Legal and Regulatory Environment of Business – Test Bank (19th Edition, Pagnattaro et al., USA) – Complete Chapter-by-Chapter Answer Guide

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TRUE/FALSE-Write'T'ifthestatementistrueand'F'ifthestatementisfalse.
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1) Lawisconsideredtobeaformalsocialforce.
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⊚ true
⊚ false




2) ThefirstknownwrittensetoflawswastheCodeofKingSolomon.
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⊚ true
⊚ false




3) Rule-of-lawnationsadoptlawssupportingtheprivatemarketbecauseitisin
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everyone’sinterest, including the lawmakers’.
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⊚ true
⊚ false




4) Commonpropertyappliestopublicresourcesownedbythegovernment(or“state”)
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likeroads, public buildings, public lands, and monuments.
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⊚ true
⊚ false




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5) Tortlawcompensatesownerswhoseresourcesarewrongfullyinjuredbytheacts
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ofothers.
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⊚ true
⊚ false




6) Regulatorylawforbidsownersfrommonopolizingclassesofresourcesandsetsrules
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forhow businesses can compete to acquire ownership in new resources.
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⊚ true
⊚ false




7) Jurisprudenceisthephilosophyoflaw. xc xc xc xc xc




⊚ true
⊚ false




8) Naturallawtheoryassertsthatlawcontains universal moralprinciples.
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⊚ true
⊚ false




9) Thebasisofsociologicaljurisprudenceisthatcontemporarylawshouldfocuson
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legalprinciples that have survived the testof time in a nation.
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⊚ true
⊚ false




10) Jurisprudencereferstothegeneralbodyoflawinterpretationsbyjudgesasdifferent
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fromlegislation passed by legislators.
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⊚ true
⊚ false




11) Legalrealismistheideathatcourtsshouldunderstandthemeaningofthe
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Constitutionrelative to the times in which they interpret it.
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⊚ true
⊚ false




12) ThosecountriesthatwerecolonizedbyEngland,suchasTheUnitedKingdom,
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Canada,the United States, and India, follow the civillaw.
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⊚ true
⊚ false




13) Thecommon lawarosein theeleventh and twelfth centuries astheEnglish
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monarchyappointedroyaljudgestoridecircuitsaroundthecountrysideandtoresolve
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conflicts in the name of the king (or queen).
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