Business Law > QUESTIONS & ANSWERS > Business Law Exam 1 (ch. 1-4) Concepts with Correct Answer. (All)

Business Law Exam 1 (ch. 1-4) Concepts with Correct Answer.

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Administrative agency Correct Answer a federal, state, or local government agency established to perform a specific function; administrative agencies are authorized by legislative acts to make and enforce rules to admini ...

Administrative agency Correct Answer a federal, state, or local government agency established to perform a specific function; administrative agencies are authorized by legislative acts to make and enforce rules to administer and enforce the acts. Administrative law Correct Answer the body of law created by administrative agencies (in the form of rules, regulations, orders, and decisions) in order to carry out their duties and responsibilities. Allege Correct Answer to state, recite, assert, or charge. Analogy Correct Answer in logical reasoning, an assumption that if two things are similar in some respects, they will be similar in other respects also; often used in legal reasoning to infer the appropriate application of legal principles in a case being decided by referring to previous cases involving different facts but considered to come within the policy underlying the rule. Appellant Correct Answer the party who takes an appeal from one court to another. Appellee Correct Answer the party against whom the appeal is taken-that is, the party who opposes setting aside of reversing the judgment. Binding authority Correct Answer any source of law that a court must follow when deciding a case; binding authorities include constitutions, statutes, and regulations that govern the issue being decided, as well as court decisions that are controlling precedents within the jurisdiction. Breach Correct Answer to violate a law, by an act or an omission, or to break a legal obligation that one owes to another person or to society. Case law Correct Answer the rules of law announced in court decisions; case law includes the aggregate of reported cases that interpret judicial precedents, statues, regulations, and constitutional provisions. Case on point Correct Answer a previous case involving factual circumstances and issues that are similar to those in the case before the court. Chancellor Correct Answer an advisor to the king at the time of the early king's court of England; individuals petitioned the king for relief when they could not obtain an adequate remedy in a court of law, and these petitions were decided by the chancellor.

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