Ch.1 Business and Its Legal Environment

"Stare decisis" is a doctrine obligating judges to help persons who have failed to protect their own rights. True or False

False

Administrative law is a source of American law that is comprised of statutes. True or False

False

Being a small-business owners means that you will never have to take on the role pf finance manager, marketing manager or accountant. True or False

False

Common law is a term for the laws that are familiar to most of us. True or False

False

Criminal acts are prohibited only by federal government statutes. True or False

False

Criminal law focuses on duties that exist between persons. True or False

False

International law is the law of foreign nation and varies from country to country. True or False

False

No state has adopted the Uniform Commercial Code. True or False

False

Whether financial statements created by an accountant need to be verifies for accuracy is NOT a legal question. True or False

False

"Stare decisis" is a doctrine obligating judges to follow the precedents establishes within their jurisdictions. True or False

True

A state law that conflicts with the U.S. Constitution will be deemed unconstitutional True or False

True

Law consists of enforceable rules governing relationships among individuals and between individuals and their society. True or False

True

Laws and government regulations affect almost all business activities. True or False

True

Statutes are laws enacted by Congress and the state legislature and compromise one of the sources of American law. True or False

True

Statutory law includes state statutes and ordinances passed by cities and counties. True or False

True

There are legal questions involved when considering ways to raise capital so a business can grow. True or False

True