Question 1

Which of the following is an independent agency?

Accepted Answer

A) The General Services Administration 
B) The Federal Deposit Insurance Corporation 
C) The Small Business Administration 
D) The Office of Personnel Management 
E) The Consumer Product Safety Commission 
A) The General Services Administration 
B) The Federal Deposit Insurance Corporation 
C) The Small Business Administration 
D) The Office of Personnel Management 
E) The Consumer Product Safety Commission

Question 2

Which of the following is true regarding treaties at the federal level?

Accepted Answer

A) A treaty is generally negotiated by the executive branch and must then be approved by two-thirds of the House of Representatives. 
B) A treaty is generally negotiated by the executive branch and must then be approved by two-thirds of the Senate. 
C) A treaty is generally negotiated by the executive branch and no approval by the Senate or House of Representatives is needed. 
D) A treaty is generally negotiated by the executive branch and must then be approved by two-thirds of the Senate and also by two-thirds of the state legislatures. 
E) A treaty is generally negotiated by the executive branch and must then be approved by two-thirds of the Senate and also by two-thirds of the House of Representatives. 
A) A treaty is generally negotiated by the executive branch and must then be approved by two-thirds of the House of Representatives. 
B) A treaty is generally negotiated by the executive branch and must then be approved by two-thirds of the Senate. 
C) A treaty is generally negotiated by the executive branch and no approval by the Senate or House of Representatives is needed. 
D) A treaty is generally negotiated by the executive branch and must then be approved by two-thirds of the Senate and also by two-thirds of the state legislatures. 
E) A treaty is generally negotiated by the executive branch and must then be approved by two-thirds of the Senate and also by two-thirds of the House of Representatives.

Question 3

Case law interpretations are law,unless they are revoked later by new statutory law.

Accepted Answer

A) True 
 B)False

Question 4

A new source of healthy spring water is discovered in a local community,but it only produces 1,000 gallons of water per day.The water source is located in a public park,and locals come to fill up their water jugs for free.Unfortunately,fist fights begin breaking out at the water source every day over who can fill up their water jugs and weaker residents never receive any water.The city council passes a new regulation,declaring that residents must apply for permits to ensure water is distributed fairly.The purposes of the new law include:

Accepted Answer

A) Providing order,encouraging social justice,serving as an alternative to fighting 
B) Ensuring citizens rely on the goodwill and dependability of one another 
C) Providing the framework in which community leaders innovate and manage 
D) Specifying the boundaries of legal business behavior 
E) Creating enforceable rules of law which govern commercial relationships 
A) Providing order,encouraging social justice,serving as an alternative to fighting 
B) Ensuring citizens rely on the goodwill and dependability of one another 
C) Providing the framework in which community leaders innovate and manage 
D) Specifying the boundaries of legal business behavior 
E) Creating enforceable rules of law which govern commercial relationships

Question 5

One of the purposes of the law is to encourage social justice

Accepted Answer

A) True 
 B)False

Question 6

Where can you find local common law?

Accepted Answer

A) Municipal ordinances 
B) State reporters 
C) The state administrative code 
D) The local courthouse and clerk's office 
E) Regional reporters 
A) Municipal ordinances 
B) State reporters 
C) The state administrative code 
D) The local courthouse and clerk's office 
E) Regional reporters

Question 7

The contains)legislative acts passed by state legislatures.

Accepted Answer

A) Uniform Register 
B) State codes 
C) State Reference Manual 
D) U)S.Code 
E) State Reporter 
A) Uniform Register 
B) State codes 
C) State Reference Manual 
D) U)S.Code 
E) State Reporter

Question 8

Which of the following cases overturned prior precedent?

Accepted Answer

A) Plessy v.Ferguson 
B) Precedent cannot be overturned 
C) Brown v.Board of Education 
D) Wygant v.Jackson Board of Education 
E) Planned parenthood of Southeastern Pennsylvania v.Casey 
A) Plessy v.Ferguson 
B) Precedent cannot be overturned 
C) Brown v.Board of Education 
D) Wygant v.Jackson Board of Education 
E) Planned parenthood of Southeastern Pennsylvania v.Casey

Question 9

A majority of citizens in a democracy can agree to permit certain authorities to make and enforce rules describing what behavior is permitted and encouraged in their community.These rules are what we refer to as the ________.

Accepted Answer

A) Community standard 
B) Democratic validation 
C) Stare decisis 
D) Electoral college 
E) Law 
A) Community standard 
B) Democratic validation 
C) Stare decisis 
D) Electoral college 
E) Law

Question 10

Hannah's reference to precedent involves which of the following?

Accepted Answer

A) Executive decisions that are law unless revoked by new administrative law 
B) Administrative law that is law unless revoked by new executive decisions 
C) Common law that is law unless revoked by new statutory law 
D) Statutory law that governs civil actions unless revoked by new common law 
E) Administrative law that is law unless revoked by new common law 
A) Executive decisions that are law unless revoked by new administrative law 
B) Administrative law that is law unless revoked by new executive decisions 
C) Common law that is law unless revoked by new statutory law 
D) Statutory law that governs civil actions unless revoked by new common law 
E) Administrative law that is law unless revoked by new common law

Exam 1: An Introduction to Dynamic Business Law

Which of the following is an independent agency?

Which of the following is true regarding treaties at the federal level?

Case law interpretations are law,unless they are revoked later by new statutory law.

One of the purposes of the law is to encourage social justice

Where can you find local common law?

The contains)legislative acts passed by state legislatures.

Which of the following cases overturned prior precedent?

A majority of citizens in a democracy can agree to permit certain authorities to make and enforce rules describing what behavior is permitted and encouraged in their community.These rules are what we refer to as the ________.

Hannah's reference to precedent involves which of the following?

Business Ethics

The Uslegal System

Alternative Dispute Resolution

Constitutional Principles

International and Comparative Law

Crime and the Business Community

Tort Law

Negligence and Strict Liability

Product Liability

Liability of Accountants and Other Professionals

Intellectual Property

Introduction to Contracts

Agreement

Consideration

Capacity and Legality

Legal Assent

Contracts in Writing

Third-Party Rights to Contracts

Discharge and Remedies

Introduction to Sales and Lease Contracts

Title,risk of Loss,and Insurable Interest

Performance and Obligations Under Sales and Leases

Remedies for Breach of Sales and Lease Contracts

Warranties

Negotiable Instruments: Negotiability and Transferability

Negotiation, holder in Due Course, and Defenses

Liability, defenses, and Discharge

Checks and Electronic Fund Transfers

Secured Transactions

Other Creditors Remedies and Suretyship

Bankruptcy and Reorganization

Agency Formation and Duties

Liability to Third Parties and Termination

Forms of Business Organization

Partnerships: Nature, formation, and Operation

Partnerships: Termination and Limited Partnerships

Corporations: Formation and Financing

Corporations: Directors, officers, and Shareholders

Corporations: Mergers, consolidations, terminations

Corporations: Securities and Investor Protection

Employment and Labor Law

Employment Discrimination

Administrative Law

Consumer Law

Environmental Law

Antitrust Law

The Nature of Property, personal Property, and Bailments

Real Property

Landlord-Tenant Law

Insurance Law

Wills and Trusts

Filters