Business Law Ch. 1

Developed by:

  • 1
    The primary function of the law is to maintain stability in the social, political, and economic system while simultaneously permitting change.
  • 2
    Substantive law creates legal rights and duties.
  • 3
    The Constitution provides that federal statutes are paramount to state constitutions and statutes.

  • 4
    The burden of proof in a criminal case is preponderance of the evidence.
  • 5
    The law does not change; it is based on unchanging and universal truths.
  • 6
    The main categories of the law are (a) substantive and procedural, (b) public and private, and (c) civil and criminal.

  • 7
    Law is an instrument of social control.
  • 8
    The United States Constitution establishes the principle of judicial review, which divides the government into 3 distinct and independent branches: the judicial, executive, and legislative (Congress).
  • 9
    The Uniform Commercial Code is a federal law that applies to commercial transactions among the states.
  • 10
    The final arbiter as the constitutionality of laws passed by Congress or by the legislature of a state is the Supreme Court of the United States.

  • 11
    What is the supreme law of the land in the United States?
  • 12
    The__________ is and orderly compilation of the general common law of the United States, prepared by a distinguished group of lawyers, judges, and law teachers.

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