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Exam-Business law test 1 Questions and Answers
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Exam-Business law test 1 Questions and Answers
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Exam-Business law test 1 Questions and AnswersBusiness law Correct-The enforceable rules of conduct that govern the actions of buyers
and sellers in market exchanges (commercial relationships
Tort Correct-at its simplest level, is a legal language for a civil [non-criminal] harm
committed against another in which the injured party can sue for damages
What are The purposes of law? Correct--Providing order such that one can depend on a
promise or an expectation of obligations.
-Serving as an alternative to fighting.
-Facilitating a sense that change is possible, but only after a rational consideration of options.
-Encouraging social justice.
-Guaranteeing personal freedoms.
-Serving as a moral guide by indicating minimal expectations of citizens and organizations
What is law? Correct-Rules of conduct in any organized society that are enforced by the
governing authority of the community
, Exam-Business law test 1 Questions and Answers
What are three types of law? Correct-We can divide law into national versus international
law, federal versus state law, and public versus private law.
Public private and civil
What is private law? Correct-Law that involves suits between private individuals or groups.
What is public law? Correct-Law that involves suits between private individuals or groups
And their government
What is civil law? Correct-The body of laws that govern the rights and responsibilities
either between persons or between persons and their government, seeks to achieve a remedy
ex compensation for injured party
What are the sources of law? Correct-Constitutional, Statutory,Cases, administrative,
treaties, executive orders
, Exam-Business law test 1 Questions and Answers
What is constitutional law? Correct-The general limits and powers of a government as
interpreted from its written constitution
The United States Constitution and the constitution of each state establish the fundamental
principles and rules by which the United States and the individual states are governed, it is
primary authority to study when trying to identify the relationship between business
organizations and government.
What is the primary authority to study when trying to identify the relationship between
business organizations and the government? Correct-The United States constitution.
What are three things the constitution does? Correct-Creates the government, gives it
power, limits its power
The constitution creates congress to pass laws called Correct-Statues
What do courts do to laws? Correct-Interpret them
, Exam-Business law test 1 Questions and Answers
True or false: each state has a legislative body and its own code Correct-True
What are statues and who creates statutory law? Correct-Legislative actions found in U.S.
code (collection of all laws) when passed by congress or state legislatures.
What do ordances do? Correct-ordinances address important business considerations such
as local taxes, environmental standards, zoning ordinances, and building codes.
What does model/uniform law do? Correct-Model or uniform law is not a source of law
but serves as a basis for statutory law at state level. They are created to account for the
VARIABILITY OF LAWS among states, to standardize otherwise different interstate laws. NCC
on uniform state laws urges state to enact model laws.
What is the UCC (Uniform Commercial Code)? Correct-a body of law that includes sales,
commerce, title documents, warranties, collections and deposited
What are cases and why are they important? Correct-Cases are judicial opinions, they are
important in modern business because they operate in multiple legal jurisdictions where
interpretation of statutory laws may vary.
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