Can You Pass The Business Law Exam Test?

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Can You Pass The Business Law Exam Test? - Quiz

Over the first half of the semester we have been able to cover much on business law and as we come closer to the midterms there is increased need to be on our feet on what we learnt so far. The take up the business law midterm 1 part one quiz and refresh your memory.


Questions and Answers
  • 1. 

    The River CIty Council, the Santa Clara County Board, the Texas state legislature, and the U.S. Congress enact laws. These laws constitute

    • A.

      Administrative law.

    • B.

      Case law.

    • C.

      Stare decisis.

    • D.

      Statutory law.

    Correct Answer
    D. Statutory law.
    Explanation
    The given passage mentions various governing bodies, such as the River City Council, Santa Clara County Board, Texas state legislature, and U.S. Congress, enacting laws. These laws are referred to as statutory law, which is created by legislative bodies and is the primary source of law in a jurisdiction. It is distinct from administrative law, which pertains to regulations and rules created by administrative agencies, and case law, which is developed through court decisions and the principle of stare decisis. Therefore, the correct answer is statutory law.

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  • 2. 

    The United States has a common law system. The common law began

    • A.

      As a body of general rules applied in the courts throughout England.

    • B.

      As a group of legal principles enacted by continental European nations.

    • C.

      As part of the Roman civil law.

    • D.

      In the Islamic courts of Muslim countries.

    Correct Answer
    A. As a body of general rules applied in the courts throughout England.
    Explanation
    The correct answer is "as a body of general rules applied in the courts throughout England." This is because the common law system originated in England and was developed through the application of general rules in the courts. It is distinct from civil law systems, such as Roman civil law or the legal principles enacted by continental European nations. It is also not related to the Islamic courts of Muslim countries.

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  • 3. 

    Silent Bob is a state court judge. In his court, as in most state courts, he may grant

    • A.

      Equitable and legal remedies.

    • B.

      Equitable remedies only.

    • C.

      Legal remedies only.

    • D.

      Neither.

    Correct Answer
    A. Equitable and legal remedies.
    Explanation
    Silent Bob, being a state court judge, has the authority to grant both equitable and legal remedies in his court. This means that he can provide fair and just solutions to legal disputes by either enforcing the existing laws (legal remedies) or by using his discretion to provide remedies that are fair and equitable in specific cases (equitable remedies). Therefore, the correct answer is that Silent Bob can grant both equitable and legal remedies in his court.

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  • 4. 

    Paula, a resident of California, owns a farm in Iowa. A dispute arises over the ownership of the farm with Don, a resident of Nevada. Don files a suit against Paula in Iowa. Regarding this suit, Iowa

    • A.

      Can exercise diversity jurisdiction.

    • B.

      Can exercise in personam jurisdiction.

    • C.

      Can exercise in rem jurisdiction.

    • D.

      Cannot exercise jurisdiction.

    Correct Answer
    C. Can exercise in rem jurisdiction.
    Explanation
    Iowa can exercise in rem jurisdiction because the dispute is related to the ownership of the farm, which is a property located within Iowa's jurisdiction. In rem jurisdiction allows a court to have authority over the property itself, regardless of the residence or presence of the parties involved. In this case, Iowa can assert its jurisdiction over the farm and decide the dispute between Paula and Don.

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  • 5. 

    Ike files a suit against Tina. Before going to trial, the parties, with their attorneys, meet to try to resolve their dispute. A third party helps them to reach an agreement. This is

    • A.

      Arbitration.

    • B.

      Litigation.

    • C.

      Mediation.

    • D.

      Negotiation.

    Correct Answer
    C. Mediation.
    Explanation
    In this scenario, Ike and Tina are attempting to resolve their dispute before going to trial. The fact that a third party is involved in helping them reach an agreement indicates that it is a mediation process. In mediation, a neutral third party facilitates communication and assists the parties in finding a mutually acceptable solution. It is different from arbitration, where the third party makes a binding decision, and litigation, which involves a formal court process. Negotiation refers to the direct discussions between the parties themselves, without the involvement of a third party.

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