Exam 1: Law As a Foundation for Business

Rule-of-law nations adopt laws supporting the private market because it is in everyone's interest, including the lawmakers'.

Which of the following statements about a breach of contract is false?

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?

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

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

Article 6 of the Treaty on European Union, called the Maastricht Treaty, says the EU is "founded" on:

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 _____.

The _____ in prior cases are precisely what was necessary to the decision reached.

List two disadvantages of stare decisis or case law?

Judges in future cases are not so likely to follow the dicta in prior cases as they are the holdings.

A property based legal system:

Contract law:

What sanctions may be imposed for violating statutes and regulations?

_____ stands for the idea that courts should interpret the Constitution only according to the intentions of those who wrote it.

Jurisprudence is the rule of law.

Which of the following statements are true of tort law?

Contract law compensates owners whose resources are wrongfully harmed by the actions of others.

Law and "rule of law" are synonymous terms.

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.

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