Business Law Chapter 1 True And False

Laws and government regulations affect almost all business activities.

The U.S. Constitution is the basis of all law in the United States

The U.S. Constitution reserves to the federal government all powers not granted to the states.

The Uniform Commercial Code has been adopted in all fifty states.

Federal agency regulations take precedence over conflicting state agency regulations.

Common law is a term for the laws that are familiar to most of us.

Decisions by higher courts are not binding on lower courts.

Stare decisis is a doctrine obligating judges to help persons who have failed to protect their own rights.

Courts are not obligated to follow precedents.

In most legal controversies, there is one single correct result.

Although cases may be similar, no two cases are ever identical in all respects.

Each judge had his or her personal beliefs and philosophy, which shape the legal reasoning process.

Clearly, a judge's function is to make the laws.

The courts, in interpreting statutory law, often rely on the common law as a guide to what the legislators intended.

A jury's good sense and careful consideration of consequences is known as jurisprudence.

Procedural law consists of all laws that outline the methods of enforcing rights.

A citation identifies the publication in which a legal authority can be found

The decisions made by the courts establish the boundaries of the law as it applies to almost all business relationships.

The party against whom a lawsuit is brought is the plaintiff or petitioner.

When all the judges (or justices) agree on a decision, a majority opinion is written for the entire court.