First Class Commercial Law Exam with Questions &
Answers with well verified Answers 13.0 Edition
the latest Exam 2026/2027
What is law?
The creation and enforcement of (1) duties, (2) obligations,
and (3) rights
Duty
An act or course of action that is required by social custom
Obligation
Law makes a certain agreement binding
Right
constitutional, federal, state, statutory
Statute
written law created by legislators
Civil Law System
A system of codes where instances have to be covered by
these codes
Common Law System
Based no only on codes but also judge-made law.
Advantages of a Common Law System
, 1. flexibility/adaptability
2. predictability through precedent
3. critical to business
4. nuance and fact sensitivity
5. built-in checks on power
6. efficiency in gap-filling
7. transparency and reasoning
Two classifications of law
criminal and civil
Criminal law
Rules that protect our society as a whole by establishing
minimum standards of acceptable behavior and the
punishment for those who fail to meet these standards
Civil law
Anything that isn't criminal law. Broken up into civil victim
and civil enforcement (administrative)
civil victim
governs private relationships and agreements between
individuals and organizations, with a primary purpose of
resolving disputes and providing remedies in the form of
money or a course of action
civil enforcement
administrative law; deals w/ administrative agencies (FDA,
EPA, etc.) who enact regulations
Answers with well verified Answers 13.0 Edition
the latest Exam 2026/2027
What is law?
The creation and enforcement of (1) duties, (2) obligations,
and (3) rights
Duty
An act or course of action that is required by social custom
Obligation
Law makes a certain agreement binding
Right
constitutional, federal, state, statutory
Statute
written law created by legislators
Civil Law System
A system of codes where instances have to be covered by
these codes
Common Law System
Based no only on codes but also judge-made law.
Advantages of a Common Law System
, 1. flexibility/adaptability
2. predictability through precedent
3. critical to business
4. nuance and fact sensitivity
5. built-in checks on power
6. efficiency in gap-filling
7. transparency and reasoning
Two classifications of law
criminal and civil
Criminal law
Rules that protect our society as a whole by establishing
minimum standards of acceptable behavior and the
punishment for those who fail to meet these standards
Civil law
Anything that isn't criminal law. Broken up into civil victim
and civil enforcement (administrative)
civil victim
governs private relationships and agreements between
individuals and organizations, with a primary purpose of
resolving disputes and providing remedies in the form of
money or a course of action
civil enforcement
administrative law; deals w/ administrative agencies (FDA,
EPA, etc.) who enact regulations
