BUSFIN 3500 Legal Env of Bus (OSU) Exam 1
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Update 2026
Business Law - CORRECT ANSWER -consists of enforceable rules of conduct that govern
commercial relationships ("commercial" meaning "for the purpose of making a profit")
Private law - CORRECT ANSWER -regulates disputes between private individuals or groups
Public law - CORRECT ANSWER -controls disputes between private individuals or groups and
their government
Civil law - CORRECT ANSWER -lays out the rights and responsibilities implied in relationships
between persons and between persons and their government, It also identifies the remedies
available when someone's rights are violated
Criminal law - CORRECT ANSWER -regulates situations in which someone commits an act against
the public as a whole
Both civil and criminal law regulates the _______________ of other individuals - CORRECT
ANSWER -behavior
statutory law - CORRECT ANSWER -is the assortment of statutes, or rules and regulations put
forth by legislatures
model or uniform laws - CORRECT ANSWER -serve as suggestions for statutory law at the state
level
, National Conference of Commissioners on Uniform State Laws (NCC) - CORRECT ANSWER -
prevent state-to-state business problems, a group of legal scholars and lawyers formed the
National Conference of Commissioners on Uniform State Laws
Uniform Commercial Code (UCC) - CORRECT ANSWER -laws include sales laws and other
regulations affecting commerce, such as bank deposits and collections, title documents, and
warranties
Case law - CORRECT ANSWER -also called common law, is the collection of legal interpretations
made by judges
Precedent - CORRECT ANSWER -past decisions in similar cases that guide later decisions,
thereby providing greater stability and predictability to the law.
stare decisis - CORRECT ANSWER -("standing by their decision")- rulings made in higher courts
become a binding precedent for lower courts
Restatements of the Law - CORRECT ANSWER -These are summaries of the common law rules in
a particular area of the law that have been enacted by most states
Administrative law - CORRECT ANSWER -the collection of rules and decisions made by a huge
number of administrative agencies
Treaty - CORRECT ANSWER -is a binding agreement between two states or international
organizations, To be binding, it must then be approved by two-thirds of the Senate
Treaty and contract similarities - CORRECT ANSWER -Both treaties and contracts are attempts by
parties to determine rights and obligations among themselves, and when a party fails to obey a
treaty or a contract, international law imposes liability on it
Questions And Answers| Already Graded A+| Latest
Update 2026
Business Law - CORRECT ANSWER -consists of enforceable rules of conduct that govern
commercial relationships ("commercial" meaning "for the purpose of making a profit")
Private law - CORRECT ANSWER -regulates disputes between private individuals or groups
Public law - CORRECT ANSWER -controls disputes between private individuals or groups and
their government
Civil law - CORRECT ANSWER -lays out the rights and responsibilities implied in relationships
between persons and between persons and their government, It also identifies the remedies
available when someone's rights are violated
Criminal law - CORRECT ANSWER -regulates situations in which someone commits an act against
the public as a whole
Both civil and criminal law regulates the _______________ of other individuals - CORRECT
ANSWER -behavior
statutory law - CORRECT ANSWER -is the assortment of statutes, or rules and regulations put
forth by legislatures
model or uniform laws - CORRECT ANSWER -serve as suggestions for statutory law at the state
level
, National Conference of Commissioners on Uniform State Laws (NCC) - CORRECT ANSWER -
prevent state-to-state business problems, a group of legal scholars and lawyers formed the
National Conference of Commissioners on Uniform State Laws
Uniform Commercial Code (UCC) - CORRECT ANSWER -laws include sales laws and other
regulations affecting commerce, such as bank deposits and collections, title documents, and
warranties
Case law - CORRECT ANSWER -also called common law, is the collection of legal interpretations
made by judges
Precedent - CORRECT ANSWER -past decisions in similar cases that guide later decisions,
thereby providing greater stability and predictability to the law.
stare decisis - CORRECT ANSWER -("standing by their decision")- rulings made in higher courts
become a binding precedent for lower courts
Restatements of the Law - CORRECT ANSWER -These are summaries of the common law rules in
a particular area of the law that have been enacted by most states
Administrative law - CORRECT ANSWER -the collection of rules and decisions made by a huge
number of administrative agencies
Treaty - CORRECT ANSWER -is a binding agreement between two states or international
organizations, To be binding, it must then be approved by two-thirds of the Senate
Treaty and contract similarities - CORRECT ANSWER -Both treaties and contracts are attempts by
parties to determine rights and obligations among themselves, and when a party fails to obey a
treaty or a contract, international law imposes liability on it
