Business Law exam 1
(Chapters
1,2,4,5)Questions and
Answers Updated 2026
Primary sources of law, or sources that establish the law, include:
A. all of these choices
B. statutory law
C. the US constitution
D. regulations created by administrative agencies - Answer A. all of these choices
all of these are the primary sources of law.
This school of legal though is based on the idea that law is just one of many institutions of
society, and that it is shaped by social forces and needs:
A: legal positivism
B: legal realism
C. the natural school of legal thought
D. The historical school of legal thought - Answer B legal realism
the school of legal thought is based on the idea that law is just one of many institutions in
society, and that it is shaped by social forces and needs is legal realism.
The study of what constitutes right or wrong behavior is referred to as:
A. ethics
B. law
C. personal law
, D. legal ethics - Answer A. ethics
Secondary sources of law include:
A. articles in law reviews
B. all of these choices
C. legal encyclopedias
D. treatises - Answer B. all of these choices
Laws enacted by legislative bodies at any level of government, such as the statutes passed
by congress or by state legislatures, make up the body of law generally referred to as:
A. statutory law
B. criminal law
C. common law
D. civil law - Answer A. Statutory law
A court of equity is also referred to as a:
A. chancery court.
B. king's court
C. court of law
D. court of primary jurisdiction - Answer A. chancery court
Any source of law that a court must follow when deciding a case is known as a(n):
A. equitable maxim
B. precedent
C. public policy
D. binding authority - Answer D. binding authority
The American Law Institute (ALI) has drafted and published compilations of the common law
called:
(Chapters
1,2,4,5)Questions and
Answers Updated 2026
Primary sources of law, or sources that establish the law, include:
A. all of these choices
B. statutory law
C. the US constitution
D. regulations created by administrative agencies - Answer A. all of these choices
all of these are the primary sources of law.
This school of legal though is based on the idea that law is just one of many institutions of
society, and that it is shaped by social forces and needs:
A: legal positivism
B: legal realism
C. the natural school of legal thought
D. The historical school of legal thought - Answer B legal realism
the school of legal thought is based on the idea that law is just one of many institutions in
society, and that it is shaped by social forces and needs is legal realism.
The study of what constitutes right or wrong behavior is referred to as:
A. ethics
B. law
C. personal law
, D. legal ethics - Answer A. ethics
Secondary sources of law include:
A. articles in law reviews
B. all of these choices
C. legal encyclopedias
D. treatises - Answer B. all of these choices
Laws enacted by legislative bodies at any level of government, such as the statutes passed
by congress or by state legislatures, make up the body of law generally referred to as:
A. statutory law
B. criminal law
C. common law
D. civil law - Answer A. Statutory law
A court of equity is also referred to as a:
A. chancery court.
B. king's court
C. court of law
D. court of primary jurisdiction - Answer A. chancery court
Any source of law that a court must follow when deciding a case is known as a(n):
A. equitable maxim
B. precedent
C. public policy
D. binding authority - Answer D. binding authority
The American Law Institute (ALI) has drafted and published compilations of the common law
called:
