BUL3310 – Exam 1 – Florida State University – 2026 | Foundations of American Law & Legal Principles|Questions Provided with A+ Graded Rationales Latest Updated

BUL3310 – Exam 1 – Florida State University – 2026 | Foundations of American Law & Legal Principles|Questions Provided with A+ Graded Rationales Latest Updated Law a body of rules of action or conduct prescribed by controlling authority and having legal binding force - presents a system of societal order - established by elected legislators Law Creates: duties, obligations, and rights Law is Classified by: subject matter Categories of law Criminal, Civil, Substantive, Procedural, Public, Private Criminal Law ○ Protection of society; the violation of criminal laws results in penalties to the violator such as fines or imprisonment • Ex. Homicide, robbery, theft Substantive Law ○ Provide individuals w/ rights & create certain duties • State law that permits you to recover losses in a shipping contract Procedural Law ○ Sets structure & rules for pursuing substantive rights • Ex. State law that sets out a time period during which an injured party must file a lawsuit to recover losses • Statute of limitations in FL (civil) is 2 years Public Law ○ Derived from some government entity (state or federal legislature/executive) and administrative regulations (state or federal administrative agencies) • Ex. Federal statutes (patent act) or state statutes (Business Corporation Law) Private Law ○ Binding between 2 parties even though no specific statue or regulation provides for the rights of the parties • Ex. Contract for services Language of Law - american law brings in language from english, french, and latin - blacks law dictionary is the authoritative source for legal definitions - courts frequently act based on the "plain meaning of words" and define based on the "Dictionary Rule" Functions of Law • To provide system of order that defines rules of conduct and levies punishment for rule violations • To establish a system for resolving disputes by providing a basis deciding the legal interests and rights of the parties • To serve as a catalyst for commerce by promoting good faith dealing among merchants and consumers and give measure of reliability Law as Business Strategy • Noncompliance • Avoidance • Prevention • Value creation or legal competitive advantage Primary Sources of American Law constitutional law, statutory law, administrative law, common law, international law Constitutional Law ○ Establishes gov structures ○ Grates specific power to gov ○ Provides for rights and procedures Statutory Law ○ Law enacted as provided by constitutional law ○ Federal statutes ○ State statutes ○ Ordinances (local gov) Administrative Law ○ In statutes, gov delegate rule making to independent and administrative agencies ○ Some agencies even have administrative law judges, internal agency courts. To handle disputes or decisions ○ Subject to judicial review of their actions Common Law