CHT 1 Law and Legal Reasoning
The U.S. Constitution is the basis of all law in the United States
True
The basis of a civil law system is a written code of laws.
True
A local ordinance commonly has to do with a matter concerning only a local governing unit.
True
Case law governs all areas of business not covered by statutory or administrative law.
True
Controlling precedents are binding authorities.
True
A federal statue applies only to those states that agree to apply it within their borders.
False
A precedent is any legal authority or source of law that a court may look to for guidance but need not follow when making its decision.
False
Civil law has to do with wrongs committed against society for which society demands redress.
False
In a criminal case, the object is to obtain a remedy
False
Independent regulatory agencies are not subject to the authority of the president.
False
The study of business law does not involve an ethical dimension
False
There is one right answer to every legal question.
False
Courts often refer to secondary sources of law for guidance in interpreting and applying a primary source of law.
True
A citation is a regulation enacted by a city or county legislative body.
False
A secondary source of law establishes the law on a particular issue.
False
A statute is a secondary source of law.
False
An administrative legislative rule is not legally binding on businesses.
False
Because courts of law and equity have merged, the principles of equity are no longer applied.
False
Because laws may change, the ability to analyze and evaluate the legal ramifications of situations as they arise is NOT a lasting skill.
False
Compartmentalizing the law into discrete topics indicates that each business transaction is subject to only one specific area of the law
False
Courts will not grant an equitable remedy unless the remedy at law is adequate.
False
Even if it conflicts with the U.S. Constitution, a state constitution is supreme within that state's borders.
False
Federal agency regulations do not take precedence over conflicting state regulations.
False
A constitution is a primary source of law
True
Congress or a state legislature establishes an administrative agency to perform a specific function.
True
Courts give significant weight- deference - to an agency's judgement and interpretation of its rules
True
If an agency fails to follow the rulemaking procedures imposed by the Administrative Act, the resulting rule may not be binding.
True
In the United States, the law consists of written laws and court decisions.
True
International law derives from a variety of sources, including the laws of individual nations.
True
Often, more than one rule of law will be applicable to a case.
True
Only if a state legislature adopts a uniform law does that law become part of the statutory law of that state.
True
Rescission is an equitable remedy.
True
Rules issued by administrative agencies affect almost every aspect of a business's operations.
True
The common law is a body of law developed from judicial decisions.
True
The legal rules that control a business's actions reflect past and current thinking about how similar businesses should and not act
True
