights and duties Substantive- defines said rights and duties |
| Compare and contrast business law and other forms of law | Business law primarily affects merchants and consumers, other forms of law specify to other groups of people |
| **Know how to apply legal practices** | |
| What is the purpose of law? | To maintain order and peace |
| **Know how to decide if something is civil or criminal** |
Created by:
LilRomano