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Home » Business Law » Page 1571

Business Law

Q: Economist Adam Smith believed that humans could not look beyond self-interest.

Q: Differentiate between an intentional tort and negligence.

Q: What are exemplary damages?

Q: What sanctions may be imposed for violating statutes and regulations?

Q: Define a corporation?

Q: How does corporate governance break down due to the illegal actions of managers?

Q: Federal sentencing guidelines reduce criminal fines for legal violations in companies that have taken specific steps to self-police ethical/legal conduct.

Q: Distinguish between holding and dicta in prior precedent.

Q: What is constitutional relativity? How does it affect stare decisis?

Q: Explain conflicts of law.

Q: List the various sources of law and their order of hierarchy.

Q: The 14th amendment recognizes that law may be enforced by taking resources owned by a citizen. Name the instances in which someone's resources may be taken.

Q: List two disadvantages of stare decisis or case law?

Q: What are acts, statutes and codes?

Q: Define stare decisis.

Q: What are opinions, precedents and citations?

Q: What is private law? What are its categories?

Q: What is civil and criminal law?

Q: Illustrate the concept of substantive and procedural law with examples.

Q: What is rule of law?

Q: With reference to property in the legal sense, what are the 3 main types of ownership?

Q: Compare natural law and positive law in jurisprudence.

Q: Illustrate the concept of sociological jurisprudence with an example.

Q: Compare common law and civil law and how stare decisis is important in both instances.

Q: Describe public law and its categories.

Q: Punitive damages are frequently awarded in: A. ordinary negligence cases. B. intentional tort cases. C. breach of contract cases. D. criminal cases. E. violating the statutes.

Q: In a broad general sense, _____ includes the legal property relations that large businesses have with each other, with their customers, and with society. A. corporate governance B. specific performance C. stare decisis D. tort law E. strict liability

Q: Give three explanations for why national economies are weak or strong.

Q: When the former Soviet Union collapsed, many observers thought that the new private market would promptly improve Russia's economy. Why has the Soviet economy been slow to recover from the decline that it experienced?

Q: In some cases of a breach of contract, a decree of _____ may be made an order by the court commanding the other party actually to perform a bargain as agreed. A. consequential damages B. compensatory damages C. stare decisis D. specific performance E. dicta

Q: Each of the following is a remedy in case of a breach of contract EXCEPT: A. punitive damages. B. consequential damages. C. specific performance. D. rescind the contract. E. cancel the contract.

Q: Coach Kleats is in charge of the softball team at Phoenix Junior School. He loses his temper with one of the substitutes following a game and slams the child against the lockers in his anger. The child is badly bruised and is bleeding from the nose. The coach can be sued for committing a(n) _____ tort. A. negligence B. intentional C. strict liability D. specific performance E. criminal conduct

Q: Which of the following statements about a breach of contract is false? A. If a breach by one party is serious enough, the other party may be permitted to rescind or cancel the contract. B. The remedy of an injured party may be an order by the court commanding the other party actually to perform a bargain as agreed. C. The single largest number of lawsuits today involves businesses suing one another for a breach of contract. D. A tort is a kind of breach of contract which is a civil wrongdoing. E. Compensatory damages along with additional consequential damages may be awarded in some cases of breach of contract.

Q: _____ stands for the idea that courts should interpret the Constitution only according to the intentions of those who wrote it. A. Constitutional relativity B. Originalism C. Legal realism D. Dicta E. Conflicts of law

Q: The source of law which ranks the lowest among all the others is a _____. A. local ordinance B. statute C. case law D. state administrative regulation E. federal administration regulation

Q: _____ are in effect a form of punishment for violating the law and sometimes also serve as a preventive action. A. Ordinances B. Statutes C. Sanctions D. Torts E. Opinions

Q: The right of an individual to take another person's resources (especially money) because that person has failed to meet the requirements of the law (e.g., the breach of a contract) is known as a(n) _____. A. sanction B. amendment C. remedy D. dicta E. holding

Q: A(n) _____ is a civil wrong other than a breach of contract. A. ordinance B. tort C. sanction D. remedy E. dicta

Q: According to _____, judges in current cases follow whenever possible the interpretation of law determined by judges in prior cases. A. stare decisis. B. constitutional realism. C. statutory construction. D. constitutional relativism. E. legal realism.

Q: When judges, decide appeals from trial courts, make decisions on legal issues, they write their decisions, or _____, setting out reasons. A. citations B. opinions C. codes D. statutes E. ordinances

Q: Which of the following are judicial decisions that interpret the relevant constitutional, legislative, and regulatory laws? A. Citations B. Opinions C. Case law D. Dicta E. Statutes

Q: In constitutional law the idea that courts should understand the meaning of the Constitution relative to the times in which they interpret it is known as _____. A. constitutional relativity B. legal realism C. originalism D. dicta E. rule of law

Q: A collection of legislations passed by the Congress on the same subject are called: A. statutes. B. jurisprudence. C. stare decisis. D. codes. E. citations.

Q: Following much debate the Congress has decided to pass a bill that will increase the taxes on tobacco. This legislation is called a: A. statute. B. regulation. C. ordinance. D. tort. E. citation.

Q: The City of Dover has passed a written law banning smoking in most restaurants and bars. Dover has enacted a/an: A. statute. B. act. C. regulation. D. ordinance. E. jurisprudence.

Q: At the state level, the hierarchy of law sources begins with the state _____. A. act B. statute C. constitution D. citation E. commercial code

Q: Judicial decisions, called _____ laws, apply to a legal problem and interpret the relevant constitutional, legislative, and regulatory laws. A. case B. procedural C. ordinance D. commercial E. code

Q: The _____ in prior cases are precisely what was necessary to the decision reached. A. dicta B. holdings C. citations D. statutes E. ordinances

Q: Which of the following statements about substantive law is true? A. It is regulation and made by agencies of the federal government. B. It covers the rules of how owners transfer resources by exchanging them. C. The time allowed for one party to sue another is an example of substantive law. D. Enforcement of a contractual promise is substantive in nature. E. It provides the machinery for rights and duties.

Q: Which of the following is not a typical area of concern in property law?

Q: Stephanie has written a book, "Mirari" and was talking to some interested parties from Hollywood about making a movie based on it. However, she turned down the offer due to differences of opinion. A year later, Mirari was made into a movie but it did not acknowledge the author. Such situations come under _____ law. A. property B. administrative C. constitutional D. criminal E. tort

Q: Burberry is a luxury brand that has its own distinctive trademark pattern. The company recently learned that another retailer has been selling fake Burberry bags. The legal dispute that will arise here is governed by _____ law. A. administrative B. constitutional C. property D. criminal E. tort

Q: Kate has entered into a binding agreement to sell a house to Michael. When Michael shows up to complete the deal as per the agreement, Kate refuses to go through with the transaction. Which of the following best categorizes Kate and Michael's issues with regard to classification of laws? A. This is a public law issue regarding contract law. B. This is a private law issue regarding contract law. C. This is a public law issue regarding property law. D. This is a private law issue regarding criminal law. E. This is a public law issue regarding tort law.

Q: In most criminal cases, an arrest can be made only based on probable cause and requires the officer to read out the Miranda rights to the criminal suspect before the arrest is made. This is an example of: A. tort law. B. procedural law. C. rule of law. D. substantive law. E. sociological jurisprudence.

Q: _____ jurisprudence supports the idea that law can and should change to meet new developments in society. A. Historical B. Natural C. Sociological D. Positive law E. Tort

Q: Which idea of law tries to go beyond just the words of law to examine what police, administrators, prosecutors, and judges are actually doing as they enforce, interpret, and apply laws? A. Positive law jurisprudence B. Sociological jurisprudence C. Stare Decisis D. Legal realism E. Originalism

Q: So significant is the role of judges in the United States that they determine the meaning of the Constitution and can declare void the legislation of Congress and the acts of the president. This illustrates that the legal system in the U.S. is based on _____. A. civil law B. religious law C. common law D. hybrid law E. constitutional law

Q: _____ law courts do not make law nor do their judges think themselves obligated to follow prior judicial decisions, called precedents. A. Common B. Religious C. Civil D. Hybrid E. Constitutional

Q: _____ law covers the legal principles that apply to government agencies, bureaus, boards, or commissions. A. Administrative B. Constitutional C. Tort D. Criminal E. Contract

Q: Which law forbids owners from monopolizing classes of resources and sets rules for how businesses can compete to acquire ownership in new resources? A. Regulatory B. Tort C. Antitrust D. Antidiscrimination E. Contract

Q: The ideas and philosophies that explain the origin of law and its justification is called _____. A. rule of law B. torts C. stare decisis D. jurisprudence E. statutes

Q: _____ law jurisprudence believes that law is simply the commands of the state backed up by force and punishments. A. Positive B. Natural C. Historical D. Sociological E. Tort

Q: Friedrich Savigny, a prominent German legal philosopher, helped develop _____ jurisprudence, which emphasizes that contemporary law should focus on legal principles that have withstood the test of time in a nation. A. sociological B. tort C. positive D. historical E. natural

Q: The law protecting the owners of a business organization from the managers who run it for them is _____. A. corporate governance B. antitrust law C. labor law D. contract law E. tort law

Q: _____ property is an ownership fence which applies to resources like land that more than one individual owns jointly. A. Private B. Civil C. Public D. Common E. Tort

Q: A property based legal system: A. is unimportant in Western legal systems. B. protects and assists the wealthy over the poor. C. applies only to common property or resources like land that more than one individual owns jointly. D. does not allow for the transfer of private resources. E. allows people to exclude others from interfering with what their efforts produce.

Q: _____ can be thought of as the central concept underlying Western legal systems. A. Rule of law B. Property C. Tort law D. Ethics E. Stare decisis

Q: Contract law: A. enables an owner to exchange resources, especially at a future date. B. compensates owners whose resources are wrongfully harmed by the actions of others. C. punishes those who harm an owner's resources in particular ways. D. identifies how individuals can own and use private resources in groups. E. protects ownership and sets limits on private resource use.

Q: _____ law both protects ownership and sets limits on private resource use. A. Tort B. Antitrust C. Securities D. Regulatory E. Contract

Q: In addition to compensatory damages, breach-of-contract cases may award punitive damages, when the breaching party knew or had reason to know that special circumstances existed that would cause the other party to suffer additional losses if the contract were breached.

Q: Drake verbally lashes out at his neighbor one evening following a drunken party. He also beats him up when Drake tries to back away from the argument. He is said to have committed a strict liability tort.

Q: Corporate governance can fail even when corporate managers do nothing illegal.

Q: Article 6 of the Treaty on European Union, called the Maastricht Treaty, says the EU is "founded" on: A. specific performance. B. private markets. C. stare decisis. D. rule of law. E. property.

Q: Economic growth depends "in particular on the rule of law" which is a "lodestar for all countries." Why? A. Rule-of-law nations adopt laws supporting the private market because it is in everyone's interest, including the lawmakers'. B. It distinguishes lawmakers as being above the rule of law. C. It allows special interest groups to benefit at the expense of others. D. It adopts laws supporting the growth of the public markets over private markets increasing economic growth of nations. E. It removes the power of the courts and creates an autocratic regime where businesses can freely invest and economic growth is high.

Q: With reference to the hierarchy of sources of law, Case law prevails over local ordinances.

Q: The Fourteenth Amendment to the Constitution recognizes that the law is enforced by taking a person's life, freedom, or the resources that he or she owns.

Q: Whether it's stated in the contract or not, when a breach of contract occurs, the injured party will usually recover her attorney fees as part of her compensatory damages.

Q: The single largest number of lawsuits today, especially in the federal courts, involves one business suing another business for tortious conduct.

Q: Tort law helps protect property boundaries by providing compensation when someone wrongfully crosses such boundaries.

Q: Conflicting precedents when applying the principle of stare decisis do not create confidence in the certainty of law.

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