LEGAL ENVIRONMENT OF BUSINESS
UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS COMPLETE STUDY
GUIDE
●● Jurisprudence
Answer: The study of law
●● Law Provides:
Answer: Stability, Predictability and Continuity
●● Why is the regulation of business necessary?
Answer: Provides Regulation (law), Prevents unfair advantage, Levels
the playing field
●● Primary Sources of American Law:
Answer: U. S. Constitution, Statutes, Administrative Law,
Case/Common Law
●● Secondary Sources of American Law:
Answer: Legal Encyclopedias, Treatise, Law Review Articles,
Restatements, Law Set Forth In Constitutions (U.S., State)
,●● 10th Amendment:
Answer: Anything governed by U.S. Constitution is reserved for states,
also grants rights to citizens
●● U.S. Constitution:
Answer: Supreme law of the land
●● Federal Law Fact:
Answer: Federal law trumps state law (except for court system and case
law)
●● State Constitution:
Answer: Supreme law of states-cannot violate U.S. Constitution or
Federal Law
●● Statutory Law
Answer: Laws enacted by legislative bodies- Congress (Federal),
Legislatures (State)
●● Acts
Answer: Collections of statutes addressing a certain subject matter
, ●● United States Code:
Answer: U.S.C.
●● State Code:
Answer: O.C.G.A.
●● Federal Statutes:
Answer: Apply to all states
●● State Statutes:
Answer: Apply to specific states
●● Ordinances:
Answer: Apply in County/City
●● Uniform Laws:
Answer: -States regulate what isn't constitutionally regulated nationally
-Can make trade and other life activities difficult across state lines
-Have been drafted to make state laws more consistent
UPDATED ACTUAL QUESTIONS AND
CORRECT ANSWERS COMPLETE STUDY
GUIDE
●● Jurisprudence
Answer: The study of law
●● Law Provides:
Answer: Stability, Predictability and Continuity
●● Why is the regulation of business necessary?
Answer: Provides Regulation (law), Prevents unfair advantage, Levels
the playing field
●● Primary Sources of American Law:
Answer: U. S. Constitution, Statutes, Administrative Law,
Case/Common Law
●● Secondary Sources of American Law:
Answer: Legal Encyclopedias, Treatise, Law Review Articles,
Restatements, Law Set Forth In Constitutions (U.S., State)
,●● 10th Amendment:
Answer: Anything governed by U.S. Constitution is reserved for states,
also grants rights to citizens
●● U.S. Constitution:
Answer: Supreme law of the land
●● Federal Law Fact:
Answer: Federal law trumps state law (except for court system and case
law)
●● State Constitution:
Answer: Supreme law of states-cannot violate U.S. Constitution or
Federal Law
●● Statutory Law
Answer: Laws enacted by legislative bodies- Congress (Federal),
Legislatures (State)
●● Acts
Answer: Collections of statutes addressing a certain subject matter
, ●● United States Code:
Answer: U.S.C.
●● State Code:
Answer: O.C.G.A.
●● Federal Statutes:
Answer: Apply to all states
●● State Statutes:
Answer: Apply to specific states
●● Ordinances:
Answer: Apply in County/City
●● Uniform Laws:
Answer: -States regulate what isn't constitutionally regulated nationally
-Can make trade and other life activities difficult across state lines
-Have been drafted to make state laws more consistent
