54. Lawsuits come to court for either of two reasons: there is a dispute about the facts that actually occurred or there is a dispute about the way the law treats the parties. Describe the role and obligations of the judge, including what details must be considered and what must be proven to the court to allow it to reach a decision resolving the dispute.
ANSWER:
The role of the judge is to review the claim and consider the contract and other evidence, as well as legal arguments presented by both sides to determine what the agreement between the parties actually was and what laws apply. The judge is obligated to then impartially apply the law in an objective manner to determine whether the initiating party’s claim has been proven, and, if so, what legal consequences would provide a remedy to make up for the loss.
55. Briefly describe the main reasons that some business disputes must be resolved in court.
ANSWER:
The main reasons a court must decide some business disputes involve instances where the parties are unwilling or unable to negotiate a settlement themselves, or where there is no agreement between the parties to accept arbitration of disputes or to refer disputes to mediation.
56. What are some examples of typical business transactions and events with significant legal implications?
ANSWER:
Examples of transactions and events having legal implications include: choice of form of business, business name selection, financing considerations, property purchasing and leasing decisions, and marketing and advertising strategies.
57. Briefly describe how the law of contract facilitates commercial activity.
ANSWER:
The law of contract provides a way for parties to enter into binding agreements, thereby creating a measure of security and certainty in their business operations. Contract law also allows business enterprises to plan for the future and to enforce their expectations.