Business Law Final Exam Questions With Accurrate Answers
common law - correct answer -judge made law, body of all decisions made by judges
statute - correct answer -law passed by Congress or by a state legislature
equity - correct answer -court's use of power to create an equitable result
precedent - correct answer -earlier court case used to influence a court decision in a current case
criminal law - correct answer -concerns behavior so threatening that society outlaws it altogether
civil law - correct answer -regulates the rights and duties between parties
holding - correct answer -courts decision
reverse - correct answer -to declare lower courts ruling wrong and void
remand - correct answer -to send a case back down to a lower court
affirm - correct answer -to uphold a lower court's ruling
litigation - correct answer -process of resolving disputes in court
alternative dispute resolution - correct answer -resolving disputes out of court through formal or
informal processes
mediation - correct answer -form of ADR in which a neutral third party coaxes the disputing parties
toward a voluntary settlement
arbitration - correct answer -form of ADR in which a neutral third party has the power to impose a
binding decision
trial courts - correct answer -determine the facts and apply to them the law given by appellate courts
jurisdiction - correct answer -court's power to hear a case
appellate courts - correct answer -generally accept the facts provided by trial courts and review the
record for legal errors
error of law - correct answer -wrong decision made in a trial that leads to the reversal of a decision or a
new trial
federal question case - correct answer -claim based on the US Constitution, a federal statute, or a
federal treaty
, diversity case - correct answer -lawsuit in which the two parties are of different states and the amount
in dispute exceeds 75,000
steps to litigation - correct answer -pleadings, complaint, answer, discovery, interrogatories,
depositions, production of documents and things, summary judgement(optional), trial
steps of trial - correct answer -opening statements, plaintiffs case, defendants case, closing argument,
verdict
pleadings - correct answer -documents that begin a lawsuit; complaint, answer, reply
complaint - correct answer -short statement of the facts alleged by the plaintiff, and his or her legal
claims
answer - correct answer -defendants response to the complaint
default judgement - correct answer -decision that the plaintiff in a case wins without going to trial
class action - correct answer -suit filed by a group of plaintiffs with related claims
discovery - correct answer -pre-trial opportunity for both parties to learn the other side's case
interrogatories - correct answer -written questions that the opposing party must answer, in writing,
under oath
depositions - correct answer -one party's lawyer questions the other party
motion - correct answer -formal request to the court
summary judgement - correct answer -ruling that no-trial is necessary because the essential facts are
not in dispute
adversary system - correct answer -system based on the assumption that if the two sides present their
best case before a neutral party, the truth will be established
burden of proof - correct answer -plaintiff must convince the jury that its version of the case is correct
preponderance of the evidence - correct answer -burden of proof in civil case
beyond a reasonable doubt - correct answer -burden of proof in a criminal case
tort - correct answer -violation of a duty imposed by civil law
defamation - correct answer -defamatory statement, falseness, communicated to another, injury
defamatory statement - correct answer -statement is likely to harm another person's reputation
falseness (defamation) - correct answer -must be false to by defamatory
common law - correct answer -judge made law, body of all decisions made by judges
statute - correct answer -law passed by Congress or by a state legislature
equity - correct answer -court's use of power to create an equitable result
precedent - correct answer -earlier court case used to influence a court decision in a current case
criminal law - correct answer -concerns behavior so threatening that society outlaws it altogether
civil law - correct answer -regulates the rights and duties between parties
holding - correct answer -courts decision
reverse - correct answer -to declare lower courts ruling wrong and void
remand - correct answer -to send a case back down to a lower court
affirm - correct answer -to uphold a lower court's ruling
litigation - correct answer -process of resolving disputes in court
alternative dispute resolution - correct answer -resolving disputes out of court through formal or
informal processes
mediation - correct answer -form of ADR in which a neutral third party coaxes the disputing parties
toward a voluntary settlement
arbitration - correct answer -form of ADR in which a neutral third party has the power to impose a
binding decision
trial courts - correct answer -determine the facts and apply to them the law given by appellate courts
jurisdiction - correct answer -court's power to hear a case
appellate courts - correct answer -generally accept the facts provided by trial courts and review the
record for legal errors
error of law - correct answer -wrong decision made in a trial that leads to the reversal of a decision or a
new trial
federal question case - correct answer -claim based on the US Constitution, a federal statute, or a
federal treaty
, diversity case - correct answer -lawsuit in which the two parties are of different states and the amount
in dispute exceeds 75,000
steps to litigation - correct answer -pleadings, complaint, answer, discovery, interrogatories,
depositions, production of documents and things, summary judgement(optional), trial
steps of trial - correct answer -opening statements, plaintiffs case, defendants case, closing argument,
verdict
pleadings - correct answer -documents that begin a lawsuit; complaint, answer, reply
complaint - correct answer -short statement of the facts alleged by the plaintiff, and his or her legal
claims
answer - correct answer -defendants response to the complaint
default judgement - correct answer -decision that the plaintiff in a case wins without going to trial
class action - correct answer -suit filed by a group of plaintiffs with related claims
discovery - correct answer -pre-trial opportunity for both parties to learn the other side's case
interrogatories - correct answer -written questions that the opposing party must answer, in writing,
under oath
depositions - correct answer -one party's lawyer questions the other party
motion - correct answer -formal request to the court
summary judgement - correct answer -ruling that no-trial is necessary because the essential facts are
not in dispute
adversary system - correct answer -system based on the assumption that if the two sides present their
best case before a neutral party, the truth will be established
burden of proof - correct answer -plaintiff must convince the jury that its version of the case is correct
preponderance of the evidence - correct answer -burden of proof in civil case
beyond a reasonable doubt - correct answer -burden of proof in a criminal case
tort - correct answer -violation of a duty imposed by civil law
defamation - correct answer -defamatory statement, falseness, communicated to another, injury
defamatory statement - correct answer -statement is likely to harm another person's reputation
falseness (defamation) - correct answer -must be false to by defamatory
