Business Law - Exam 1 (Chapters 1, 2, 3,
4, 5, 6, 7, 10) comprehensive Questions
and Answers with Verified Solutions
Question 1:
Law
Answer:
A body of enforceable rules governing relationships among individuals
and between individuals and their society.
Question 2:
Liability
Answer:
The state of being legally responsible for something.
Question 3:
Primary Sources of Law
Answer:
U.S. Constitution, Statutory Law, Regulations, Case Law
Question 4:
Secondary Sources of Law
Answer:
Books and articles
,Question 5:
Constitutional Law
Answer:
Law based on the U.S. Constitution and the constitutions of the various
states.
Question 6:
Statutory Law
Answer:
The body of the law enacted by legislative bodies.
Question 7:
Ordinances
Answer:
A law passed by a city or county.
Question 8:
Administrative Law
Answer:
The body of law created by administrative agencies in order to carry out
their duties and responsibilities.
Question 9:
Administrative Agency
Answer:
A federal or state government agency.
, Question 10:
Executive Agencies
Answer:
An administrative agency within the executive branch of government.
Question 11:
Independent Regulatory Agencies
Answer:
An administrative agency that is not considered part of the government's
executive branch and is not subject to the authority of the president.
Independent agency officials cannot be removed without cause.
Question 12:
Case Law
Answer:
The rules of law announced in court decisions.
Question 13:
Common Law
Answer:
A legal system based on custom and court rulings.
Question 14:
Remedies
Answer:
The relief given to an innocent party to enforce a right or compensate for
the violation of a right.
4, 5, 6, 7, 10) comprehensive Questions
and Answers with Verified Solutions
Question 1:
Law
Answer:
A body of enforceable rules governing relationships among individuals
and between individuals and their society.
Question 2:
Liability
Answer:
The state of being legally responsible for something.
Question 3:
Primary Sources of Law
Answer:
U.S. Constitution, Statutory Law, Regulations, Case Law
Question 4:
Secondary Sources of Law
Answer:
Books and articles
,Question 5:
Constitutional Law
Answer:
Law based on the U.S. Constitution and the constitutions of the various
states.
Question 6:
Statutory Law
Answer:
The body of the law enacted by legislative bodies.
Question 7:
Ordinances
Answer:
A law passed by a city or county.
Question 8:
Administrative Law
Answer:
The body of law created by administrative agencies in order to carry out
their duties and responsibilities.
Question 9:
Administrative Agency
Answer:
A federal or state government agency.
, Question 10:
Executive Agencies
Answer:
An administrative agency within the executive branch of government.
Question 11:
Independent Regulatory Agencies
Answer:
An administrative agency that is not considered part of the government's
executive branch and is not subject to the authority of the president.
Independent agency officials cannot be removed without cause.
Question 12:
Case Law
Answer:
The rules of law announced in court decisions.
Question 13:
Common Law
Answer:
A legal system based on custom and court rulings.
Question 14:
Remedies
Answer:
The relief given to an innocent party to enforce a right or compensate for
the violation of a right.
