Business Law: Exam 1 Study Guide/Practice Exam Questions
Business Law: Exam 1 Study Guide/Practice Exam Questions ACCT 2700
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This 2 page Study Guide was uploaded by Katherine Edwards on Sunday February 7, 2016. The Study Guide belongs to ACCT 2700 at Auburn University taught by Robert Hollis Cochran in Spring 2016. Since its upload, it has received 53 views. For similar materials see Business Law in Accounting at Auburn University.
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Date Created: 02/07/16
Business Law: Exam 1 Study Guide/Practice Questions Match each School of Jurisprudential Thought with its correct definition: 1. Assumes law, rights, and ethics are based on universal moral principles inherent in nature discoverable though human reason 2. The law is just another tool to be used to solve social injustice 3. Whoever has the power makes the rules 4. Contains wisdom of the ages; generations of judges and legal scholars have created laws based on observations and needs of people 5. We shouldn’t change a law without understanding economics behind the law 6. a. Natural b. Historical c. Sociological d. Law & Economics e. Command 7. 8. Match the name with the correct School of Jurisprudential Thought: 9. Thomas Hobbes a. command 10. Bill O’Reilly b. sociological 11. President Obama c. natural 12. Richard Posner d. law & economics 13. Joseph Stalin e. historical 14. 15. True or False 16. According to Mr. Cochran, the aim of American society is we should all be equal. 17. Business people should let lawyers worry about the law. 18. The Doctrine of Stare Decisis or “to stand on decided cases” is judge made law. 19. Louisiana is the only state that didn’t adopt the English Common Law. 20. The Supreme Court hears only about 80-100 appeals per year. 21. Alternative Dispute Resolution is inexpensive, relatively quick, and gives parties more control. 22. 90% of all potential clients convince the attorney to take their case. 23. Communication and the law isn’t against a client are the two main reasons a case isn’t taken. 24. A complaint is when a defendant sues a plaintiff. 25. There are five stages of litigation. 26. 27. 28. 29. 30. 31. Answers: 1. A, 2. C, 3. E, 4. B, 5. D, 6. C, 7. E, 8. B, 9. D, 10. A, 11. F, 12. F, 13. T, 14. T, 15. T, 16. T, 17. F, 18. T, 19. F, 20. F
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