Midterm (BCOR 2301) Exam Questions
With Correct Answers
Law |- |CORRECT |ANSWER✔✔-A |body |of |enforceable |rules |governing |relationships |among |
individuals |and |between |individuals |and |their |society.
i.e. |establish |rights, |duties, |and |privileges |that |are |consistent |with |the |values |and |beliefs |of |
the |society |which |enacted |them.
Liability |- |CORRECT |ANSWER✔✔-State |of |being |legally |responsible |for |something, |such |as |debt
|or |obligation.
Sources |of |American |Law |- |CORRECT |ANSWER✔✔-Primary |Source |of |Law
Secondary |Source |of |Law
Primary |Source |of |Law |- |CORRECT |ANSWER✔✔-A |document |that |establishes |the |law |on |a |
particular |issue, |such |as |a |constitution, |a |statute, |an |administrative |rule, |or |a |court |decision.
Secondary |Source |of |Law |- |CORRECT |ANSWER✔✔-A |book |or |article |that
|summarizes/interprets |the |law, |such |as |a |legal |encyclopedia, |a |legal |treatise, |or |article |in |a |
law |review; |provide |guidance |to |a |court.
e.g. |Prof. |of |law |writes |an |article |for |a |journal
Types |of |Law |- |CORRECT |ANSWER✔✔-Constitutional |Law
Statutory |Law
,Administrative |Law
Case |Law |(& |Common |Law |Doctrines)
Constitutional |Law |- |CORRECT |ANSWER✔✔-Basis |of |ALL |law! |Declaration |of |Independence, |
Constitution, |Bill |of |Rights
- |U.S. |Constitution: |the |supreme |law |of |the |land |establishing |the |powers |of |the |federal |
government.
Federal |v. |State
Federal |v. |State |Constitutional |Law |- |CORRECT |ANSWER✔✔-Federal: |[Federalism] |all |powers |
not |granted |to |the |federal |gov. |go |to |the |states. |Federal |law |is |applied |to |the |states |regardless |
of |whether |a |state |wants |to |follow |the |federal |law.
State: |each |has |its |own |constitution |that |is |the |supreme |law |unless |it |conflicts |with |the |U.S. |
Constitution |of |Fed. |Law
e.g. |Marijuana |legal |in |CO |but |illegal |in |U.S. |--> |supreme |court |won't |enforce |it |because |it |
generates |a |lot |of |money
Statutory |Law |- |CORRECT |ANSWER✔✔-The |body |of |law |enacted |by |legislative |bodies |(as |
opposed |to |constitutional |law, |administrative |law, |or |case |law).
- |Passed |by |U.S. |Congress |= |applies |to |ALL |states |if |passed |- |must |be |based |on |a |power |
granted |by |U.S. |Constitution
- |Passed |by |State |Legislature |= |only |applies |within |states |borders.
, Ordinances |- |CORRECT |ANSWER✔✔-Laws, |rules, |or |orders |passed |by |local |(e.g. |city |or |county)
|governing |body |that |only |applies |within |geographic |limits; |typically |cannot |account |for |every |
scenario.
e.g. |Statute |to |pick |up |after |pets, |can |apply |to |just |towns; |think |about |the |rules |applying |to |
you |leaving |but |coming |back |to |pick |it |up
Uniform |Commercial |Code |(UCC) |- |CORRECT |ANSWER✔✔-BEGAN |AS |STATUTE |AND |ADOPTED |
BY |ALL |50 |STATES |--- |FEDERAL |LAW, |but |states |do |NOT |have |to |adopt |it |in |its |entirety.
A |comprehensive |statutory |scheme |that |includes |laws |that |cover |aspects |of |commercial |
transactions.
Administrative |Law |- |CORRECT |ANSWER✔✔-The |body |of |law |created |by |administrative |
agencies |(in |the |form |of |rules, |regulations, |orders, |and |decisions) |in |order |to |carry |out |their |
duties |and |responsibilities.
See |Administrative |Agency |and |its |Powers.
Administrative |Agencies |- |CORRECT |ANSWER✔✔-Governmental |bodies |formed |to |carry |out |
particular |laws; |usually |very |specific.
e.g. |CO |Legislature |includes |representatives |from |cities |such |as |Denver |or |Boulder |OR |
Secretary |of |State
Enabling |Legislation |- |CORRECT |ANSWER✔✔-A |statute |enacted |by |Congress |that |authorizes |
the |creation |of |an |administrative |agency |and |specifies |the |name, |composition, |purpose, |and |
powers |of |the |agency |being |created.
Powers |of |Administrative |Agencies |- |CORRECT |ANSWER✔✔-Rulemaking |
With Correct Answers
Law |- |CORRECT |ANSWER✔✔-A |body |of |enforceable |rules |governing |relationships |among |
individuals |and |between |individuals |and |their |society.
i.e. |establish |rights, |duties, |and |privileges |that |are |consistent |with |the |values |and |beliefs |of |
the |society |which |enacted |them.
Liability |- |CORRECT |ANSWER✔✔-State |of |being |legally |responsible |for |something, |such |as |debt
|or |obligation.
Sources |of |American |Law |- |CORRECT |ANSWER✔✔-Primary |Source |of |Law
Secondary |Source |of |Law
Primary |Source |of |Law |- |CORRECT |ANSWER✔✔-A |document |that |establishes |the |law |on |a |
particular |issue, |such |as |a |constitution, |a |statute, |an |administrative |rule, |or |a |court |decision.
Secondary |Source |of |Law |- |CORRECT |ANSWER✔✔-A |book |or |article |that
|summarizes/interprets |the |law, |such |as |a |legal |encyclopedia, |a |legal |treatise, |or |article |in |a |
law |review; |provide |guidance |to |a |court.
e.g. |Prof. |of |law |writes |an |article |for |a |journal
Types |of |Law |- |CORRECT |ANSWER✔✔-Constitutional |Law
Statutory |Law
,Administrative |Law
Case |Law |(& |Common |Law |Doctrines)
Constitutional |Law |- |CORRECT |ANSWER✔✔-Basis |of |ALL |law! |Declaration |of |Independence, |
Constitution, |Bill |of |Rights
- |U.S. |Constitution: |the |supreme |law |of |the |land |establishing |the |powers |of |the |federal |
government.
Federal |v. |State
Federal |v. |State |Constitutional |Law |- |CORRECT |ANSWER✔✔-Federal: |[Federalism] |all |powers |
not |granted |to |the |federal |gov. |go |to |the |states. |Federal |law |is |applied |to |the |states |regardless |
of |whether |a |state |wants |to |follow |the |federal |law.
State: |each |has |its |own |constitution |that |is |the |supreme |law |unless |it |conflicts |with |the |U.S. |
Constitution |of |Fed. |Law
e.g. |Marijuana |legal |in |CO |but |illegal |in |U.S. |--> |supreme |court |won't |enforce |it |because |it |
generates |a |lot |of |money
Statutory |Law |- |CORRECT |ANSWER✔✔-The |body |of |law |enacted |by |legislative |bodies |(as |
opposed |to |constitutional |law, |administrative |law, |or |case |law).
- |Passed |by |U.S. |Congress |= |applies |to |ALL |states |if |passed |- |must |be |based |on |a |power |
granted |by |U.S. |Constitution
- |Passed |by |State |Legislature |= |only |applies |within |states |borders.
, Ordinances |- |CORRECT |ANSWER✔✔-Laws, |rules, |or |orders |passed |by |local |(e.g. |city |or |county)
|governing |body |that |only |applies |within |geographic |limits; |typically |cannot |account |for |every |
scenario.
e.g. |Statute |to |pick |up |after |pets, |can |apply |to |just |towns; |think |about |the |rules |applying |to |
you |leaving |but |coming |back |to |pick |it |up
Uniform |Commercial |Code |(UCC) |- |CORRECT |ANSWER✔✔-BEGAN |AS |STATUTE |AND |ADOPTED |
BY |ALL |50 |STATES |--- |FEDERAL |LAW, |but |states |do |NOT |have |to |adopt |it |in |its |entirety.
A |comprehensive |statutory |scheme |that |includes |laws |that |cover |aspects |of |commercial |
transactions.
Administrative |Law |- |CORRECT |ANSWER✔✔-The |body |of |law |created |by |administrative |
agencies |(in |the |form |of |rules, |regulations, |orders, |and |decisions) |in |order |to |carry |out |their |
duties |and |responsibilities.
See |Administrative |Agency |and |its |Powers.
Administrative |Agencies |- |CORRECT |ANSWER✔✔-Governmental |bodies |formed |to |carry |out |
particular |laws; |usually |very |specific.
e.g. |CO |Legislature |includes |representatives |from |cities |such |as |Denver |or |Boulder |OR |
Secretary |of |State
Enabling |Legislation |- |CORRECT |ANSWER✔✔-A |statute |enacted |by |Congress |that |authorizes |
the |creation |of |an |administrative |agency |and |specifies |the |name, |composition, |purpose, |and |
powers |of |the |agency |being |created.
Powers |of |Administrative |Agencies |- |CORRECT |ANSWER✔✔-Rulemaking |
