Business law exam 1 Auburn Acct 2700 Questions and Answers
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Business law Auburn Acct 2700
Institution
Business Law Auburn Acct 2700
Legal persons vs. natural persons - ️️natural persons are individuals who benefit
from all ten privileges in the bill of rights, legal persons include business which count as
legal entities and benefit from SOME of the freedoms listed in the bill of rights
t/f: A precedent is a decision that...
Business law exam 1 Auburn Acct 2700
Legal persons vs. natural persons - ✔️✔️natural persons are individuals who benefit
from all ten privileges in the bill of rights, legal persons include business which count as
legal entities and benefit from SOME of the freedoms listed in the bill of rights
t/f: A precedent is a decision that furnishes an example or authority for deciding
subsequent cases involving similar legal principles and facts. - ✔️✔️True
Niether congress nor any state can pass a law that is - ✔️✔️in conflict with the
constitution
We have a Federal form of government which means that - ✔️✔️the national
government and the states share sovereign power
State regulatory powers are referred to as - ✔️✔️Police Powers
Dormant commerce clause - ✔️✔️The negative aspect of the commerce clause which
implies that the states do not have the power to regulate interstate commerce
One primary source of American law is: - ✔️✔️U.S. Constitution
T/F: State constitutions are a primary source of law - ✔️✔️True
Law based on documents setting forth the general organization, powers, and limits of
the government is called - ✔️✔️Constitutional Law
Of the US laws, the Constitution is - ✔️✔️Supreme
If the supreme court determines that a state criminal law violates the fourth amendment,
that law will be declared - ✔️✔️unconstitutional
Statutes, primary sources of law come from ______ and state and local ________. -
✔️✔️congress; legislatures
T/F Federal statutes do not apply to states, only to the Federal Government -
✔️✔️false
The _____ is a uniform law adopted by all states, that facilitates business transactions -
✔️✔️Uniform commercial code
, Administrative agencies are created to - ✔️✔️perform specific government functions
delegated to them by the legislature
The Federal Trade Commision is an example of - ✔️✔️an independent regulatory
agency
T/F In the English system, remedies at law consisted of any action or order that would
correct the wrong - ✔️✔️False
Remedies in ______ include specific performance - ✔️✔️equity
Part of common law tradition relies on the principle of - ✔️✔️Stare Decisis
The latin term Stare Decisis means to - ✔️✔️stand on decided cases
Binding authorities include - ✔️✔️Constitutions, governing regulations, statutes,
decisions from higher courts in the jurisdiction
Generally speaking, the restatements of the law - ✔️✔️summarize the common law
rules followed by most states.
Laws can be divided into what two categories? - ✔️✔️procedural and substantive
Civil law can be described as - ✔️✔️the law that governs relations between persons
T/F Cyberlaw is a new type of law. - ✔️✔️False
The US Constitution created a _____ type of government - ✔️✔️Federal
What powers do the states have to regulate or prohibit private activities? - ✔️✔️Police
Powers
T/F State police powers only authorize state police forces. - ✔️✔️FALSE
All powers expressly "reserved" to the states fall under the ______ amendment. -
✔️✔️Tenth
Article 1, Section 8 of the US Constitution impacts business greatly and is referred to as
the ____ clause - ✔️✔️Commerce
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