CH 1

Securities are only regulated by federal laws.

False

Consequences of being convicted a crime include all of the following except:

Damages

What is the function of law in the United States?

Establish standards, Promote consistency, & Promote, provide, and maintain order.

Forms of Alternative Dispute Resolution ("ADR") include all of the following except

Litigation

regulations are

Rules adopted by administrative agencies

What is the difference between state and federal law?

State: Laws of each separate U.S state Federal: Laws that all U.S citizens are expected to follow

What is the supreme law of the land? What are statutes? What are ordinances? What is an administrative rule?

The federal constitution is the supreme law of the land. What are statutes? -Laws enacted by Congress or a state legislative body. What are ordinances? -Laws enacted by local legislative bodies. What are administrative rules? -Laws issued by administrative agencies under the authority given to them in statutes.

Which country is the United States legal system derived from?

United Kingdom

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

Four sources of law in the U.S. legal system are:

constitutional law, judicial law, legislative law, and administrative law

As a judge, Baxter applies common law rules. These rules develop from

decisions of the courts in legal disputes

. What is an Unfair Trade Practice and which Administrative Agency regulates it?

is broadly used and refers to any deceptive or fraudulent business practice or act that causes injury to a consumer.