Business law exam 1 Auburn Acct 2700 Business law exam 1 Auburn Acct 2700

Niether congress nor any state can pass a law that is - Answer-in conflict with the constitution We have a Federal form of government which means that - Answer-the national government and the states share sovereign power State regulatory powers are referred to as - Answer-Police Powers Dormant commerce clause - Answer-The negative aspect of the commerce clause which implies that the states do not have the power to regulate interstate commerce Legal persons vs. natural persons - Answer-natural persons are individuals who benefit from all ten privileges in the bill of rights, legal persons include business which count as legal entities and benefit from SOME of the freedoms listed in the bill of rights One primary source of American law is: - Answer-U.S. Constitution T/F: State constitutions are a primary source of law - Answer-True Law based on documents setting forth the general organization, powers, and limits of the government is called - Answer-Constitutional Law Of the US laws, the Constitution is - Answer-Supreme If the supreme court determines that a state criminal law violates the fourth amendment, that law will be declared - Answer-unconstitutional Statutes, primary sources of law come from ______ and state and local ________. - Answer-congress; legislaturesT/F Federal statutes do not apply to states, only to the Federal Government - Answer-false The _____ is a uniform law adopted by all states, that facilitates business transactions - Answer-Uniform commercial code Administrative agencies are created to - Answer-perform specific government functions delegated to them by the legislature The Federal Trade Commision is an example of - Answer-an independent regulatory agency T/F In the English system, remedies at law consisted of any action or order that would correct the wrong - Answer-False Remedies in ______ include specific performance - Answer-equity t/f: A precedent is a decision that furnishes an example or authority for deciding subsequent cases involving similar legal principles and facts. - Answer-True Part of common law tradition relies on the principle of - Answer-Stare Decisis The latin term Stare Decisis means to - Answer-stand on decided cases