Chapter 1 Business Law

According to _____, judges in current cases follow whenever possible the interpretation of law determined by judges in prior cases. A. stare decisis B. writ of certiorari C. ratio decidendi D. constitutional relativism E. legal realism

A

_____ covers the legal principles that apply to government agencies, bureaus, boards, or commissions. A. Administrative law B. Constitutional law C. Tort law D. Criminal law E. Contract law

A

. A _____ is a civil wrong other than a breach of contract. A. caucus B. tort C. sanction D. remedy E. dicta

B

. Punitive damages are frequently awarded in _____. A. ordinary negligence cases B. intentional tort cases C. strict liability cases D. equal protection cases E. overbreadth doctrine cases

B

. The source of law that ranks the lowest among all the others is a _____. A. local ordinance B. statute C. case law D. state administrative regulation E. federal administration regulation

C

One important advantage of stare decisis was __________. A. increased emphasis on dicta than on holding B. the elimination of alternative dispute resolution methods C. security with regard to property D. limited volume of cases E. rejection of precedent

C

Which of the following statements is true of the rule of law? A. Rule-of-law nations adopt laws supporting the private market because it is in everyone's interest, including the lawmakers'. B. Under the rule of law, laws that are made are not generally and equally applicable. C. Its only aim is to prevent special interest groups to benefit at the expense of others. D. It adopts laws supporting the growth of the public markets over private markets, increasing economic growth of nations. E. It removes the power of the courts and creates an autocratic regime where businesses can freely invest and economic growth is high.

A

_____ law jurisprudence believes that law is simply the commands of the state backed up by force and punishments. A. Positive B. Natural C. Historical D. Sociological E. Tort

A

Following much debate, the Congress has decided to pass a bill that will increase the taxes on tobacco sales. This legislation is called a(n) __________. A. statute B. regulation C. ordinance D. tort E. citation

A

In a broad general sense, _____ includes the legal property relations that large businesses have with each other, with their customers, and with society. A. corporate governance B. specific performance C. stare decisis D. tort law E. strict liability

A

In the context of property, contract law__________. A. enables an owner to exchange resources, especially at a future date B. compensates owners whose resources are wrongfully harmed by the actions of others C. punishes those who harm an owner's resources in particular ways D. identifies how individuals can own and use private resources in groups E. protects ownership and sets limits on private resource useA

A

Stephanie has written a book, Mirari, and was talking to some interested parties from Hollywood about making a movie based on it. However, she turned down an offer due to differences of opinion. A year later, Mirari was made into a movie but it did not acknowledge the author. This scenario best reflects a violation of _____. A. property law B. administrative law C. constitutional law D. criminal law E. contract law

A

The law protecting the owners of a business organization from the managers who run it for them is _____. A. corporate governance B. antitrust law C. constitutional relativity D. contract law E. tort law

A

Which of the following refers to judicial decisions that apply to legal problems and interpret the relevant constitutional, legislative, and regulatory laws? A. Case law B. Procedural law C. Substantive law D. Commercial law E. Tort law

A

. The time allowed for one party to sue another and the rules of law governing the process of a lawsuit are examples of __________. A. tort laws B. procedural laws C. international laws D. substantive laws E. property laws

B

Coach Kleats is in charge of the softball team at Phoenix Junior School. He loses his temper with one of the substitutes following a game and slams the child against the lockers in his anger. The child is badly bruised and is bleeding from the nose. In this scenario, the coach can be sued for committing a(n) _____. A. tort of negligence B. intentional tort C. strict liability tort D. statutory tort E. tort of nuisance

B

Kate has entered into a binding agreement to sell a house to Michael. When Michael shows up to complete the deal as per the agreement, Kate refuses to go through with the transaction. Which of the following best categorizes Kate and Michael's issue in the context of classifications of laws? A. This is a public law issue regarding substantive law. B. This is a private law issue regarding contract law. C. This is a public law issue regarding property law. D. This is a private law issue regarding criminal law. E. This is a public law issue regarding tort law.

B

Private law traditionally includes __________. A. international law B. property law C. administrative law D. constitutional law E. criminal law

B

The Latin meaning of the word stare decisis is __________. A. speak the truth B. let the prior decision stand C. the thing has been decided D. let the plaintiff beware E. the rationale for the decision

B

The _____ in prior cases were necessary to reach the decisions in those cases. A. dicta B. holdings C. citations D. statutes E. ordinances

B

When judges who decide appeals from trial courts make decisions on legal issues, they write their decisions, or _____, setting out reasons. A. citations B. opinions C. codes D. statutes E. ordinances

B

Which of the following sanctions are awarded with the objective of ensuring that a party be in as good a position as he or she would have been in had the contract been performed? A. Punitive damages B. Compensatory damages C. Incidental damages D. Exemplary damages E. Liquidation damages

B

Which of the following statements is true of civil cases? A. They typically involve a representative of government attempting to prove the wrong committed against society and seeking to have the wrongdoer punished by the court system. B. They typically involve a request for damages or other appropriate relief that does not involve punishment of the wrongdoer. C. They typically include matters that involve the regulation of society as opposed to individuals interacting. D. They typically include matters that involve the interpretation and application of either the federal or state constitutions. E. They typically include legal principles that apply to government agencies, bureaus, boards, or commissions.

B

_____ can be thought of as the central concept underlying Western legal systems. A. Dicta B. Property C. Tort law D. Ethics E. Eminent domain

B

_____ stands for the idea that courts should interpret the Constitution only according to the intentions of those who wrote it. A. Constitutional relativity B. Originalism C. Legal realism D. Dicta E. Constitutional holding

B

Meril is a luxury bag brand that has its own distinctive pattern. The company recently learned that another retailer has been selling fake Meril bags. The legal dispute that will arise here is most likely to be governed by _____. A. administrative law B. constitutional law C. property law D. criminal law E. contract law

C

So significant is the role of judges in the United States that they determine the meaning of the Constitution and can declare void the legislation of Congress and the acts of the president. This illustrates that the legal system in the United States is based on _____. A. civil law B. religious law C. common law D. hybrid law E. constitutional law

C

The right of an individual to take another person's resources because that person has failed to meet the requirements of the law is known as a _____. A. precedent B. citation C. remedy D. dicta E. holding

C

Which law forbids owners from monopolizing classes of resources and sets rules for how businesses can compete to acquire ownership in new resources? A. Regulatory law B. Tort law C. Antitrust law D. Antidiscrimination law E. Securities law

C

Which of the following are essential to locate prior precedents? A. Codes B. Remediations C. Citations D. Dicta E. Torts

C

Which of the following are judicial decisions that interpret the relevant constitutional, legislative, and regulatory laws? A. Citations B. Injunctions C. Case law D. Dicta E. Statutes

C

Which of the following usually requires a plaintiff to prove only that a defendant has injured something proper to the plaintiff? A. Torts of negligence B. Intentional torts C. Strict liability torts D. Statutory torts E. Torts of nuisance

C

_____ are in effect a form of punishment for violating the law and have a preventive function. A. Ordinances B. Statutes C. Sanctions D. Torts E. Opinions

C

_____ do not make law nor do their judges think themselves obligated to follow prior judicial decisions called precedents. A. Common law courts B. Religious law courts C. Civil law courts D. Administrative law courts E. Constitutional law courts

C

_____ jurisprudence supports the idea that law can and should change to meet new developments in society. A. Historical B. Natural C. Sociological D. Positive law E. Legal realism

C

. Which of the following philosophies of law tries to go beyond just the words of law to examine what police, administrators, prosecutors, and judges are actually doing as they enforce, interpret, and apply laws? A. Positive law jurisprudence B. Sociological jurisprudence C. Stare decisis D. Legal realism E. Originalism

D

. Which of the following statements is true of a breach of contract? A. A tort is a kind of breach of contract, which is a civil wrongdoing. B. Damages make most parties totally whole because as a general rule they include attorney's fees. C. A contract can be rescinded only if both the parties to the contract agree to it. D. The remedy for an injured party may be a decree of specific performance under certain circumstances. E. Breach-of-contract cases may not award any consequential damages under any circumstances.

D

Article 6 of the Treaty on European Union, called the Maastricht Treaty, says the EU is "founded" on __________. A. specific performance B. the law of eminent domain C. stare decisis D. the rule of law E. constitutional relativity

D

Collections of legislation, often on the same subject, passed by the Congress are called __________. A. precedents B. opinions C. ordinances D. codes E. citations

D

In constitutional law, the idea that courts should understand the meaning of the Constitution relative to the times in which they interpret it is known as _____. A. constitutional holding B. legal realism C. legal originalism D. constitutional relativity E. constitutional governance

D

Positive law is contrary to the philosophy of _____. A. specific performance B. legal realism C. historical jurisprudence D. natural law E. sociological jurisprudence

D

The administrative agencies in the City of Dover have passed a written law banning smoking in most restaurants and bars. This legislation is an example of a(n) __________. A. statute B. act C. regulation D. ordinance E. jurisprudence

D

The ideas and philosophies that explain the origin of law and its justification are called _____. A. the rule of law B. torts C. stare decisis D. jurisprudence E. statutes

D

Which of the following is an order by the court commanding the other party actually to perform a bargain as ag De novo judicial review B. Obiter dicta C. Stare decisis D. Specific performance E. Eminent rationality

D

Which of the following schools of jurisprudence emphasizes that contemporary law should focus on legal principles that have withstood the test of time in a nation? A. Sociological B. Tort C. Positive D. Historical E. Natural

D

Which of the following statements is true of substantive law? A. The rules of law governing the process of a lawsuit are substantive in nature. B. It deals with the method and means by which procedural law is made and administered. C. The time allowed for one party to sue another is an example of substantive law. D. Enforcement of a contractual promise is substantive in nature. E. It provides the machinery for rights and duties.

D

_____ law both protects ownership and sets limits on private resource use. A. Tort B. Antitrust C. Securities D. Regulatory E. Contract

D

_____ property is an ownership fence, which applies to resources like land that more than one individual owns jointly. A. Private B. Civil C. Public D. Common E. Tort

D

_____ refers to the legal rules that structure, empower, and regulate the agents of organizations and define their relationships to the owners. A. Voir dire B. Res judicata C. Corporate relativity D. Corporate governance E. Categorical imperative

D

. Which of the following sources of law ranks the highest in the hierarchy of sources of law? A. Local ordinances B. State constitutions C. Statutes of Congress D. State administrative regulations E. U.S. Constitution and Amendments

E

. Which of the following statements is true of tort law? A. It involves the recognition of exclusive right in both tangible and intangible resources such as copyrights, patents, trademarks, etc. B. It covers the rules of how owners transfer resources by exchanging them. C. It specifies various offenses against the proper order of the state. D. It covers the legal principles that apply to government agencies, bureaus, boards, or commissions. E. It establishes rules for compensation when an owner's legal boundaries are wrongfully crossed by another.

E

A property-based legal system ___________. A. is unimportant in Western legal systems B. believes that law is simply the commands of the state backed up by force and punishments C. is contrary to the philosophy of natural law D. does not allow for the transfer of private resources E. allows people to exclude others from interfering with what their efforts produce

E

Which of the following is a type of public law? A. Contract law B. Property law C. Tort law D. Hybrid law E. Criminal law

E