Business Law Study Guide

Securities are only regulated by federal laws.

False

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

(All of the above)

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

Civil law

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

Constitutional law, judicial law, legislative law, administrative law

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

Damages

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

Decisions of courts in legal disputes

What is the difference between state and federal law?

Federal law applies to all states and state laws only apply to the state they were placed in. State laws cannot legally conflict with federal laws.

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

It's a term used to describe deceptive or fraudulent business practice or act that causes injury to a consumer. The Federal Trade Commission regulates it

What are statutes?

Laws enacted by Congress or a state legislative body

What is an administrative rule?

Laws enacted by federal agencies

What are ordinances?

Laws enacted by local legislative bodies

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

Litigation

What are regulations? Laws passed by Congress. Rules made by local governments. Derived from decisions made by judges. Rules adopted by administrative agencies.

Rules adopted by administrative agencies

Some of the rights in the Constitution's Bill of Rights extends to Corporations

True

What is the supreme law of the land?

U.S. Constitution

Which country is the United States legal system derived from?

United Kingdom

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

United States Code

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: Wyoming only. only Wyoming and its bordering states. all states. all states but only to matters not covered by other states' laws.

Wyoming only