BUS 206 - CHAPTER 1 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026

BUS 206 - CHAPTER 1 EXAM QUESTIONS WITH CORRECT ANSWERS LATEST UPDATE 2026 Public law - Answers Codified law, statues; by government body Private law - Answers Rules created by individuals for their contracts, tenancy, and employment Civil law - Answers Laws regulating harms and carrying damage remedies Criminal law - Answers Law regulating wrongful conduct and carrying sentences and fines Statutory law - Answers Codified law Common law - Answers Law developed historically and by judicial precedent Substantive laws - Answers Laws giving rights and responsibilities Procedural laws - Answers Laws that provide enforcement rights What are the purposes of law? - Answers Keep order, influence conduct, honor expectations, promote equality, offer compromises What are the characteristics of law? - Answers •Flexibility, Consistency, Pervasiveness •Jurisprudence - the theory of law Where are laws found and who enacts them? - Answers •Constitution •Federal statutes •State statutes •Ordinances Federal Statues - Answers Laws passed by Congress: the U.S. Code State Statues - Answers Laws passed by state legislatures, including uniform laws on contracts and business organization Ordinances - Answers Local laws passed by cities, counties, and townships What are the sources of international law? - Answers Customs - the standards of conduct and norms in a country European Union - Answers Group of nations working collectively for uniform laws and barrier free trade Uniform laws - Answers Contracts for the International Sale of Goods (CISG) 3 types of treaties - Answers •Bilateral - 2 nations •Multilateral - several nations •Universal - recognized by almost all nations (Example: Geneva Convention) Act of State Doctrine - Answers Protects government from other country's courts Constitutional law - Answers Law of the people. Cannot be changed, commended, or repealed *provides the framework for all law Jurisprudence - Answers "Wisdom of the law" The U.S. was founded on this law? - Answers Natural law - certain rights cannot be taken away Purposes of law - Answers •Keeping order •Influencing conduct •Honoring expectations •Promoting equality •Law as the great compromiser Characteristics of law - Answers •Flexibility •Consistency •Pervassiveness Equity - Answers A body that attempts to do justice when the law doesn't provide a remedy Example: Copyrights for motion picture Brief - Answers A written statement by an attorney that summarizes a case and the laws and rulings that support it Codified meaning - Answers Arrange (laws or rules) into a systematic code Stare decisis means - Answers Let the decision stand They call them "floating bacchanals." Offshore from Florida and California cities, sunseekers take their rafts and boats and tie them together as they share adult beverages, music, swimming, and the sun. However, after a day of floating, many involved in the floating community are so drunk that they cannot get their rafts and boats back to shore. In addition, safety patrols have difficulties gaining access to take action when there are