business law

Laws enacted by state and federal legislatures are called

• ordinances

• administrative law

• case law

• statute

Doctrine requiring lower courts to follow established case law

• stare decisis

• unconstitutional

• supremacy rules

• tort

Which take affect when sent?

• offer

• acceptance

• revocation

• offer and revocation

Element of a contract that requires something of legal value must be exchanged between the parties.

• consideration

• capacity

• offer and acceptance

• genuine agreement

What parties give and get as consideration need to be of equal economic value.

• true

• false

Why is the law necessary?

• Because people do not always follow ethics

• Because people need to be punished

• Laws give an idea of how to act

• people are generally dishonest

What is common law?

• A set of consistent rules for later courts

• A precedent set by the founding fathers

• The law of the people

• Old fashioned laws designed in America

What is a constitution?

• A document that s written to be a guide

• A document created in America to build the country

• A document that discusses how the government works

• A document for study on laws

Do ethics effect laws?

• Yes

• no

• Maybe

Who can create a constitution?

• States

• Federal governments

• Both A and B

• Neither A or B