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Business Law I Final Exam Questions With Complete Solutions
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Business Law I Final Exam Questions With CompleteSolutions
1. _____ is that which must be obeyed and followed by citizens
subject to sanctions or legal consequences Correct Answers a.
Law
2. Mark Walton was involved in a car accident in which the
airbag of his car failed to deploy. He sued the car manufacturer
for installing faulty airbags. But in the course of the case being
heard in court the car company and Mark decided to settle the
lawsuit out of court. What important function of the law was
served in this case? Correct Answers a. Providing a basis for
compromise
3. What was the key factor in the development of the English
common law? Correct Answers a. The use of precedence of
past cases for judges to decide similar cases
4. What led to the creation of the Chancery Courts? Correct
Answers a. The unfair results and limited remedies provided by
the law courts
5. The law courts of the English common law emphasized legal
procedure over the merits of an individual case Correct
Answers a. True
6. What is considered as the supreme law of the land in the
United States? Correct Answers a. The constitution of the US
, 7. What is the function of the judicial branch of the federal
government? Correct Answers a. It has the power to interpret
and determine the validity of the law
8. A ___ is a written law enacted by the legislative branch of the
federal and state governments that establishes certain courses of
conduct to which covered parties must adhere Correct Answers
a. Statue
9. From the following identify an example of codified law in the
US Correct Answers a. Federal statues
10. Stare decisis is the doctrine of Correct Answers a. Adhering
to legal precedent
11. How does the doctrine of stare decisis help in creating
stability in a legal system? Correct Answers a. By allowing the
use of precedence in deciding future cases
12. Federal statues are organized by topic into code books
Correct Answers a. True
13. State courts of one state are not required to follow the legal
precedent established by the courts of another state Correct
Answers a. True
14. Intermediate appellate courts? Correct Answers a. They
review either pertinent parts or the whole trail court record from
the lower court
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