A group of laws put together in an organized form is called a statue.

Indicate whether the statement is true or false. The doctrine of stare decisis requires lower courts to follow established case law deciding similar cases.

The panel of citizens chosen to help interpret a region’s customs for a court is referred to today as a(n)

Which of these describes using prior cases as a guide for deciding similar new cases?

Governing rules and regulations passed by a city council or county government are referred to as

The allocation of powers between people and their governments reserve the rights of citizens and protecting them from government action is set forth in the

The doctrine that requires courts to follow established case law in deciding similar cases.

27. ____________________________ Consist of the first ten amendments to the U.S. Constitution.

The system of law in the United States is based on English Common Law?

Businesses deal with crime often, and all professionals need to know how to identify crimes and when they happen to help a business stay safe and successful.

Case Law is a government-made law and is also referred to as 'common law.'

Understanding the legal system and how these laws impact businesses, consumers, and society is crucial for your success as a future professional.

Everything within the constitution is binding and the ultimate source of Law, which others draw from.

Laws are required to be followed, and they are put in place for a reason.

Unethical and illegal activity within a business is acceptable if it benefits the business.

We need the U.S. Courts to interpret and apply the law.

Both state and federal courts have three levels of courts.

Civil Law deals with disagreements between businesses only, as they cause injury to others.

Laws do not reflect the circumstances and cultures that create them.

47. Acting with integrity by being honest, professional, and fair. ________________________

A system of laws that defines crimes and sets punishments for society.

Reflect you as an individual regarding your values and beliefs in your everyday life.

The rules of conduct that state how people should or shouldn’t and defines their legal rights.

A system of laws concerned with relations between individuals and defines their legal rights.

Brings charges to the person accused of breaking the law and committing a crime.

An institution set up by the government that interprets the law, in order to settle disputes.

Makes sure a person is liable for damage and injuries to a person or property.

The person who is accused of committing the crime is called.

Rules of conduct that dictate how to start, manage, buy, sell, or close any type of business.

A charter that establishes the government and the rules under which the government must run.

What is not a severity level of crime?

If a business is a victim of a crime, they are known for doing the following (depending on the severity):

What is the highest level of courts?

Laws are created for which of the following reasons?

All states have the same legal requirements when it comes to forming and running a business organization.

Indicate whether the statement is true or false. Partnerships can begin with just a verbal agreement, but legally, it is pushed to create a partnership agreement.

Indicate whether the statement is true or false. Sole Proprietorships are fully in charge of all aspects of their day-to-day business activities.

Indicate whether the statement is true or false. LLC’s are known for helping protect owners’ personal assets.

Indicate whether the statement is true or false. 66. A corporation is not a legal entity separate from its shareholders.

The purpose of a non-profit is something other than making a profit and it benefits the public.

Non-profits do not have as much paperwork as other business entities when it comes to forming and running their business.

Corporations don’t have to register with the state and need to determine company directors.

A franchisee must pay the franchiser in order to open up a franchise business.

It’s important for businesses to know what can get them into legal trouble.

Has one general partner who is fully responsible for the business and then another partner/s who are passive and do not participate in day-to-day functions of running the business, but they have invested in the business.

Many owners but when the owners change, the company does not dissolve. The owners are also known as the shareholders. They then elect a board of people to make company policies, decisions, etc.

A business owned by one person.

A type of business ownership where there can be a single or multiple owners, like a partnership, but you have an option to be taxed like a corporation.

Two or more people operating a business as co-owners, who share all profits.

_______________________ is being legally responsible for something.

_______________________ is a business that was created for expanding an original business, but opening it in a new location, and where you are required to sell goods and services a certain way.

Our country provides small businesses with resources they can use to help them get started and be successful. What is this government agency called?

What is not a disadvantage of a sole proprietorship?

Which type of partnership has both partners sharing the workload and being active?

Which type of partnership has partners that are only liable for their investment in the partnership?

Corporations are a type of business that can do the following:

All contracts must go through a contract lawyer before it is legal?

Its important to have a well-drafted, valid contract, for courts to view a contract as legally enforceable.

Which of the following is not legally capable of entering a contract?

Contracts can be verbal or written but it is always best to have contracts in verbal agreements only

Every contract is organized the exact same way?

What does UCC stand for?

Contract Law is an area of law that relates to guiding parties (individual or business) to making and enforcing legally binding agreements.