Business Law I - Exam 1 Review
9 Questions
100 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What does common law refer to?

  • The legal systems of France, Germany, and Italy.
  • Law that is the same or similar in all the states.
  • Law made when judges decide cases and then follow those decisions in later cases. (correct)
  • Law made by legislatures in the form of statutes.
  • What type of law was created by the Securities Exchange Act of 1934?

  • Statutes.
  • Administrative law. (correct)
  • Executive orders.
  • Common law.
  • Where did the principle of collective responsibility in contemporary law originate?

  • The Anglo-Saxon method of ensuring public order through tithing. (correct)
  • The English use of 'shire reeves'.
  • The English system of feudalism.
  • The Anglo-Saxon practice of using 'oath helpers'.
  • If a trial judge grants a motion for summary judgment, what does it mean if the case is remanded?

    <p>We don't know who wins yet because the case is being returned to the trial court for additional steps.</p> Signup and view all the answers

    What is required for the injunction in the 'Candy Land' case to be issued?

    <p>A judge exercising equitable powers.</p> Signup and view all the answers

    Which theory of jurisprudence did Henry David Thoreau apply by refusing to pay taxes due to war?

    <p>Natural Law.</p> Signup and view all the answers

    If Henry David Thoreau's neighbor paid his taxes despite believing the war was unjust, which jurisprudence theory was he applying?

    <p>Legal Positivism.</p> Signup and view all the answers

    In the case titled 'Jones v. Smith', who is most likely to be the plaintiff?

    <p>You cannot determine which party is the plaintiff because some courts reverse the names.</p> Signup and view all the answers

    What does the ruling in Goodman v. Wenco Foods, Inc. illustrate when related to subsequent cases?

    <p>Stare decisis.</p> Signup and view all the answers

    Study Notes

    Common Law

    • Refers to law established by judges' decisions in cases, which create precedents for future cases.

    Securities Regulation

    • The Securities Exchange Act of 1934 was enacted after the Securities Act of 1933 to regulate the securities industry and prevent fraud.
    • Created the Securities and Exchange Commission (SEC) as an independent regulatory body.
    • The SEC generates rules and regulations classified as administrative law.

    Collective Responsibility Principle

    • Roots in the Anglo-Saxon method for ensuring public order through tithing, holding all partners in a partnership responsible for debts.

    Summary Judgment and Appeals

    • A judge granting summary judgment means no trial occurred, and the case is returned to trial court for further proceedings, indicating that the outcome is undetermined pending additional steps.

    Injunctions

    • Courts can issue injunctions to prevent the use of trademarks, requiring a judge with equitable powers to act, as seen in the case of Hasbro, Inc. against Internet Entertainment Group.

    Jurisprudential Theories

    • Natural Law is the belief in a higher moral law, exemplified by Thoreau's refusal to pay taxes due to his stance against war.
    • Legal Positivism holds that laws must be followed regardless of personal belief, as demonstrated by Thoreau's neighbor.

    Case Title Interpretation

    • In appellate cases, the case title (e.g., Jones v. Smith) does not indicate which party is the plaintiff since naming may reverse based on the losing party's appeal.

    Stare Decisis

    • The principle of stare decisis mandates that courts follow previous rulings as seen in the North Carolina Supreme Court case Goodman v. Wenco Foods, where earlier rulings influence later decisions.

    Executive Powers

    • President Nixon's issuance of wage-price controls was a valid exercise of executive power, aimed at economic stability but raised concerns about legislative overreach.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Prepare for your Business Law I Exam with this comprehensive review quiz. The flashcards cover key concepts like common law and historical legislation. Test your knowledge and ensure you're ready for exam day.

    More Like This

    Use Quizgecko on...
    Browser
    Browser