Business Law Chapter 1

Securities are only regulated by federal laws. a. True. b. False.

False

What is the difference between state and federal law?

A federal law applies to the nation as a whole and to all 50 states whereas state laws are only in effect within that particular state

Alex has been sued by Will for failure to pay rent for their apartment which source of law will govern this lawsuit? a. Administrative law. b. The Constitution. c. Civil Law. d. Criminal Law.

C. civil law

What are ordinances? What is an administrative rule?

Laws enacted by local legislative bodies.

What is the supreme law of the land?

The federal constitution

Some of the rights in the Constitution's Bill of Rights extends to Corporations. a. True. b. False.

a. True

The legislature of the state of Wyoming enacts a new statute that sets standards for the liability of businesses selling defective products. This statute applies in: a. Wyoming only. b. only Wyoming and its bordering states. c. all states. d. all states but only to matters not covered by other states' laws.

a. Wyoming only

As a judge, Baxter applies common law rules. These rules develop from: a. decisions of the courts in legal disputes. b. regulations issued by administrative agencies. c. statutes enacted by Congress and the state legislatures. d. uniform laws drafted by legal scholars.

a. decisions of the courts in legal disputes

What are laws issued by administrative agencies under the authority given to them in statutes.

administrative rules

What is an Unfair Trade Practice and which Administrative Agency regulates it?

any deceptive or fraudulent business practice or act that causes injury to a consumer; The FTC

What country is the United States legal system derived from? a. Germany. b. United Kingdom. c. United States of America. d. Canada.

b. United Kingdom

Forms of Alternative Dispute Resolution ("ADR") include all of the following except: a. Mediation. b. Settlement. c. Litigation. d. Arbitration.

c. Litigation

2. What is the function of law in the United States? a. Establish standards. b. Promote consistency. c. Promote, provide, and maintain order. d. All of the above.

d. All of the above

Four sources of law in the U.S. legal system are: a. Constitutional law, criminal law, civil law, and maritime law. b. Federal law, state law, international law, and maritime law. c. Statutory law, case law, equity, and common law. d. Constitutional law, judicial law, legislative law, and administrative law.

d. Constitutional law, judicial law, legislative law, and administrative law

Consequences of being convicted a crime include all of the following except: a. Prison. b. Fines. c. Community service. d. Damages.

d. Damages

Where can you find a codification of federal laws? a. The library. b. Federal Court. c. United States Code. d. U.S. Library of Congress.

d. US Library of Congress

Regulations are: a. Laws passed by Congress. b. Rules made by local governments. c. Derived from decisions made by judges. d. Rules adopted by administrative agencies.

d. rules adopted by administrative agencies

What are Laws enacted by Congress or a state legislative body.

statutes