Question 1

The common law system of law is used in most of Europe,Scotland,and Latin America.

Accepted Answer

A) True 
 B)False  False

Question 2

The ____ are orderly compilations of the general common law of the United States,prepared by a distinguished group of lawyers,judges,and law teachers.

Accepted Answer

A)  Statutes 
B)  Executive Orders 
C)  Maxims 
D)  Restatements of Law 
A)  Statutes 
B)  Executive Orders 
C)  Maxims 
D)  Restatements of Law D

Question 3

Decisions in state trial courts generally are reported or published.

Accepted Answer

A) True 
 B)False  False

Question 4

The courts in law systems such as the one in the United States have developed a body of law that serves as precedent for determination of later controversies.This is sometimes called:

Accepted Answer

A)  previous law. 
B)  common law. 
C)  equity law. 
D)  administrative law. 
A)  previous law. 
B)  common law. 
C)  equity law. 
D)  administrative law.

Question 5

The primary function of law is to preserve the state.

Accepted Answer

A) True 
 B)False

Question 6

What is the function of law? Some observers claim we have too much law today.What accounts for the increased number of laws that exist today?

Accepted Answer

The primary function of law is to mainta

Question 7

The primary function of law is to regulate the economy.

Accepted Answer

A) True 
 B)False

Question 8

What is the supreme law of the land in the United States?

Accepted Answer

A)  Federal statutes 
B)  The UCC 
C)  The common law 
D)  The U.S.Constitution 
A)  Federal statutes 
B)  The UCC 
C)  The common law 
D)  The U.S.Constitution

Question 9

Statutory law is:

Accepted Answer

A)  not well suited for making drastic or comprehensive changes,thus its importance as a source of law has diminished since the end of the nineteenth century. 
B)  the primary source of law for such business law topics as contracts,agency,property,and trusts. 
C)  a primary source of new law and ordered social change in the United States. 
D)  created by legislatures,which are less likely to repeal prior enactments than courts are likely to overrule prior decisions. 
A)  not well suited for making drastic or comprehensive changes,thus its importance as a source of law has diminished since the end of the nineteenth century. 
B)  the primary source of law for such business law topics as contracts,agency,property,and trusts. 
C)  a primary source of new law and ordered social change in the United States. 
D)  created by legislatures,which are less likely to repeal prior enactments than courts are likely to overrule prior decisions.

Question 10

The principle of stare decisis precludes courts from changing any decisions they previously announced.

Accepted Answer

A) True 
 B)False

Question 11

Substantive law establishes the rules for enforcing rights that exist in a society.

Accepted Answer

A) True 
 B)False

Question 12

Sources of federal law include all but which of the following?

Accepted Answer

A)  Rules of administrative agencies 
B)  Decisions of federal courts 
C)  Executive orders of the President of the United States 
D)  Hearings before the Senate 
A)  Rules of administrative agencies 
B)  Decisions of federal courts 
C)  Executive orders of the President of the United States 
D)  Hearings before the Senate

Question 13

Business law is primarily public law.

Accepted Answer

A) True 
 B)False

Question 14

The Uniform Commercial Code is a federal law that applies to commercial transactions among the states.

Accepted Answer

A) True 
 B)False

Question 15

Usual remedies granted in a criminal case include compensation for the victim.

Accepted Answer

A) True 
 B)False

Question 16

A constitution does not:

Accepted Answer

A)  restrict the powers of government. 
B)  specifically enumerate certain liberties of the people. 
C)  establish governmental structure. 
D)  clearly define all the powers of the state governments. 
A)  restrict the powers of government. 
B)  specifically enumerate certain liberties of the people. 
C)  establish governmental structure. 
D)  clearly define all the powers of the state governments.

Question 17

If the State of Minnesota negotiates with the Canadian government on issues involving acid rain and eventually reaches an agreement with Canadian officials,this is a valid treaty under the United States Constitution.

Accepted Answer

A) True 
 B)False

Question 18

The law does not change;it is based on unchanging and universal truths.

Accepted Answer

A) True 
 B)False

Question 19

The law that creates,defines,and regulates legal rights and obligations is known as:

Accepted Answer

A)  substantive law. 
B)  procedural law. 
C)  Constitutional law. 
D)  criminal law. 
A)  substantive law. 
B)  procedural law. 
C)  Constitutional law. 
D)  criminal law.

Question 20

What is stare decisis? Discuss its place in the American legal system.

Accepted Answer

Stare decisis is the principle that cour

Exam 1: Introduction to Law

The common law system of law is used in most of Europe,Scotland,and Latin America.

The ____ are orderly compilations of the general common law of the United States,prepared by a distinguished group of lawyers,judges,and law teachers.

Decisions in state trial courts generally are reported or published.

The courts in law systems such as the one in the United States have developed a body of law that serves as precedent for determination of later controversies.This is sometimes called:

The primary function of law is to preserve the state.

What is the function of law? Some observers claim we have too much law today.What accounts for the increased number of laws that exist today?

The primary function of law is to regulate the economy.

What is the supreme law of the land in the United States?

Statutory law is:

The principle of stare decisis precludes courts from changing any decisions they previously announced.

Substantive law establishes the rules for enforcing rights that exist in a society.

Sources of federal law include all but which of the following?

Business law is primarily public law.

The Uniform Commercial Code is a federal law that applies to commercial transactions among the states.

Usual remedies granted in a criminal case include compensation for the victim.

A constitution does not:

If the State of Minnesota negotiates with the Canadian government on issues involving acid rain and eventually reaches an agreement with Canadian officials,this is a valid treaty under the United States Constitution.

The law does not change;it is based on unchanging and universal truths.

The law that creates,defines,and regulates legal rights and obligations is known as:

What is stare decisis? Discuss its place in the American legal system.

Business Ethics and the Social Responsibility of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

A: Administrative Law

Criminal Law

Intentional Torts

Negligence and Strict Liability

Introduction to Contracts

Mutual Assent

Conduct Invalidating Assent

Consideration

Illegal Bargains

Contractual Capacity

Contracts in Writing

Third Parties to Contracts

Performance,breach,and Discharge

Contract Remedies

Relationship of Principal and Agent

Relationship With Third Parties

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Products Liability: Warranties and Strict Liability in Tort

Sales Remedies

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits,collections,and Funds Transfers

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature,formation,and Powers

Financial Structure

Management Structure

Fundamental Changes

Secured Transactions and Suretyship

Bankruptcy

Protection of Intellectual Property

Antitrust

Consumer Protection Double

Employment Law

Securities Regulation

Accountants Legal Liability

Environmental Law

International Business Law

Introduction to Property,property Insurance,bailments,and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Decedents Estates

Legal Terminology: Understanding Criminal and Civil Law Systems

Contract Law Terminology

Exploring the Legal Concepts of Agency and Fiduciary Duty

Understanding Key Legal Concepts in Sales and Contracts

Understanding the Terminology of Banking and Finance: Key Concepts and Definitions

Exploring Legal Concepts and Processes in Business Partnerships

Understanding Corporate Law: A Guide to Ultra Vires Acts, Subscribers, Debt Securities, and More

Understanding Key Terms in Secured Transactions and Bankruptcy Law

Legal Topics and Terms