Business Law Exam 1 Auburn University
with correct answers 100% 2026
What is the most important function of the law to business? - Correct Answers facilitating
planning
The example of protecting the $1 Billion investment that car companies make per model is an
example of the law doing what? - Correct Answers Facilitating Planning
What did the UN decide is the reason underdeveloped countries have poverty? - Correct
Answers They don't have laws that protect business investment.
The example of Huego Shavez and why Venezuela is poor is an example of a lack of what? -
Correct Answers Facilitating Planning
_______ and ________ affect virtually all business regulations. - Correct Answers Laws and
Regulations
Sources of American law are: - Correct Answers Constitutional law, Statutory law, Administrative
law, Case law and Common law
Which source of American law derives from the law that our elected representatives make? -
Correct Answers Statutory Law
Which source of American Law derives from Federal Agencies and State and local agencies? -
Correct Answers Administrative Law
T/F: According to Mr. Cochran, the aim of American society is that we should all be equal? -
Correct Answers False
, T/F Business people should let lawyers worry about the law? - Correct Answers False
How much of the world operates under Common law? - Correct Answers 1/3
American common law is based largely on what? - Correct Answers English Common law
William the Conqueror established one court called what? He did this because he was
concerned about what? - Correct Answers Court of law
He was concerned about the Aristocracy and did not want people forming private armies
In the early English courts, there were two separate court systems in common law. These were
called what? - Correct Answers Courts of law and Courts of Equity
The merchants were not allowed to go to these courts because the Peasants hated them due to
the fact that they were making money on matching buyers and sellers..... - Correct Answers
Courts of Equity
The third evolved Law of Court - Correct Answers Law Merchant
__________ essentially created business law - Correct Answers Merchants
Why was law merchant so effective? - Correct Answers They did not have to worry about
politics
This law is very fair and stable - Correct Answers Merchant Law
By about 1600, the courts of _______ and courts of ______ absorbed the merchant law so that
it became a part of _______ _______. - Correct Answers Equity, Law, and Common Law
with correct answers 100% 2026
What is the most important function of the law to business? - Correct Answers facilitating
planning
The example of protecting the $1 Billion investment that car companies make per model is an
example of the law doing what? - Correct Answers Facilitating Planning
What did the UN decide is the reason underdeveloped countries have poverty? - Correct
Answers They don't have laws that protect business investment.
The example of Huego Shavez and why Venezuela is poor is an example of a lack of what? -
Correct Answers Facilitating Planning
_______ and ________ affect virtually all business regulations. - Correct Answers Laws and
Regulations
Sources of American law are: - Correct Answers Constitutional law, Statutory law, Administrative
law, Case law and Common law
Which source of American law derives from the law that our elected representatives make? -
Correct Answers Statutory Law
Which source of American Law derives from Federal Agencies and State and local agencies? -
Correct Answers Administrative Law
T/F: According to Mr. Cochran, the aim of American society is that we should all be equal? -
Correct Answers False
, T/F Business people should let lawyers worry about the law? - Correct Answers False
How much of the world operates under Common law? - Correct Answers 1/3
American common law is based largely on what? - Correct Answers English Common law
William the Conqueror established one court called what? He did this because he was
concerned about what? - Correct Answers Court of law
He was concerned about the Aristocracy and did not want people forming private armies
In the early English courts, there were two separate court systems in common law. These were
called what? - Correct Answers Courts of law and Courts of Equity
The merchants were not allowed to go to these courts because the Peasants hated them due to
the fact that they were making money on matching buyers and sellers..... - Correct Answers
Courts of Equity
The third evolved Law of Court - Correct Answers Law Merchant
__________ essentially created business law - Correct Answers Merchants
Why was law merchant so effective? - Correct Answers They did not have to worry about
politics
This law is very fair and stable - Correct Answers Merchant Law
By about 1600, the courts of _______ and courts of ______ absorbed the merchant law so that
it became a part of _______ _______. - Correct Answers Equity, Law, and Common Law
