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Business Law Ch.1 T/F

Business law consists of the suggested rules of conduct that govern commercial relationships.
F

Business law consists of the enforceable rules of conduct that govern commercial relationships.

Many market transactions occur without legal guidelines.
F

There is simply no market transaction that occurs outside legal guidelines.

Because of the law, we rely on the goodwill and dependability of one another.
F

The respect we give to the law as a source of authority is in part a recognition of the fact that in the absence of law, we would rely solely on the goodwill and dependability of one another.

Crimes are prosecuted by the government, not individuals.
T
Public law involves disputes between private individuals or groups and their government.
T
Another name for case law is common law.
T
Case law interpretations are law unless they are revoked later by new statutory law.
T
The term “stare decisis” means “reversing the decision.”
F

When courts rely on precedent, they are obeying stare decisis (“standing by their decision”).

A decision of a state supreme court is binding on a lower state court located in the state.
T
A decision from a state supreme court in one state is binding on a trial court judge in another state if the other state has no applicable law on the issue involved.
F

Different state courts are not bound by each other’s decision, and so they might have different decisions on the same subject.

Constitutions and statutes are complete in the sense of covering the detailed rules that affect government and business relations.
F

Constitutions and statutes are never complete in the sense of covering all the detailed rules that affect government and business relations.

Presidents claim the power to issue executive orders on the basis of their Article II, Section 1, constitutional power to “take care that the laws be faithfully executed.”
T
Ethical conversation is primarily about finding the one and only right thing to do.
F

Business ethics refers to standards of business conduct, not a set of correct decisions.

The social responsibility of business if formed by expectations employees have of employers.
F

The social responsibility of business consists of the expectations the community imposes on firms doing business within its borders.

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