Abigail Hammond 2026 Exam
Questions and Correct
Answers | New Update
What can laws effect in business - ANSWER ✔✔- Contracts
- Intellectual Property
- Torts
- Product Liability
- Sales
- Internet Law, social media, and privacy
- Environmental law and sustainability
,Constitutional Law - ANSWER ✔✔Laws relating to the interpretation
of the Constitution; each state has its own
Statutory Law - ANSWER ✔✔The body of law enacted by legislative
bodies (as opposed to constitutional law, administrative law, or case
law).
Statutory Conflicts - ANSWER ✔✔Tension may sometimes arise
between federal, state, and local laws.
Ordinances - ANSWER ✔✔A law passed by a local governing unit,
such as a city or a county
Federal and State Statutes - ANSWER ✔✔Federal- Passed by
congress
State- Passed by a state legislature and applies only within the state's
borders.
Uniform Law - ANSWER ✔✔A model law created by the National
Conference of Commissioners on Uniform State Laws and/or the
American Law Institute for the states to consider adopting
-Each state has the option of adopting or rejecting all or part of a uniform
law
, Uniform Commercial Code - ANSWER ✔✔Facilitates commerce
among the states by providing a uniform, yet flexible, set of rules
governing commercial transactions
Administrative Law - ANSWER ✔✔The body of law created by
administrative agencies (in the form of rules, regulations, orders, and
decisions) in order to carry out their duties and responsibilities.
Administrative Agency - ANSWER ✔✔A federal or state government
agency created by the legislature to perform a specific function, such as
to make and enforce rules pertaining to the environment
Regulations Govern: - ANSWER ✔✔- a business's capital structure
and financing
- a business's hiring and firing procedures
- a business's relations with employees and unions
- the way a business manufactures and markets its products
Federal Agencies - ANSWER ✔✔Organizations that deal with a
specific area of interest for the federal govt
Executive Agencies - ANSWER ✔✔Federal agencies that are part of
the executive branch but outside the structure of cabinet departments.
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