Business Law – True/False Flashcards
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Laws and government regulations affect almost all business activities.
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True.
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The U.S. Constitution is the basis of all law in the United States.
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True.
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The U.S. Constitution reserves to the federal government all powers not granted to the states.
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False. The U.S. Constitution reserves to the STATES all powers not granted to the federal government.
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The uniform commercial code has been adopted in all fifty states.
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True.
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Federal agency regulations take precedence over conflicting state agency regulations.
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True.
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Common Law is a term for the laws that are familiar to most of us.
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False. Common Law is developed from custom or judicial decisions in English and U.S. courts, but not attributable to a legislature.
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Decisions by higher courts are NOT binding on lower courts.
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False. see page 15, chapter 1.
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Stare Decisis is a doctrine obligating judges to help persons who have failed to protect their own rights.
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False. Stare Decisis a law doctrine that obligates judges to follow the precedents established in prior decisions. "To stand on decided cases."
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Courts are NOT obligated to follow precedents.
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False. Under "Stare Decisis," judges are obligated to follow the precedents established within their jurisdiction.
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In most legal controversies, there is one single correct result.
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False. In most legal controversies, however, there is no single correct result.
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Although cases may be similar, not two cases are ever identical in all respects.
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True.
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The courts, in interpreting statutory law, often rely on the common law as a guide to what the legislatures intended.
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True. page 20 Chapter 1
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Each judge has his or her personal beliefs and philosophy, which shape the legal reasoning process.
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True. page 20 Chapter 1
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Clearly, a judge's function is to MAKE the laws.
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False. That is the function of the legislative branch of government. A judge is required to interpret and apply the law. page 20 Chapter 1
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A jury's good sense and careful consideration of consequences is known as jurisprudence.
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False. Jurisprudence is the science or philosophy of law. page 20 Chapter 1
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Procedural law consists of all laws that outline the methods of enforcing rights.
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True.
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A citation identifies the publication in which a legal authority can be found.
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True. page 25 Chapter 1
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The decisions made by the courts establish the boundaries of the law as it applies to almost all business relationships.
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True.
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The party against whom a lawsuit is brought is the plaintiff or petitioner.
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False. The party whom a lawsuit is brought against is the defendant. The plaintiff initiates the lawsuit. page 13 Chapter 1
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When all the judges (or justices) agree on a decision, a majority opinion is written for the entire court.
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False. When all the judges (or justices) agree on a decision, a Unanimous Opinion is written for the entire court.
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When all the judges (or justices) do not have a unanimous agreement, a majority opinion is generally written.
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True. page 33 Chapter 1
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When all the judges (or justices) do not have a unanimous agreement, a majority opinion is generally written.
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True. page 33 Chapter 1
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When all the judges (or justices) do not have a unanimous agreement, a majority opinion is generally written.
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True. page 33 Chapter 1
