NCSU MIE 305 Exam 1 (Chapters 1-3) 2025 EXAM
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||VERIFIED SOLUTIONS (100% CORRECT)
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Terms in this set (114)
What is the importance of The law is important to modern business. The history
a Business Law course in a of business reveals the prominence of law. Educators
business/management today emphasize the role of law in preparing
curriculum, and/or the tomorrow's business leaders.
importance of knowing
something about it to a
businessperson?
Knowing legal rights and duties enhances one's ability
How can business people to identify legal risks and effectively reduce or
use the law to a strategic eliminate resulting legal liability. Knowing legal rights
advantage? and duties allows business leaders to use the law to
their strategic advantage.
Series of treatises that Restatement of the Law
articulate the principles or
rules for a specific area of
law
Do the differences If the legal resource is from somewhere else or here,
between primary and then it becomes controlling or persuasive
secondary authority
change depending on
what court one is in?
, What's the difference If it's a case or a statute (including administrative
between primary and rules), it's primary authority. If it's anything other than a
secondary authority? case or statute, it is secondary authority
What is the difference Controlling authority is law that is directly binding on
between controlling and a court in that jurisdiction. Persuasive authority is law
persuasive authority? somewhere, but just not here
As legislators churn out more statutory law, there is by
Why has the US necessity more printed definition of—and therefore
experienced an "orgy of less interpretive space for—the rules of law, and many
statute-making," as it's common law principles are modified or even
described in the book? eviscerated by statutes which come along to trump
them
Courts of equity use philosophical sounding maxims,
How do judges approach
or general principles of justice, instead of strict rules
their powers of equity?
of law to decide cases.
A branch of law that developed alongside common
What is equity? law and is concerned with fairness and justice,
formerly administered in special courts
How can modern US Decisions of law typically involve monetary damages,
judges make decisions decisions of equity typically refers to injunctions,
between law and/or specific performance, or vacatur
equity, and under what
circumstances?
Before you could sue someone for those money
How did equity develop, damages, you often had to go through difficult
both in England and the procedural mechanisms to get written permission to
US? do so. This system dissuaded many parties from going
to the bother of seeking justice in that way.
What are alternatives to A civil-law or code-law system is one where all the
common law in use in legal rules are in one or more comprehensive
world legal systems? legislative enactments
QUESTIONS |FREQUENTLY TESTED QUESTIONS
||VERIFIED SOLUTIONS (100% CORRECT)
Save
Terms in this set (114)
What is the importance of The law is important to modern business. The history
a Business Law course in a of business reveals the prominence of law. Educators
business/management today emphasize the role of law in preparing
curriculum, and/or the tomorrow's business leaders.
importance of knowing
something about it to a
businessperson?
Knowing legal rights and duties enhances one's ability
How can business people to identify legal risks and effectively reduce or
use the law to a strategic eliminate resulting legal liability. Knowing legal rights
advantage? and duties allows business leaders to use the law to
their strategic advantage.
Series of treatises that Restatement of the Law
articulate the principles or
rules for a specific area of
law
Do the differences If the legal resource is from somewhere else or here,
between primary and then it becomes controlling or persuasive
secondary authority
change depending on
what court one is in?
, What's the difference If it's a case or a statute (including administrative
between primary and rules), it's primary authority. If it's anything other than a
secondary authority? case or statute, it is secondary authority
What is the difference Controlling authority is law that is directly binding on
between controlling and a court in that jurisdiction. Persuasive authority is law
persuasive authority? somewhere, but just not here
As legislators churn out more statutory law, there is by
Why has the US necessity more printed definition of—and therefore
experienced an "orgy of less interpretive space for—the rules of law, and many
statute-making," as it's common law principles are modified or even
described in the book? eviscerated by statutes which come along to trump
them
Courts of equity use philosophical sounding maxims,
How do judges approach
or general principles of justice, instead of strict rules
their powers of equity?
of law to decide cases.
A branch of law that developed alongside common
What is equity? law and is concerned with fairness and justice,
formerly administered in special courts
How can modern US Decisions of law typically involve monetary damages,
judges make decisions decisions of equity typically refers to injunctions,
between law and/or specific performance, or vacatur
equity, and under what
circumstances?
Before you could sue someone for those money
How did equity develop, damages, you often had to go through difficult
both in England and the procedural mechanisms to get written permission to
US? do so. This system dissuaded many parties from going
to the bother of seeking justice in that way.
What are alternatives to A civil-law or code-law system is one where all the
common law in use in legal rules are in one or more comprehensive
world legal systems? legislative enactments
