BLAW 310 EXAM 1 QUESTIONS WITH VERIFIED
ACCURATE ANSWERS
Law consists of enforceable rules governing relationships among individuals and
between individuals and their society - Answers -true
Many different laws may apply to a single business transaction - Answers -true
Being a small business owner means that you will never have to take on the role of
finance manager, marketing manager, or accounants - Answers -false: the small
business owner/operater is the most general of manager: seeking additional financing,
you become a finance manager; "go over the books", you become an accountant; new
advertising campaign, you become a marketing manager
The federal government and the states have the same constitution - Answers -false:
the federal government and the states have separate written constitutions that set forth
the general organization, powers, and limits of their respective governments
State constitutions are supreme within their respective borders - Answers -true
Whether financial statements created by an accountant need to be verified for accuracy
is not a legal question - Answers -false: financial statements need to be verified for
accuracy
There are legal questions involved when choosing an appropriate business
organizational form - Answers -true
Statutes are laws enacted by congress and the state legislatures and comprise one of
the sources of american law - Answers -true
Uniform laws apply in all states, including those in which the laws have not been
adopted - Answers -false: each state has the option of adopting or rejecting a uniform
law
No state has adopted the uniform commercial code - Answers -false: the uniform
commercial code has been adopted in all fifty states, the district of columbia, and the
virgin islands
Administrative law includes only state regulations - Answers -false: administrative law
includes federal, state, or local government agency established to preform a specific
function
, Stare decisis is a doctrine obligating judges to help persons who have failed to protect
their own rights - Answers -false: stare decisis is a common law doctrine under which
judges are obligated to follow the precedents established in prior decisions
Common law is a term for the laws that are familiar to most of us - Answers -false:
common law is the body of law developed from custom or judicial decisions in english
and US courts, not attributable to a legislature
A court may depart from a precedent if the precedent is no longer valid - Answers -true
Equity is a branch of law founded in justice and fair dealing that seeks to supply a
remedy when no adequate remedy at law is available - Answers -true
Criminal law focuses on duties that exist between persons - Answers -false: criminal
law has to do with wrongs committed against society for which society demands redress
Government authorities cannot enforce national law - Answers -false: government must
enforce national law
Congress enacts a statute, the federal deposit insurance corporation (an administrative
agency) issues rules, the southeast financial institutions association (a private
organizations) issues instructions, south valley bank posts a memo with orders for its
employees, and tina tells her co- worker about a recent news story. Sources of law
include - Answers -?
A provision in the california state constitution conflicts with a provision in the US
constitution. If challenged - Answers -the US constitution, not the state provision, will be
enforced
The pennsylvania legislature enacts a state law that violates the us constitution. This
law can be enforced by - Answers -no one
The uniform commercial code has been adopted, at least in part, in - Answers -all
states
Much of american law is based on - Answers -the english legal system
As a judge, bonnie applies common law rules. These rules develop from - Answers -
court decisions
Karen is a judge hearing the case of local dispatch co vs. National transport corp.
Applying the relevant rule of law to the facts of the case requires karen to find previously
decided cases that, in relation to the case under consideration, are - Answers -as
similar as possible
ACCURATE ANSWERS
Law consists of enforceable rules governing relationships among individuals and
between individuals and their society - Answers -true
Many different laws may apply to a single business transaction - Answers -true
Being a small business owner means that you will never have to take on the role of
finance manager, marketing manager, or accounants - Answers -false: the small
business owner/operater is the most general of manager: seeking additional financing,
you become a finance manager; "go over the books", you become an accountant; new
advertising campaign, you become a marketing manager
The federal government and the states have the same constitution - Answers -false:
the federal government and the states have separate written constitutions that set forth
the general organization, powers, and limits of their respective governments
State constitutions are supreme within their respective borders - Answers -true
Whether financial statements created by an accountant need to be verified for accuracy
is not a legal question - Answers -false: financial statements need to be verified for
accuracy
There are legal questions involved when choosing an appropriate business
organizational form - Answers -true
Statutes are laws enacted by congress and the state legislatures and comprise one of
the sources of american law - Answers -true
Uniform laws apply in all states, including those in which the laws have not been
adopted - Answers -false: each state has the option of adopting or rejecting a uniform
law
No state has adopted the uniform commercial code - Answers -false: the uniform
commercial code has been adopted in all fifty states, the district of columbia, and the
virgin islands
Administrative law includes only state regulations - Answers -false: administrative law
includes federal, state, or local government agency established to preform a specific
function
, Stare decisis is a doctrine obligating judges to help persons who have failed to protect
their own rights - Answers -false: stare decisis is a common law doctrine under which
judges are obligated to follow the precedents established in prior decisions
Common law is a term for the laws that are familiar to most of us - Answers -false:
common law is the body of law developed from custom or judicial decisions in english
and US courts, not attributable to a legislature
A court may depart from a precedent if the precedent is no longer valid - Answers -true
Equity is a branch of law founded in justice and fair dealing that seeks to supply a
remedy when no adequate remedy at law is available - Answers -true
Criminal law focuses on duties that exist between persons - Answers -false: criminal
law has to do with wrongs committed against society for which society demands redress
Government authorities cannot enforce national law - Answers -false: government must
enforce national law
Congress enacts a statute, the federal deposit insurance corporation (an administrative
agency) issues rules, the southeast financial institutions association (a private
organizations) issues instructions, south valley bank posts a memo with orders for its
employees, and tina tells her co- worker about a recent news story. Sources of law
include - Answers -?
A provision in the california state constitution conflicts with a provision in the US
constitution. If challenged - Answers -the US constitution, not the state provision, will be
enforced
The pennsylvania legislature enacts a state law that violates the us constitution. This
law can be enforced by - Answers -no one
The uniform commercial code has been adopted, at least in part, in - Answers -all
states
Much of american law is based on - Answers -the english legal system
As a judge, bonnie applies common law rules. These rules develop from - Answers -
court decisions
Karen is a judge hearing the case of local dispatch co vs. National transport corp.
Applying the relevant rule of law to the facts of the case requires karen to find previously
decided cases that, in relation to the case under consideration, are - Answers -as
similar as possible
