chap001_review

chap001_review - Chapter 1 - Law as the Foundation of...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 1 - Law as the Foundation of Business True/False Questions 2. Law and “rule of law” are synonymous terms. Ans: False Level: Medium Page: 8 3. Stare decisis means to follow the case precedent. Ans: True Level: Easy Page: 19 8. Procedural law defines rights and duties for the parties. Ans: False Level: Hard Page: 16 10. Property laws include wills, trusts and estates. Ans: True Level: Hard Page: 15 14. The time allowed for one party to sue another party is considered a substantive law issue. Ans: False Level: Hard Page: 16 15. Dicta is not precedent because it is a comment on a matter not necessary to the decision reached. Ans: True Level: Medium Page: 19 16. Each state creates its own body of common law. Ans: True Level: Medium Page: 19 19. By definition, a crime is a wrong against just the victim. Ans: False Level: Easy Page: 15 20. Under the doctrine of Stare Decisis, courts are bound to follow the holdings and dicta of prior cases. Ans: False Level: Medium Page: 19 Reed, The Legal & Regulatory Environment of Business, 14/e 1
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Chapter 1 - Law as the Foundation of Business Multiple Choice Questions 25. What type of law describes the legal principles that apply to government agencies? A) Administrative. B) Constitutional. C) Criminal. D) Public. Ans: A Level: Easy Page: 15 32. Exemplary damages are also called: A) Compensatory damages. B) Consequential damages. C) Punitive damages. D) Injunctive damages. Ans: C Level: Medium Page: 22 33. Which of the following is not an area of property law concern? A) Promises to exchange resources in the future. B) Patents and copyrights. C) Trademarks and trade secrets. D) All of the above are property law concerns. Ans: A Level: Medium Page: 15 36. The most significant uniform law for business is the: A) Internal Revenue Code.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/08/2008 for the course BUSN 154 taught by Professor Loftus during the Spring '08 term at Sweet Briar.

Page1 / 6

chap001_review - Chapter 1 - Law as the Foundation of...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online