Business Law ch. 1
Alex has been sued by Will for failure to pay rent for their apartment which source of law will govern this lawsuit?
Civil Law
What is the function of law in the United States?
all the above, establish standards, promote consistency, promote provide and maintain order
Regulations are:
rules adopted by administrative agencies
Civil Vs Criminal Cases
Civil- Plaintiff brings a case and the defendant must answer Criminal- The most blame Worthy are punished
(1)What is the supreme law of the land? (2)What are statutes? (3)What are ordinances? (4)What is an administrative rule?
(1)the federal constitution is supreme law (2) laws enacted by congress or state legislation (3) Laws enacted by local legislation (4) Laws issued by administrative agencies under the authority given to them in statutes
What is a mediator
A person trained in conflict resolution
Securities are only regulated by federal laws.
False
Four sources of law in the U.S. legal system are:
Constitutional law, judicial law, legislative law, and administrative law.
Contracts
Exist mainly to document promises which can be enforced by law. There must be an offer of acceptance of the terms that offer
Unfair Trade Practices and FTC
FTC is the federal trade commission and they regulate unfair trade accusations Unfair trade is any deceptive or fraudulent business practice that results in injury to the consumer
Anti Trust Law
Laws that regulate a companies conduct and organization in an attempt to keep the market fair and competitive. Protects against price fixing, gouging, monopiles and much more
. Forms of Alternative Dispute Resolution ("ADR") include all of the following except: Mediation. Settlement. Litigation. Arbitration.
Litigation
What is the difference between state and federal law?
States all have their own constitutions and laws where as federal law is applicable to all states
What is Tort Law
Tort law deals with some kind of harm between plaintiff and defendant when no contract exists. When negligence from a company results in physical, emotional or monetary harm
Some of the rights in the Constitution's Bill of Rights extends to Corporations.
True
Where can you find a codification of federal laws?
US library of congress
What is an Unfair Trade Practice and which Administrative Agency regulates it?
Unfair trade is broad and it is referring to any deceptive or fraudulent business practices which result in injury. This could include false advertising or deceptive pricing Regulated by the FTC (Federal Trade Commission)
What country is the United States legal system derived from? Germany.
United Kingdom
Employment and Labor Law
Very Broad category, covers most laws regarding worker rights and labor regulation. Includes safety laws, title 9, equal opportunity in employment and much more
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
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
Securities Regulation
federal and state regulations of securities and stocks. can include industries such as the stock market The Securities and Exchange Commission (SEC) regulates securities on the federal level. Other instruments related to securities, such as futures and some derivatives, are regulated by the Commodity Futures Trading Commission (CFTC).