Legal Environment for Business (Review Unit 1)

The Supreme Law

• Constitutional Law

• Statutory Law

• Administrative Law

• Common Law

A body of rules of action or conduct, prescribed by controlling authority, and having legal binding force.

• legal system

• jurisprudence

• law

• judicial system

Learning to apply legal theories and gain a legal awareness enables business professionals to . . . (multiple responses)

• plan proactively

• limit liability

• gain competitive edge

• add value to business

Attorneys in a business context may be referred to as . . . ?

• representative

• counsel

• advocate

• judiciary

Laws written and passed by a legislature and approved/rejected by the executive branch.

• Constitutional

• Statutory

• Administrative

• Common

Laws written at the local level are typically referred to as . . . (multiple responses)

• restrictions

• ordinances

• statutes

• regulations

Common Law is made by . . .

• congress

• senate

• courts

• elections

The US system of law is deeply rooted in . . .

• Colonial federal procedure

• Colonial independent rule

• British common law

• British civil law

Stare Decisis is one of the most important concept in US law. It means . . .

• similar cases with similar facts/issues should have similar judicial venues

• similar cases with similar facts/issues should have similar judicial outcomes

• similar cases with similar facts/issues should have similar judicial representation

• similar cases with similar facts/issues should have similar judicial timelines

These laws are designed to compensate parties for losses as a result of another's conduct.

• criminal

• common

• categorical

• civil