Business Law Practice Test 1 Questions and Answers
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Course
2024/2025
Institution
2024/2025
Business Law Practice Test 1 Questions and Answers
T/F: Law Consists of enforceable rules governing relationships among individuals and between
individuals and their society. - Answer-True
T/F: Stare decisis refers to the practice of deciding new cases with reference to previous
decisions. - An...
The Uniform Commercial Code was enacted by Congress for adoption by the states. -
Answer✔✔-False. The National Conference of Commissioners on Uniform State Laws drafted
the Uniform Commercial Code and proposed it for adoption by the states.
In most states, the same courts can grant both legal and equitable remedies. - Answer✔✔-True
The doctrine of stare decisis performs many useful functions, including .... - Answer✔✔-
efficiency, uniformity, and stability
In uniform to case law, when making decisions, court sometimes consider the other sources of
law, including... - Answer✔✔-The U.S. Constitution, state constitutions, and administrative
agency rules and regulations
Which of the following is a correct statement about the distinction between law and equity? -
Answer✔✔-Equity involves remedies different from those available at law.
Under the doctrine of stare decisis, a judge compares the facts in a case with facts in .... -
Answer✔✔-Another case
To learn about the coverage of a statute and how the statute is applied, a person must -
Answer✔✔-read the statute and see how courts in his or her jurisdiction interpreted it
Our common law system involves the application of legal principles applied in earlier cases -
Answer✔✔-with similar cases
The Statutory law of the United States includes - Answer✔✔-both the statutes enacted by
Congress and state legislatures and the rules, orders, and decisions by administrative agencies
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