Exam 1: Law As a Foundation for Business

The Latin meaning of the word stare decisis is __________.

Why is law considered to be the most significant of social forces in modern nations?

Describe public law and its categories.

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

Which of the following sanctions are awarded with the objective of ensuring that a party be in as good a position as he or she would have been in had the contract been performed?

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

Following much debate,the Congress has decided to pass a bill that will increase the taxes on tobacco sales.This legislation is called a(n)__________.

Briefly explain the importance of federal law.

What is private law? What are its categories?

Jurisprudence refers to the general body of law interpretations by judges as different from legislation passed by legislators.

In a broad general sense,_____ includes the legal property relations that large businesses have with each other,with their customers,and with society.

Law is considered to be an informal social force.

In administrative law,a government official represents society,or "the people," and the official is responsible for seeking justice to achieve the ends of society.

Define a corporation.

_____ covers the legal principles that apply to government agencies,bureaus,boards,or commissions.

Briefly describe stare decisis.

The first known written set of laws was the Code of Hammurabi.

With reference to the hierarchy of sources of law,case law prevails over local ordinances.

Differentiate between substantive law and procedural law.

_____ are in effect a form of punishment for violating the law and have a preventive function.