Question 1

Business law is primarily private law.

Accepted Answer

A) True 
 B)False  True

Question 2

An example of private law is:

Accepted Answer

A)  business law. 
B)  administrative law. 
C)  criminal law. 
D)  All of these. 
A)  business law. 
B)  administrative law. 
C)  criminal law. 
D)  All of these. A

Question 3

Which of the following is correct with regard to treaties in the United States legal system?

Accepted Answer

A)  They have no legal effect. 
B)  Under the U.S. Constitution, they must be signed by the President and approved by the U.S. Senate. 
C)  They have no effect on business law. 
D)  They must be approved by the states before they have the force of law. 
A)  They have no legal effect. 
B)  Under the U.S. Constitution, they must be signed by the President and approved by the U.S. Senate. 
C)  They have no effect on business law. 
D)  They must be approved by the states before they have the force of law. B

Question 4

The final arbiter as to the constitutionality of laws passed by Congress or by the legislature of a state is the Supreme Court of the United States.

Accepted Answer

A) True 
 B)False

Question 5

The source of law best suited to making drastic or comprehensive change is:

Accepted Answer

A)  common law. 
B)  the federal court system. 
C)  statutes. 
D)  state court decisions. 
A)  common law. 
B)  the federal court system. 
C)  statutes. 
D)  state court decisions.

Question 6

The business law topics of contracts, agency, property, and trusts are governed primarily by the common law.

Accepted Answer

A) True 
 B)False

Question 7

A court order requiring that a person do or refrain from doing a particular act is known as a(n):

Accepted Answer

A)  injunction. 
B)  maxim. 
C)  statute. 
D)  executive order. 
A)  injunction. 
B)  maxim. 
C)  statute. 
D)  executive order.

Question 8

A decision of an appeals court in Minnesota would be recorded in the:

Accepted Answer

A)  state's statutory code. 
B)  Minnesota administrative code. 
C)  North Western regional reporter. 
D)  Federal Supplement. 
A)  state's statutory code. 
B)  Minnesota administrative code. 
C)  North Western regional reporter. 
D)  Federal Supplement.

Question 9

Assume the state of Texas has been negotiating with the Mexican government on issues involving acid rain and eventually reaches an agreement with Mexican officials to regulate industrial pollution that contributes to acid rain in return for Texas regulating cattle waste that contributes to water table pollution.This is a valid treaty under the United States Constitution.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following is a true statement?

Accepted Answer

A)  A treaty signed by the president and approved by the Senate has the legal force of a federal statute. 
B)  A federal statute may supersede a prior treaty. 
C)  Both of these. 
D)  Neither of these. 
A)  A treaty signed by the president and approved by the Senate has the legal force of a federal statute. 
B)  A federal statute may supersede a prior treaty. 
C)  Both of these. 
D)  Neither of these.

Question 11

The decision of an equity court is called a(n):

Accepted Answer

A)  judgment. 
B)  decree. 
C)  s tare decisis . 
D)  inquisition. 
A)  judgment. 
B)  decree. 
C)  s tare decisis . 
D)  inquisition.

Question 12

A constitution:

Accepted Answer

A)  restricts powers of government. 
B)  specifically enumerates certain liberties of the people. 
C)  establishes governmental structure. 
D)  All of these. 
A)  restricts powers of government. 
B)  specifically enumerates certain liberties of the people. 
C)  establishes governmental structure. 
D)  All of these.

Question 13

A crime is:

Accepted Answer

A)  a wrongdoing that requires litigation between the victim and the perpetrator. 
B)  any act prohibited by the government or an omission of an act required by public law and made punishable by the government in a judicial proceeding brought by it. 
C)  litigation where the injured party sues to recover compensation for the damages and injury sustained as a result of the defendant's wrongful conduct. 
D)  wrongful conduct as set forth in statutes that constitute the supreme law of the land. 
A)  a wrongdoing that requires litigation between the victim and the perpetrator. 
B)  any act prohibited by the government or an omission of an act required by public law and made punishable by the government in a judicial proceeding brought by it. 
C)  litigation where the injured party sues to recover compensation for the damages and injury sustained as a result of the defendant's wrongful conduct. 
D)  wrongful conduct as set forth in statutes that constitute the supreme law of the land.

Question 14

Civil law systems, as found in the state of Louisiana and countries such as Scotland, depend on comprehensive legislative enactments.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A)  Federal statutes. 
B)  Treaties. 
C)  Case law as developed through the U.S. Supreme Court. 
D)  The U.S. Constitution. 
A)  Federal statutes. 
B)  Treaties. 
C)  Case law as developed through the U.S. Supreme Court. 
D)  The U.S. Constitution.

Question 16

In reading the title of a case, Smith v.Jones :

Accepted Answer

A)  Smith is the plaintiff. 
B)  Jones is the plaintiff. 
C)  the determination of who is the plaintiff depends on the level of the court at which the case is being heard. 
D)  it is not always possible to determine from the case title which party is the plaintiff. 
A)  Smith is the plaintiff. 
B)  Jones is the plaintiff. 
C)  the determination of who is the plaintiff depends on the level of the court at which the case is being heard. 
D)  it is not always possible to determine from the case title which party is the plaintiff.

Question 17

The National Conference of Commissioners on Uniform State Laws:

Accepted Answer

A)  was created by President Bill Clinton to study and report on the Uniform Commercial Code. 
B)  is another name for the American Law Institute. 
C)  has drafted only five uniform laws: the UCC, the Uniform Partnership Act, the Uniform Limited Partnership Act, the Uniform Probate Code, and the Model Business Corporation Act. 
D)  has drafted over 250 uniform laws. 
A)  was created by President Bill Clinton to study and report on the Uniform Commercial Code. 
B)  is another name for the American Law Institute. 
C)  has drafted only five uniform laws: the UCC, the Uniform Partnership Act, the Uniform Limited Partnership Act, the Uniform Probate Code, and the Model Business Corporation Act. 
D)  has drafted over 250 uniform laws.

Question 18

You have just been asked to serve as a host for a visitor from France who is very interested in the American legal system and the formation of law in the United States.How would you explain the system of law in this country to your guest?

Accepted Answer

France has a civil law system, which is

Question 19

The President of the United States has the authority to issue laws, which are called:

Accepted Answer

A)  Restatements of law. 
B)  Executive orders. 
C)  Constitutional amendments. 
D)  Codes. 
A)  Restatements of law. 
B)  Executive orders. 
C)  Constitutional amendments. 
D)  Codes.

Question 20

In which of the following ways does a state constitution differ from the U.S.Constitution?

Accepted Answer

A)  State constitutions are often more restrictive of rights than the U.S. Constitution. 
B)  A state constitution can guarantee rights beyond those provided in the U.S. Constitution. 
C)  A state constitution is generally amended less frequently than the U.S. Constitution. 
D)  State constitutions tend to be more general than the U.S. Constitution. 
A)  State constitutions are often more restrictive of rights than the U.S. Constitution. 
B)  A state constitution can guarantee rights beyond those provided in the U.S. Constitution. 
C)  A state constitution is generally amended less frequently than the U.S. Constitution. 
D)  State constitutions tend to be more general than the U.S. Constitution.

Exam 1: Introduction to Law

Business law is primarily private law.

An example of private law is:

Which of the following is correct with regard to treaties in the United States legal system?

The final arbiter as to the constitutionality of laws passed by Congress or by the legislature of a state is the Supreme Court of the United States.

The source of law best suited to making drastic or comprehensive change is:

The business law topics of contracts, agency, property, and trusts are governed primarily by the common law.

A court order requiring that a person do or refrain from doing a particular act is known as a(n):

A decision of an appeals court in Minnesota would be recorded in the:

Which of the following is a true statement?

The decision of an equity court is called a(n):

A constitution:

A crime is:

Civil law systems, as found in the state of Louisiana and countries such as Scotland, depend on comprehensive legislative enactments.

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

In reading the title of a case, Smith v.Jones :

The National Conference of Commissioners on Uniform State Laws:

You have just been asked to serve as a host for a visitor from France who is very interested in the American legal system and the formation of law in the United States.How would you explain the system of law in this country to your guest?

The President of the United States has the authority to issue laws, which are called:

In which of the following ways does a state constitution differ from the U.S.Constitution?

Business Ethicspart Ii: the Legal Environment of Business

Civil Dispute Resolution

Constitutional Law

Administrative Law

Criminal Law

Negligence and Strict Liabilitypart Iii: Contracts

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 Remediespart Iv: Sales

Introduction to Sales and Leases

Performance

Transfer of Title and Risk of Loss

Product Liability: Warranties and Strict Liability

Sales Remediespart V: Negotiable Instruments

Form and Content

Transfer and Holder in Due Course

Liability of Parties

Bank Deposits, Collections, and Funds Transferspart Vi: Agency

Relationship of Principal and Agent

Relationship With Third Partiespart Vii: Business Associations

Formation and Internal Relations of General Partnerships

Operation and Dissolution of General Partnerships

Limited Partnerships and Limited Liability Companies

Nature and Formation of Corporations

Financial Structure of Corporations

Management Structure of Corporations

Fundamental Changes of Corporationspart Viii: Debtor and Creditor Relations

Secured Transactions and Suretyship

Bankruptcypart Ix: Regulation of Business

Securities Regulation

Intellectual Property

Employment Law

Antitrust

Accountants Legal Liability

Consumer Protection

International Business Lawpart X: Property

Introduction to Property, Property Insurance, Bailments, and Documents of Title

Interests in Real Property

Transfer and Control of Real Property

Trusts and Wills

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