Business Law midterm
True
A court may depart from a precedent if the precedent is no longer void
True
A small business owner is likely to face legal questions when determining ways to reduce his small business's taxes
True
A state law that conflicts with the U.S. Constitution will be deemed unconstitutional
True
Administrative law consists of the rules, orders, and decisions of administrative agencies
False
Administrative law includes only state regulations
False
Administrative law is a source of American law that is comprised of statutes
False
Being a small-business owner means that you will never have to take on the role of finance manager, marketing manager or accountant
True
Business people are expected to make decisions that are ethically sound
False
Common law is the same as statutory law
True
Congress creates an administrative agency by enacting enabling legislation
True
In order to truly understand our legal system, it is important to understand the origins of the common law tradition
True
Law consists of enforceable rules governing relationships among individuals and between individuals and their society
True
Many different laws may apply to a single business transaction
False
No state has adopted the Uniform Commercial Code
False
Stare decisis is a doctrine obligating judges to help persons who have failed to protect their own rights
True
State constitutions are supreme within their respective borders
False
State laws are the supreme law of the United States
True
Statutes are laws enacted by Congress and the state legislatures and comprise one of the sources of American law
True
Statutory law includes state statutes and ordinances passed by cities and counties
False
The American Law Institute was the only organization involved in the developing the Uniform Commercial Code
False
The federal government and the states have the same consitution
True
There are legal questions involved when choosing an appropriate business organizational form
True
There are legal questions involved when considering ways to raise capital so a business can grow
False
Uniform laws apply in all states, including those in which the laws have not been adopted
False
Whether financial statements created by an accountant need to be verified for accuracy is not a legal question
false
criminal acts are prohibited only by federal go
false
criminal law focuses on duties that exist between persons
true
damages are a remedy at law
false
damages are never paid in money
True
equity is a branch of law, founded in justice and fair dealing, that seeks remedy when no adequate remedy at law is available
True
stare decisis is a doctrine obligating judges to follow the precedents established within their jurisdictions
true
the basis for the U.S. legal system is the natural law school