Business Law midterm

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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


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