Chapter 1 - T/F
Administrative law includes only state regulations
False
Administrative law is a source of American law that is comprised of statues
False
Being a small-business owner means that you will never have to take on the role of finance manager, marketing manager or accountant.
False
Common law is a term for the laws that are familiar to most of us
False
Common law is the same as statutory law
False
Criminal acts are prohibited only by federal government statutes
False
Criminal law focuses on duties that exist between persons
False
Damages are never paid in money.
False
Government authorities cannot enforce national law
False
International law is the law of a foregin nation and varies from country to country
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.
False
State laws are the supreme law of the United States.
False
The American Law Institute was the only organization involved in developing the Uniform Commercial Code
False
The federal government and the states have the same constitution.
False
There is really no reason to be acquainted with business laws and government regulations, except to pass this test.
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.
Flase
A court may depart from a precedent if the precedent is no longer valid
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 US Constitution will be deemed unconstitutional.
True
Administrative law consists of the rules, orders, and decisions of administrative agencies.
True
Businesspersons are expected to make decisions that are ethically sound.
True
Congress creates an administrative agency by enacting enabling legislation.
True
Damages are a remedy at law.
True
Equity is a branch of law founded in justice and fair dealing that seeks to supply a remedy when no adequate remedy at law is available
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
Laws and government regulations affect almost all business activities.
True
Many different laws may apply to a single business transaction.
True
Money and property, including land, remedies at law
True
Stare decisis is a doctrine obligating judges to follow the precedents established within their jurisdictions
True
State constitutions are supreme within their respective boarders.
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 statues and ordinances passed by cities and counties.
True
The basis of the US legal system is the natural law school
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.
True
