Business Law Exam 1 – Chapters 1-2, 4, 6-7 – 2026 –
Study Guide and Practice Material
3 Branches of Government - correct answer ✔✔ Legislative, Executive, Judicial
What does the Legislative branch do? - correct answer ✔✔ Writes the Law
What does the Executive branch do? - correct answer ✔✔ Enforces the law
What does the Judicial branch do? - correct answer ✔✔ Interprets the law
4 sources of law - correct answer ✔✔ US Constitution,
Statutes,
Rules/Regulations,
Case law/Common Law
Who writes Statutes? - correct answer ✔✔ Legislative Branch
Where can you find Florida statutes? - correct answer ✔✔ Florida statute website
Who writes Rules/Regulations? - correct answer ✔✔ Executive Branch
Where can you find Florida Rules/Regulations? - correct answer ✔✔ Florida Administrative
Code (website)
Who writes Case law/Common Law? - correct answer ✔✔ Judicial branch
, 4 Schools of thought - correct answer ✔✔ Naturalism
Positivism
Historical Theory
Legal Realism
Naturalism - correct answer ✔✔ written laws don't cover everything.
Positivism - correct answer ✔✔ Written law doesn't apply to you so cant prosecute you.
try to put a new law into place or create a new law to cover this.
Historical Theory - correct answer ✔✔ Precedent. maintain predictability
referencing previous case law to figure out how you should rule in this case.
Legal Realism - correct answer ✔✔ Case by case theory. Considering all the factors because
every case is different and circumstantial.
3 Functions of Law - correct answer ✔✔ Stability
Predictability
Continuity
Criminal Vs. Civil - correct answer ✔✔ Criminal - Crime against Society & Jail time
Civil - Specific Victim & no Jail time (Legal or Equitable Remedy)
2 types of remedies - correct answer ✔✔ Legal and Equitable
Legal - Money and Property
Study Guide and Practice Material
3 Branches of Government - correct answer ✔✔ Legislative, Executive, Judicial
What does the Legislative branch do? - correct answer ✔✔ Writes the Law
What does the Executive branch do? - correct answer ✔✔ Enforces the law
What does the Judicial branch do? - correct answer ✔✔ Interprets the law
4 sources of law - correct answer ✔✔ US Constitution,
Statutes,
Rules/Regulations,
Case law/Common Law
Who writes Statutes? - correct answer ✔✔ Legislative Branch
Where can you find Florida statutes? - correct answer ✔✔ Florida statute website
Who writes Rules/Regulations? - correct answer ✔✔ Executive Branch
Where can you find Florida Rules/Regulations? - correct answer ✔✔ Florida Administrative
Code (website)
Who writes Case law/Common Law? - correct answer ✔✔ Judicial branch
, 4 Schools of thought - correct answer ✔✔ Naturalism
Positivism
Historical Theory
Legal Realism
Naturalism - correct answer ✔✔ written laws don't cover everything.
Positivism - correct answer ✔✔ Written law doesn't apply to you so cant prosecute you.
try to put a new law into place or create a new law to cover this.
Historical Theory - correct answer ✔✔ Precedent. maintain predictability
referencing previous case law to figure out how you should rule in this case.
Legal Realism - correct answer ✔✔ Case by case theory. Considering all the factors because
every case is different and circumstantial.
3 Functions of Law - correct answer ✔✔ Stability
Predictability
Continuity
Criminal Vs. Civil - correct answer ✔✔ Criminal - Crime against Society & Jail time
Civil - Specific Victim & no Jail time (Legal or Equitable Remedy)
2 types of remedies - correct answer ✔✔ Legal and Equitable
Legal - Money and Property
