(Test Bank) The Legal and Regulatory Environment of Business

Pagnattaro, 19

Business

Test Bank

19th Edition

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Test Bank for The Legal and Regulatory Environment of Business, The downloadable file consists of 828 pages, and the total size of the file is 3.73 MB. Purchase now only for highly discounted price.

Author(s): Pagnattaro

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Study Note Preview

Version 1 1 CHAPTER 1 1) Article 6 of the Treaty on European Union, called the Maastricht Treaty, says the EU is “founded” on __________. A) specific performance B) the law of eminent domain C) stare decisis D) the rule of law E) constitutional relativity 2) Which of the following statements is true of the rule of law? A) There are four universal principles that define the rule of law, according to the World Justice Project. B) Under the rule of law, laws that are made are not generally and equally applicable. C) Its only aim is to prevent special interest groups from benefitting at the expense of others. D) It adopts laws supporting the growth of the public markets over private markets, increasing economic growth of nations. E) It removes the power of the courts and creates an autocratic regime where businesses can freely invest and economic growth is high. 3) __________ property is an ownership fence, which applies to resources like land that more than one individual owns jointly. A) Private B) Civil C) Public D) Common E) Tort Version 1 2 4) __________ property applies to resources that you own as an individual. A) Public B) Private C) Common D) Shared E) Government 5) A property-based legal system __________. A) is unimportant in Western legal systems B) holds that law is simply the commands of the state backed up by force and punishments C) is contrary to the philosophy of natural law D) does not allow for the transfer of private resources E) allows people to exclude others from interfering with what their efforts produce 6) __________ can be thought of as the central element providing the basis for Western legal systems. A) Dictum B) Morals C) Contract D) Property E) Common law 7) In the context of property, contract law __________.Version 1 3 A) enables an owner to exchange resources, especially at a future date B) compensates owners whose resources are wrongfully harmed by the actions of others C) punishes those who harm an owner’s resources in particular ways D) identifies how individuals can own and use private resources in groups E) protects ownership and sets limits on private resource use 8) __________ law both protects ownership and sets limits on private resource use. A) Tort B) Antitrust C) Securities D) Regulatory E) Contract 9) __________ specifically protects the owners of a business entity from the managers who run it for them. A) Corporate governance B) Criminal law C) Constitutional governance D) Conflicts of law E) Civil law 10) __________ law forbids owners of businesses from monopolizing classes of resources and sets rules for how businesses can compete to obtain ownership in new resources.Version 1 4 A) Environmental law B) Antitrust law C) Securities law D) Antidiscrimination law E) Labor law 11) The ideas and philosophies that explain the origin of law and its justification are called __________. A) the rule of law B) torts C) stare decisis D) jurisprudence E) statutes 12) __________ law jurisprudence believes that law is simply the commands of the state backed up by force and punishments. A) Positive B) Natural C) Historical D) Sociological E) Tort 13) Which of the following schools of jurisprudence emphasizes that contemporary law should focus on legal principles that have withstood the test of time in a nation?Version 1 5 A) Sociological B) Legal realism C) Positive law D) Historical E) Natural law 14) __________ jurisprudence supports the idea that law can and should change to meet new developments in society. A) Historical B) Natural C) Sociological D) Positive law E) Legal realism 15) Which of the following philosophies of law tries to go beyond just the words of law to examine what law enforcement officials, administrators, prosecutors, and judges are actually doing as they carry out, interpret, and apply laws? A) Positivelaw jurisprudence B) Sociological jurisprudence C) Historical school of jurisprudence D) Natural law theory E) Legal realism 16) Positive law is contrary to __________.Version 1 6 A) civil law B) legal realism C) historical jurisprudence D) natural law E) sociological jurisprudence 17) John has written a book, Battlefield, and was talking to some interested parties about making a Broadway musical based on it. However, he turned down an offer due to conflicting opinions of who should play the lead roles. A year later, Battlefield was made into a musical but it did not acknowledge John as the author. This scenario best reflects a violation of __________. A) property law B) administrative law C) tort law D) common law E) contract law 18) Kate Ace is a luxury purse brand that has its own distinctive logo . The company recently discovered that another retailer has been selling counterfeit Kate Ace bags. The legal dispute that will arise here is most likely to be governed by _____. A) securities law B) environmental law C) property law D) tort law E) antitrust law Version 1 7 19) Mary was driving her four kids to soccer practice one day when she was rear-ended by Ted. Ted was driving his Porsche too fast and did not see that traffic was at a standstill. Mary's minivan was damaged and required extensive repairs. Mary also had to go to the chiropractor for whiplash injuries she sustained in the accident. Mary meets with an attorney to discuss filing a lawsuit against Ted to recover compensation for her injuries and the damage to her vehicle. If the attorney takes the case, she will likely file which type of claim against Ted? A) Administrative law B) Contract law C) Propertylaw D) Tort law E) Constitutional law 20) The role of judges in the United States is so significant that they determine the meaning of the U.S. Constitution and can declare void the legislation of Congress and the acts of the president. This illustrates that the legal system in the United States is based on __________. A) civil law B) religious law C) common law D) hybrid law E) constitutional law 21) What type of courts do not make law and have judges who do not think themselves obligated to follow prior judicial decisions called precedents? A) Civil law courts B) Criminal law courts C) Common law courts D) Appeals courts E) Traffic law courts Version 1 8 22) __________ covers the legal principles that apply to government agencies, bureaus, boards, or commissions. A) Administrative law B) Constitutional law C) Tort law D) Criminal law E) Contract law 23) Which of the following would be governed by the rules of property law? A) An individual’s right to wear religious clothing in the workplace B) An incident in which a driver negligently operates a vehicle and harms a pedestrian C) The negotiation of a mergerbetween two companies D) The issuing of a fine for violating a city ordinance E) The patent of an invention 24) Which of the following statements is true of civil cases? A) They typically involve a representative of government attempting to prove the wrong committed against society and seeking to have the wrongdoer punished by the court system. B) They typically involve a request for damages or other appropriate relief that does not involve punishment of the wrongdoer. C) They typically include matters that involve the regulation of society as opposed to individuals interacting. D) They typically include matters that involve the interpretation and application of either the federal or state constitutions. E) They typically include legal principles that apply to government agencies, bureaus, boards, or commissions. Version 1 9 25) Which of the following statements is true of tort law? A) It involves the recognition of an exclusive right in either tangible or intangible resources, such as copyrights, patents, and trademarks. B) It covers the rules of how owners transfer resources by exchanging them. C) It specifies various offenses against the proper order of the state. D) It covers the legal principles that apply to government agencies, bureaus, boards, or commissions. E) It establishes rules for compensation when an owner’s legal boundaries are wrongfully crossed by another. 26) Michael has agreed to buy a townhouse from Kate. They enter into a binding real estate agreement for the sale and purchase of the home. When Michael meets to complete the deal, Kate no longer wants to go through with the transaction. Which of the following best categorizes Kate and Michael's issue in the context of classification of laws? A) This is a private law issue regardingtort law. B) This is a public law issue regarding contract law. C) This is a public law issue regarding procedural law. D) This is a private law issue regarding contract law. E) This is a public law issue regarding constitutional law. 27) The time allowed for one party to sue another and other rules governing the process of a lawsuit are examples of __________. A) tort laws B) procedural laws C) international laws D) substantive laws E) property laws Version 1 10 28) Which of the following statements is true of substantive law? A) The rules of law governing the process of a lawsuit are substantive in nature. B) It deals with the method and means by which procedural law is made and administered. C) The time allowed for one party to sue another is an example of substantive law. D) Enforcement of a contractual promise is substantive in nature. E) It provides the machinery for enforcing rights and duties. 29) Public law traditionally includes which type of law? A) Copyright law B) Tort law C) Contractlaw D) Propertylaw E) Criminal law 30) Private law traditionally includes __________. A) international law B) property law C) administrative law D) constitutional law E) criminal law 31) The __________ in prior cases are precisely what was necessary to the decision reached. Version 1 11 A) dicta B) holdings C) citations D) statutes E) ordinances 32) According to __________, judges in current cases follow, whenever possible, the interpretation of law determined by judges in prior cases. A) stare decisis B) writ of certiorari C) ratio decidendi D) constitutional relativism E) legal realism 33) When judges who decide appeals from trial courts make decisions on legal issues, they set out their reasons for the decision in a(n) __________. A) citation B) opinion C) code D) statute E) ordinance 34) Which of the following are judicial decisions that interpret the relevant constitutional, legislative, and regulatory laws?Version 1 12 A) Citations B) Injunctions C) Case law D) Dicta E) Statutes 35) In constitutional law, the idea that courts should understand the meaning of the Constitution, relative to the times in which they interpret it, is known as __________. A) constitutional holding B) legal realism C) legal originalism D) constitutional relativity E) constitutional governance 36) __________ stands for the idea that courts should interpret the Constitution only according to the intentions of those who wrote it. A) Constitutional relativity B) Originalism C) Legal realism D) Dicta E) Constitutional holding 37) One important advantage of stare decisis was __________.Version 1 13 A) increased emphasis on dicta than on holding B) elimination of alternative dispute resolution methods C) security in the right of property D) limited volume of cases E) rejection of precedent 38) Which of the following ranks highest in the hierarchy of sources of law? A) Local ordinances B) State constitutions C) Statutes of Congress D) State administrative regulations E) U.S. Constitution and Amendments 39) The Latin meaning of the term stare decisis is __________. A) speak the truth B) let the prior decision stand C) friend of the court D) let the plaintiff beware E) in good faith 40) Collections of legislation, often on the same subject, passed by the Congress are called __________.Version 1 14 A) precedents B) opinions C) ordinances D) codes E) citations 41) After months of debating the issue, the House of Representatives and Senate have both agreed to pass a bill that will increase the tax on alcohol sales. This type of legislation is called a(n) __________. A) statute B) rule C) precedent D) amendment E) constitution 42) The administrative agencies in the Town of Oceanview, a beach-side community, have passed a written law banning patrons from entering restaurants and bars barefoot. This legislation is an example of a(n) __________. A) statute B) amendment C) code D) ordinance E) jurisprudence 43) Which of the following are essential to locate prior precedents?Version 1 15 A) Codes B) Remediations C) Citations D) Dicta E) Torts 44) Which of the following refers to judicial decisions that apply to legal problems and interpret the relevant constitutional, legislative, and regulatory laws? A) Case law B) Procedural law C) Substantive law D) Commercial law E) Tort law 45) The source of law that ranks the lowest among all the others is __________. A) local ordinances B) statutes C) case law D) state administrative regulations E) federal administration regulations 46) __________ are, in effect, a form of punishment for violating the law and have a preventive function.