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Business Law – True/False Flashcards

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

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