NCSU MIE 305 EXAM 1 (CHAPTERS 1-3)
Questions and Answers (Verified Answers by Expert)
1. What is the importance of a Business Law course in a
business/man- agement curriculum, and/or the importance of
knowing something about it to a businessperson?
ANS The law is important to modern business. The history of business
reveals the prominence of law. Educators today emphasize the role of
law in preparing tomorrow's business leaders.
2. How can businesspeople use the law to a strategic advantage?
ANS Knowing legal rights and duties enhances one's ability to identify
legal risks and effectively reduce or eliminate resulting legal liability.
Knowing legal rights and duties allows business leaders to use the law
to their strategic advantage.
3. Series of treatises that articulate the principles or rules for a
specific area of law
ANS Restatement of the Law
4. Do the differences between primary and secondary
authority change de- pending on what court one is in?
ANS If the legal resource is from somewhere else or here, then it
becomes controlling or persuasive
5. What's the difference between primary and secondary authority?
ANS If it's a case or a statute (including administrative rules), it's
primary authority. If it's anything other than a case or statute, it is
secondary authority
,6. What is the difference between controlling and
persuasive authority?
ANS - Controlling authority is law that is directly binding on a court
in that jurisdiction. Persuasive authority is law somewhere, but just not
here
7. Why has the US experienced an "orgy of statute-making," as it's
described in the book?
ANS As legislators churn out more statutory law, there is by necessity
more printed definition of— and therefore less interpretive space for—
the rules of law, and many common law principles are modified or even
eviscerated by statutes which come along to trump them
8. How do judges approach their powers of equity?
ANS Courts of equity use philo- sophical sounding maxims, or general
principles of justice, instead of strict rules of law to decide cases.
9. What is equity?
ANS A branch of law that developed alongside common law and is
concerned with fairness and justice, formerly administered in special
courts
10. How can modern US judges make decisions between law
and/or equity, and under what circumstances?
ANS Decisions of law typically involve monetary damages, decisions of
equity typically refers
to injunctions, specific performance, or vacatur
11. How did equity develop, both in England and the US?
ANS Before you could sue someone for those money damages, you
often had to go through difficult procedural mechanisms to get written
,permission to do so. This system dissuaded many parties from going to
the bother of seeking justice in that way.
12. What are alternatives to common law in use in world legal
systems?
ANS A civil-law or code-law system is one where all the legal rules are
in one or more comprehensive legislative enactments
13. Who or what was instrumental in Common law's development?
ANS Henry II
14. How did the Common Law come to be, and how was it spread
across England?
ANS Henry II streamlined the court system and standardized it
throughout the land, requiring great deference be paid to the decisions
of the curia regis and developing a system of "ridings" and "circuits".
Judges would learn from each other the intended interpretation of
rulings from the curia regis, and as they shared their own case
decisions with each other, a general consensus among judges of what
the common law rule should be in a certain case with a certain set of
facts developed
15. What is judicial review, and why was Marbury v. Madison
important to that concept?
ANS The power of the judiciary to review the actions of the other
branches of government and to set them aside as null and void if they
are in violation of the Constitution. In this case, they literally created
for the court a power that the founding fathers had not enumerated
(spelled out) in the Constitution.
,4 of 28 8/2/2024, 4:35
Questions and Answers (Verified Answers by Expert)
1. What is the importance of a Business Law course in a
business/man- agement curriculum, and/or the importance of
knowing something about it to a businessperson?
ANS The law is important to modern business. The history of business
reveals the prominence of law. Educators today emphasize the role of
law in preparing tomorrow's business leaders.
2. How can businesspeople use the law to a strategic advantage?
ANS Knowing legal rights and duties enhances one's ability to identify
legal risks and effectively reduce or eliminate resulting legal liability.
Knowing legal rights and duties allows business leaders to use the law
to their strategic advantage.
3. Series of treatises that articulate the principles or rules for a
specific area of law
ANS Restatement of the Law
4. Do the differences between primary and secondary
authority change de- pending on what court one is in?
ANS If the legal resource is from somewhere else or here, then it
becomes controlling or persuasive
5. What's the difference between primary and secondary authority?
ANS If it's a case or a statute (including administrative rules), it's
primary authority. If it's anything other than a case or statute, it is
secondary authority
,6. What is the difference between controlling and
persuasive authority?
ANS - Controlling authority is law that is directly binding on a court
in that jurisdiction. Persuasive authority is law somewhere, but just not
here
7. Why has the US experienced an "orgy of statute-making," as it's
described in the book?
ANS As legislators churn out more statutory law, there is by necessity
more printed definition of— and therefore less interpretive space for—
the rules of law, and many common law principles are modified or even
eviscerated by statutes which come along to trump them
8. How do judges approach their powers of equity?
ANS Courts of equity use philo- sophical sounding maxims, or general
principles of justice, instead of strict rules of law to decide cases.
9. What is equity?
ANS A branch of law that developed alongside common law and is
concerned with fairness and justice, formerly administered in special
courts
10. How can modern US judges make decisions between law
and/or equity, and under what circumstances?
ANS Decisions of law typically involve monetary damages, decisions of
equity typically refers
to injunctions, specific performance, or vacatur
11. How did equity develop, both in England and the US?
ANS Before you could sue someone for those money damages, you
often had to go through difficult procedural mechanisms to get written
,permission to do so. This system dissuaded many parties from going to
the bother of seeking justice in that way.
12. What are alternatives to common law in use in world legal
systems?
ANS A civil-law or code-law system is one where all the legal rules are
in one or more comprehensive legislative enactments
13. Who or what was instrumental in Common law's development?
ANS Henry II
14. How did the Common Law come to be, and how was it spread
across England?
ANS Henry II streamlined the court system and standardized it
throughout the land, requiring great deference be paid to the decisions
of the curia regis and developing a system of "ridings" and "circuits".
Judges would learn from each other the intended interpretation of
rulings from the curia regis, and as they shared their own case
decisions with each other, a general consensus among judges of what
the common law rule should be in a certain case with a certain set of
facts developed
15. What is judicial review, and why was Marbury v. Madison
important to that concept?
ANS The power of the judiciary to review the actions of the other
branches of government and to set them aside as null and void if they
are in violation of the Constitution. In this case, they literally created
for the court a power that the founding fathers had not enumerated
(spelled out) in the Constitution.
,4 of 28 8/2/2024, 4:35
