BUSINESS LAWName:Grade Course:Tutor`s Name: (31October 2010)QUIZ 1BMGT 380Instructions: Please answer the following short answer questions. Each question is worth 5 points. 1.  (a) What is a judicial decision?A judicial decision is the determination or ruling made by a court that is of proficient jurisdiction on matters or subject submitted to the court.    (b)  What is stare decisis?This is a basic principle of the law in that the decision which is precedent is made on a case by a court then it must be applied and respected by other courts.    (c) Explain whether stare decisis apply to the North Carolina Supreme Court when the U.S. Supreme Court issues a court decision.The US uses common law system in the state courts and much less in the federal courts; however there are times where the decisions are overruled. Stare decisis does not apply to North Carolina.     (d) Explain whether stare decisis apply to the North Carolina Supreme Court when the South Carolina Supreme Court issues a court decision.Stare decisis is not applicable to the North Carolina when the South Carolina Supreme Court issues a court decision. The court is not constrained to stare decisis and may sometime invoke it. This is because they are different state courts.2.    (a) What is personam jurisdiction?Personam jurisdiction is the power of the court over a specific defendant or property. This is necessary so that the court binds the defendant or individual to an obligation.     (b) If a court does not have personam jurisdiction over a person, how can a court obtain jurisdiction over the person? Firstly, by serving the individual personally with notices or summons in the state of the individual, when the person voluntarily agrees on the court having jurisdiction on the matter, and if the person never contests on the jurisdiction. The court must first establish whether the acts of the person warrant personam jurisdiction this include the purposeful acts of the person. 3.    What are the consequences of a tie decision of the Supreme Court justices?The decision is made by five justices who vote to establish the majority if there is a tie then the previous judgment is declared. The case can also be taken to the court of appeal for hearing. 4.    Explain the jurisdiction of federal courts and state courts.The federal courts have original jurisdiction over specific matters e.g. United States bankruptcy courts, Tax Court, Private Land Claims (1891-1904), International Trade, Federal Claims, and Foreign Intelligence Surveillance Court. The federal courts also have jurisdiction of Appeals for Veterans Claims, Appeals for the Armed Forces and Appeals for the Federal Circuit.The state courts mainly deal with disputes connected to the US states; these include civil and criminal disputes and are minimally supervised by the federal court.5.    What is a statute of limitations?Statute of limitations is an endorsement in a common law legal system th...