Commercial Law Unit 1

The science or philosophy of law is called?

• Jurisprudence

• theories of law

• Ethics

• Legislation

When all judges agree on a ruling, the opinion is deemed a what?

• Dissenting opinion

• Majority opinion

• Concurring opinion

• Unanimous opinion

The____ facilitates commerce among the states by providing a set of rules to govern commercial transactions

• Federal Trade Commission (FTC)

• National Conference of Commissioners on Uniform State Laws (NCCUSL)

• Securities and Exchange Commission (SEC)

• Uniform Commercial Code (UCC)

Any source of law that a court must follow, when deciding a case is referred to as a(n)?

• Common law

• Binding authority

• Legal precedent

• stare decisis

A federal or local agency established to perform a specific function?

• Administrative agency

• Legislative body

• Judicial committee

• Executive department

Which of the following is a source of law in most legal systems?

• corporate policies

• Religious texts

• Judicial decisions (case law)

• Economic models

The primary purpose of commercial law is to:

• Protect the environment

• Regulate business practices and commercial transactions

• Govern personal relationships

• Determine criminal penalties

Statutory law is created by:

• Judges

• Government agencies

• Legislatures/The state

• Citizens

Which of the following best defines "common law"?

• Law derived from religious principles, developed through everyday customs in the United States

• Law created by administrative agencies, which originated in England with the creation of the King's court

• Law developed through past court decisions, which originated in England with the creation of the kings court

• Law written in statutes, developed through everyday customs in the United states

The doctrine of precedent (stare decisis) means:

• Courts must follow decisions from other countries

• Lower courts must always overturn higher court rulings

• Courts follow previous decisions in similar cases

• Laws are only valid if voted on by the public