businesslawexam1 - Erin Street TR 8:30am Business Law Exam...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Erin Street TR 8:30am Business Law Exam 1 Chapter 1, Question 4: Common laws are the acts traditionally accepted by society as being the right or wrong thing to do. Statutory laws are rules and regulations created by congress and state legislature. Chapter 1, Question 10: Statute is regulated by the state and federal government, statue regulates the entire country, or state depending on which type of legislature created it. Administrative Regulation has the power to regulate only a specific group of people or specified area of the government. Chapter 2, Question 2: Mandatory arbitration happens when it is required by specific statutes, while volunteer arbitration is when instead of taking a case to court, the involved parties voluntarily take their case to an arbitrator to make a decision for them. While in arbitration, an uninvolved third party makes the decision on the outcome of a case. Mediation is when the two parties come together to reach an agreement on proper settlement of a case. Chapter 2, Question 13:
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

businesslawexam1 - Erin Street TR 8:30am Business Law Exam...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online