BUSI 404 (Updated 2024) Midterm (100%
correct answers)
Law - ANSWER-Concerns the relations between individuals as such relations
affect the social and economic order. It is a product of civilization and the means
by which civilization is maintained. Reflects the social, economic, political,
religious, and moral philosophy of society.
Law's function - ANSWER-1. Establish order/peace keeping
2. Establish standards, morals
3. Protection of the state
4. Protection of the property
5. Stability
6. Settle Disputes
Maintain stability in the social, political, and economic system while
simultaneously permitting change.
Laws and morals - ANSWER-Although moral concepts greatly influence the law,
morals and law are not the same. They are more like an intersecting circle.
Justice - ANSWER-fair, equitable, and impartial treatment of the competing
interests, and desires of individuals and groups with due regard for common
good. Law is no guarantee of justice like the actions of the Nazis being lawful.
Categories of Law - ANSWER-1. Substantive and Procedural
2. Public and Private
3. Civil and Criminal
Right - ANSWER-Capacity of a person with the aid of the law, to require another
person or persons to perform, or to refrain from performing a certain act. If Alice
sells and delivers goods to Bob for the agreed price of $500, Alice is capable with
the aid of the courts of enforcing the payment by bob
,Duty - ANSWER-the obligation the law imposes upon a person to perform, or to
refrain from performing a certain act. No right can rest upon one person without a
corresponding duty resting upon another person.
Substantive law - ANSWER-creates, defines, and regulates legal rights and
duties. Thus, the rules of contract law that determine a binding contract are rules
of substantive law.
Procedural Law - ANSWER-Sets forth the rules for enforcing those rights that
exist by reason of the substantive law. Thus, procedural law defines the method
by which to obtain a remedy in court. Procedural law is easier to appeal.
Public Law - ANSWER-the branch of substantive law that deals with the
government's rights and powers and its relationship to individuals or groups.
Consists of constitutional, administrative (SEC, IRS, etc), and criminal law
(prosecutor is state).
Private Law - ANSWER-That part of substantive law governing individuals and
legal entities (such as corporations) in their relationships with one another.
Business law is primarily private law. Any two private entities suing each other.
Civil law - ANSWER-defines duties, the violation of which constitutes a wrong
against the party injured by the violation. Part of private law. In a civil action the
injured party sues to recover compensation for the damage and injury sustained
as a result of the plaintiffs wrongdoing. The plaintiff has the burden of proof,
which the plaintiff must sustain by a preponderance (greater weight) of the
evidence. Purpose is to compensate the injured party not to punish.
Criminal law - ANSWER-establishes duties, the violation of which is a wrong
against the whole community. Aims to punish the wrongdoer.
Crime - ANSWER-any act prohibited or omission required by public law in the
interest of protecting the public and made punishable by the government in a
judicial proceeding brought by it. The government must prove criminal guilt
beyond a reasonable doubt. Crimes are prohibited and punishable on the
grounds of public policy. Also used for deterrence and rehabilitation.
, Sources of Law - ANSWER-federal and state constitutions, federal treaties,
interstate compacts, federal and state statutes and executive orders, the
ordinances of countless local municipal governments, the rules and regulations
of federal and state administrative agencies, and an ever-increasing volume of
reported federal and state court decisions.
Supreme law of the land - ANSWER-is the us constitution, which provides in turn
that federal statues and treaties shall be paramount to state constitutions and
statutes. Other federal actions having the force of the law are executive orders by
the president and rules and regulations set by federal administrative officials,
agencies, and commissions.
State constitutions - ANSWER-The paramount law of each state. Although, it
cannot deprive rights from US constitution, it can give more rights beyond it.
More specific than US constitution and amended more frequently. Rules and
regulations of state administrative agencies have the force of law, as do
executive orders issued by governors.
constitution - ANSWER-the fundamental law of a particular level of government,
establishes the governmental structure and allocates power among
governmental levels thereby defining political relationships. Restricts the powers
of government and specifies the rights and liberties of the people. No law is valid
if it violates the federal constitution.
Judicial Review - ANSWER-The supreme court of the US determines the
constitutionality of all laws.
Common law system - ANSWER-Is what the US legal system is. Relies heavily
on the judiciary as a source of law and on the adversary system for settling
disputes
Adversary system - ANSWER-parties, no the court, must initiate and conduct
litigation. Based on the belief that the truth is more likely to emerge from the
investigation and presentation of evidence by two opposing parties, both
motivated by self interest.
correct answers)
Law - ANSWER-Concerns the relations between individuals as such relations
affect the social and economic order. It is a product of civilization and the means
by which civilization is maintained. Reflects the social, economic, political,
religious, and moral philosophy of society.
Law's function - ANSWER-1. Establish order/peace keeping
2. Establish standards, morals
3. Protection of the state
4. Protection of the property
5. Stability
6. Settle Disputes
Maintain stability in the social, political, and economic system while
simultaneously permitting change.
Laws and morals - ANSWER-Although moral concepts greatly influence the law,
morals and law are not the same. They are more like an intersecting circle.
Justice - ANSWER-fair, equitable, and impartial treatment of the competing
interests, and desires of individuals and groups with due regard for common
good. Law is no guarantee of justice like the actions of the Nazis being lawful.
Categories of Law - ANSWER-1. Substantive and Procedural
2. Public and Private
3. Civil and Criminal
Right - ANSWER-Capacity of a person with the aid of the law, to require another
person or persons to perform, or to refrain from performing a certain act. If Alice
sells and delivers goods to Bob for the agreed price of $500, Alice is capable with
the aid of the courts of enforcing the payment by bob
,Duty - ANSWER-the obligation the law imposes upon a person to perform, or to
refrain from performing a certain act. No right can rest upon one person without a
corresponding duty resting upon another person.
Substantive law - ANSWER-creates, defines, and regulates legal rights and
duties. Thus, the rules of contract law that determine a binding contract are rules
of substantive law.
Procedural Law - ANSWER-Sets forth the rules for enforcing those rights that
exist by reason of the substantive law. Thus, procedural law defines the method
by which to obtain a remedy in court. Procedural law is easier to appeal.
Public Law - ANSWER-the branch of substantive law that deals with the
government's rights and powers and its relationship to individuals or groups.
Consists of constitutional, administrative (SEC, IRS, etc), and criminal law
(prosecutor is state).
Private Law - ANSWER-That part of substantive law governing individuals and
legal entities (such as corporations) in their relationships with one another.
Business law is primarily private law. Any two private entities suing each other.
Civil law - ANSWER-defines duties, the violation of which constitutes a wrong
against the party injured by the violation. Part of private law. In a civil action the
injured party sues to recover compensation for the damage and injury sustained
as a result of the plaintiffs wrongdoing. The plaintiff has the burden of proof,
which the plaintiff must sustain by a preponderance (greater weight) of the
evidence. Purpose is to compensate the injured party not to punish.
Criminal law - ANSWER-establishes duties, the violation of which is a wrong
against the whole community. Aims to punish the wrongdoer.
Crime - ANSWER-any act prohibited or omission required by public law in the
interest of protecting the public and made punishable by the government in a
judicial proceeding brought by it. The government must prove criminal guilt
beyond a reasonable doubt. Crimes are prohibited and punishable on the
grounds of public policy. Also used for deterrence and rehabilitation.
, Sources of Law - ANSWER-federal and state constitutions, federal treaties,
interstate compacts, federal and state statutes and executive orders, the
ordinances of countless local municipal governments, the rules and regulations
of federal and state administrative agencies, and an ever-increasing volume of
reported federal and state court decisions.
Supreme law of the land - ANSWER-is the us constitution, which provides in turn
that federal statues and treaties shall be paramount to state constitutions and
statutes. Other federal actions having the force of the law are executive orders by
the president and rules and regulations set by federal administrative officials,
agencies, and commissions.
State constitutions - ANSWER-The paramount law of each state. Although, it
cannot deprive rights from US constitution, it can give more rights beyond it.
More specific than US constitution and amended more frequently. Rules and
regulations of state administrative agencies have the force of law, as do
executive orders issued by governors.
constitution - ANSWER-the fundamental law of a particular level of government,
establishes the governmental structure and allocates power among
governmental levels thereby defining political relationships. Restricts the powers
of government and specifies the rights and liberties of the people. No law is valid
if it violates the federal constitution.
Judicial Review - ANSWER-The supreme court of the US determines the
constitutionality of all laws.
Common law system - ANSWER-Is what the US legal system is. Relies heavily
on the judiciary as a source of law and on the adversary system for settling
disputes
Adversary system - ANSWER-parties, no the court, must initiate and conduct
litigation. Based on the belief that the truth is more likely to emerge from the
investigation and presentation of evidence by two opposing parties, both
motivated by self interest.
