C713 BUSINESS LAW UNIT 1 - SOURCES
AND TYPES OF LAW - CHAP: 1,4,6.
EXAM QUESTIONS AND ANSWERS
(VERIFIED AND UPDATED)
Chap 1 - ANS Intro To Law
Our legal system is largely based upon the ________model, but many societies contributed
ideas. - ANS English model, we inherited a complex structure of laws from England.
federalism: - ANS two levels of government (federal/state), each with specified powers.
precedent - ANS The tendency in lower courts to decide current cases based on previous
rulings.
Ensures predictability: stare decisis "let the decision stand."
common law - ANS Judge-made law, the accumulation of precedent, based on case after case
covenant - ANS lawsuit about a contract
@2026/2027 ALLRIGHTS RESERVED.
, The Federal Constitution does three basic things. - ANS First, it establishes the national
government of the United States, with its three branches. Second, it creates a system of checks
and balances among the branches. And third, the Constitution guarantees many basic rights to
the American people.
The Constitution divides legal authority into three branches: - ANS legislative, executive, and
judicial power.
Legislative power - ANS the ability to create new laws (Article 1). this power is Congress,
which is comprised of two chambers—a Senate (two voters from each state) and a House of
Representatives.
Executive power - ANS the authority to enforce laws (Article II) establishes the president as
commander in chief of the armed forces and the head of the executive branch of the federal
government
Judicial power - ANS the right to interpret laws and determine their validity (Article III).
Places the Supreme Court at the head of the judicial branch of the federal government.
The Founding Fathers wanted a decentralized system with checks and balances that, without
broad agreement, would tend towards - ANS inaction
statutes - ANS A law created by a legislature.
A bill must pass majority vote by the House and Senate, then approved by President who signs
it as a statute.
Injunction - ANS is a court order to stop doing something
@2026/2027 ALLRIGHTS RESERVED.
AND TYPES OF LAW - CHAP: 1,4,6.
EXAM QUESTIONS AND ANSWERS
(VERIFIED AND UPDATED)
Chap 1 - ANS Intro To Law
Our legal system is largely based upon the ________model, but many societies contributed
ideas. - ANS English model, we inherited a complex structure of laws from England.
federalism: - ANS two levels of government (federal/state), each with specified powers.
precedent - ANS The tendency in lower courts to decide current cases based on previous
rulings.
Ensures predictability: stare decisis "let the decision stand."
common law - ANS Judge-made law, the accumulation of precedent, based on case after case
covenant - ANS lawsuit about a contract
@2026/2027 ALLRIGHTS RESERVED.
, The Federal Constitution does three basic things. - ANS First, it establishes the national
government of the United States, with its three branches. Second, it creates a system of checks
and balances among the branches. And third, the Constitution guarantees many basic rights to
the American people.
The Constitution divides legal authority into three branches: - ANS legislative, executive, and
judicial power.
Legislative power - ANS the ability to create new laws (Article 1). this power is Congress,
which is comprised of two chambers—a Senate (two voters from each state) and a House of
Representatives.
Executive power - ANS the authority to enforce laws (Article II) establishes the president as
commander in chief of the armed forces and the head of the executive branch of the federal
government
Judicial power - ANS the right to interpret laws and determine their validity (Article III).
Places the Supreme Court at the head of the judicial branch of the federal government.
The Founding Fathers wanted a decentralized system with checks and balances that, without
broad agreement, would tend towards - ANS inaction
statutes - ANS A law created by a legislature.
A bill must pass majority vote by the House and Senate, then approved by President who signs
it as a statute.
Injunction - ANS is a court order to stop doing something
@2026/2027 ALLRIGHTS RESERVED.
