Question 1

An injunction is

Accepted Answer

A)   an order to do or to refrain from doing a certain act.
B)   a departure from precedent.
C)   a payment of money.
D)   the cancellation of a contract.E) All of the above
F) A) and B)

Question 2

Because laws may change, the ability to analyze and evaluate the legal ramifications of situations as they arise is not a lasting skill.

Accepted Answer

A) True 
 B)False

Question 3

The Appellate Division of the New York Supreme Court issues an opinion that can be found at 157 A.D.3d 486, 69 N.Y.S.3d 26. "157" is

Accepted Answer

A)   the number of the volume in the official reports of the court's decisions.
B)   the number of the volume in an unofficial report of the court's decisions.
C)   a page number in the referenced volume.
D)   the number of the case in its chronological sequence.E) B) and D)
F) A) and C)

Question 4

In the United States, the law consists of written laws and court decisions.

Accepted Answer

A) True 
 B)False

Question 5

A constitution sets forth a government's

Accepted Answer

A)   limits, but not powers.
B)   limits and powers.
C)   neither limits nor powers.
D)   powers, but not limits.E) C) and D)
F) A) and D)

Question 6

Common law rules develop from

Accepted Answer

A)   principles underlying judges' decisions in actual controversies.
B)   regulations issued by administrative agencies.
C)   statutes enacted by Congress and the state legislatures.
D)   uniform laws drafted by legal scholars.E) A) and D)
F) None of the above

Question 7

Often, more than one rule of law will be applicable to a case.

Accepted Answer

A) True 
 B)False

Question 8

Courts often refer to secondary sources of law for guidance in interpreting and applying a primary source of law.

Accepted Answer

A) True 
 B)False

Question 9

The common law is a body of law developed from judicial decisions.

Accepted Answer

A) True 
 B)False

Question 10

Federico and Gwen are involved in a court proceeding to enforce a right. This is

Accepted Answer

A)   an action.
B)   stare decisis.
C)   an injunction.
D)   a remedy.E) B) and D)
F) A) and C)

Question 11

The Food and Drug Administration (FDA)  is an executive agency. As an executive agency, the FDA is subject to the authority of

Accepted Answer

A)   no government official or entity.
B)   the president.
C)   state legislatures.
D)   the U.S. Attorney GeneralE) B) and C)
F) A) and D) B

Question 12

A statute is a secondary source of law.

Accepted Answer

A) True 
 B)False

Question 13

The study of business law does not involve an ethical dimension.

Accepted Answer

A) True 
 B)False

Question 14

Stare decisis is best defined as

Accepted Answer

A)   a doctrine under which judges follow established precedents.
B)   the authority to decide a specific dispute.
C)   a judicial proceeding to redress a wrong.
D)   a situation giving a person a right to initiate a judicial proceeding.E) A) and C)
F) All of the above

Question 15

Regulations issued by a state or local agency may affect all of the following aspects of a business's operations except

Accepted Answer

A)   capital structure and financing.
B)   product manufacturing and marketing.
C)   relations with employees and unions.
D)   compliance with conflicting federal agency regulations.E) C) and D)
F) B) and D)

Question 16

Power, Inc., is a corporation engaged in the business of producing, refining, and distributing energy resources. With respect to the firm's managers, legal concepts can be useful for Power's

Accepted Answer

A)   accounting and finance manager.
B)   human resources manager.
C)   marketing manager.
D)   all of the choices.E) A) and D)
F) None of the above

Question 17

The basis of all law in the United States is

Accepted Answer

A)   the U.S. Constitution.
B)   laws passed by Congress.
C)   case law.
D)   regulations created by administrative agencies.E) All of the above
F) C) and D) A

Question 18

Administrative law plays a relatively insignificant role in the regulatory environment of business.

Accepted Answer

A) True 
 B)False  False

Question 19

Administrative law includes

Accepted Answer

A)   all laws that affect business operations.
B)   the rules, orders, and decisions of a government agency.
C)   model laws developed by the National Conference of Commissioners on Uniform State Laws.
D)   laws enacted by a legislative body.E) A) and C)
F) A) and D)

Question 20

Courts will not grant an equitable remedy unless the remedy at law is adequate.

Accepted Answer

A) True 
 B)False

Exam 1: Law and Legal Reasoning

An injunction is

Correct AnswerverifiedShow Answer

Because laws may change, the ability to analyze and evaluate the legal ramifications of situations as they arise is not a lasting skill.

Correct AnswerverifiedShow Answer

The Appellate Division of the New York Supreme Court issues an opinion that can be found at 157 A.D.3d 486, 69 N.Y.S.3d 26. "157" is

Correct AnswerverifiedShow Answer

In the United States, the law consists of written laws and court decisions.

Correct AnswerverifiedShow Answer

A constitution sets forth a government's

Correct AnswerverifiedShow Answer

Common law rules develop from

Correct AnswerverifiedShow Answer

Often, more than one rule of law will be applicable to a case.

Correct AnswerverifiedShow Answer

Courts often refer to secondary sources of law for guidance in interpreting and applying a primary source of law.

Correct AnswerverifiedShow Answer

The common law is a body of law developed from judicial decisions.

Correct AnswerverifiedShow Answer

Federico and Gwen are involved in a court proceeding to enforce a right. This is

Correct AnswerverifiedShow Answer

The Food and Drug Administration (FDA) is an executive agency. As an executive agency, the FDA is subject to the authority of

Correct AnswerverifiedB

A statute is a secondary source of law.

Correct AnswerverifiedShow Answer

The study of business law does not involve an ethical dimension.

Correct AnswerverifiedShow Answer

Stare decisis is best defined as

Correct AnswerverifiedShow Answer

Regulations issued by a state or local agency may affect all of the following aspects of a business's operations except

Correct AnswerverifiedShow Answer

Power, Inc., is a corporation engaged in the business of producing, refining, and distributing energy resources. With respect to the firm's managers, legal concepts can be useful for Power's

Correct AnswerverifiedShow Answer

The basis of all law in the United States is

Correct AnswerverifiedA

Administrative law plays a relatively insignificant role in the regulatory environment of business.

Correct AnswerverifiedFalse

Administrative law includes

Correct AnswerverifiedShow Answer

Courts will not grant an equitable remedy unless the remedy at law is adequate.

Correct AnswerverifiedShow Answer

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B

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A

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False

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