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Test Bank For Business Law Text and Cases 14th Edition
Test Bank For Business Law Text and Cases 14th Edition
b. False
ANSWER: True
10. The courts, in interpreting statutory law, may rely on sources outside of the statute (such as legislative history in
response to common law precedents) as a guide to what the legislators intended.
a. True
b. False
ANSWER: True
12. A jury’s good sense and careful consideration of consequences is known as jurisprudence.
a. True
b. False
ANSWER: False
13. Procedural law consists of all laws that outline the methods of enforcing rights.
a. True
b. False
ANSWER: True
15. Statutes are laws enacted by Congress and the state legislatures and comprise one of the sources of American law.
a. True
b. False
ANSWER: True
a. True
b. False
ANSWER: False
17. Stare decisis is a doctrine obligating judges to help persons who have failed to protect their own rights.
a. True
b. False
ANSWER: False
18. In a common law system, judges generally follow stare decisis unless there is a compelling reason to overturn a
precedent.
a. True
b. False
ANSWER: True
22. The term common law refers to law that is common throughout the world.
a. True
b. False
ANSWER: False
23. The common law is a term for the laws that are familiar to most of us.
a. True
b. False
ANSWER: False
26. The U.S. Constitution reserves to the federal government all powers not granted to the states.
a. True
b. False
ANSWER: False
28. The courts, in interpreting statutory law, may rely on the common law as a guide to what the legislators intended.
a. True
b. False
ANSWER: True
29. A citation identifies the publication in which a legal authority can be found.
a. True
b. False
ANSWER: True
30. Administrative law consists of the rules, orders, and decisions of administrative agencies.
a. True
b. False
ANSWER: True
32. Criminal law focuses on rights and duties that exist between persons.
a. True
b. False
ANSWER: False
35. When all the judges (or justices) agree on a decision, a majority opinion is written for the entire court.
a. True
b. False
ANSWER: False
Multiple Choice
36. Statistics, Inc., is a corporation engaged in the business of compiling, analyzing, and marketing data. To accomplish
its purposes, Statistics obtains financing, and hires and fires employees. Laws and government regulations affect such
business activities as
a. hiring and firing decisions.
b. the manufacturing and marketing of products.
c. business financing.
d. all of the choices.
ANSWER: d
37. In a suit against Olive, Pimento obtains damages. In the U.S. legal system, this remedy at law is
a. unique.
b. usual.
c. unlikely.
d. unusual.
ANSWER: b
38. Congress enacts a statute, the Federal Deposit Insurance Corporation (an administrative agency) issues rules, the
Southeast Financial Institutions Association (a private organizations) issues instructions, South Valley Bank posts a memo
with orders for its employees, and Tina tells her co-worker about a recent news story. Sources of law include
a. the instructions issued by private associations.
b. the orders posted by employers.
c. the rules issued by federal administrative agencies.
d. the stories released by news agencies.
ANSWER: c
39. The Regional Counties Commission approves a new property tax measure, and the professors and students at State
Law School publish the results of their most recent legal research. Sources of law include
a. measures approved by governing bodies.
b. legal scholars’ research.
c. measures approved by governing bodies and legal scholars’ research.
d. neither measures approved by governing bodies nor legal scholars’ research.
ANSWER: a
BALLOTS.
Ballots. 1 2 3 4 5 6
Grant, 304 305 305 305 305 305
Blaine, 284 282 282 281 281 281
Sherman, 93 94 93 95 95 95
Edmunds, 34 32 32 32 32 31
Washburne, 30 32 31 31 31 31
Windom, 10 10 10 10 10 10
Garfield, 1 1 1 2 2
Harrison, 1
Ballots. 7 8 9 10 11 12
Grant, 305 306 308 305 305 304
Blaine, 281 284 282 282 281 283
Sherman, 94 91 90 91 62 93
Edmunds, 32 31 31 30 31 31
Washburne, 31 32 32 22 32 33
Windom, 10 10 10 10 10 10
Garfield, 1 1 1 2 2 1
Hayes, 1 2
Ballots, 13 14 15 16 17 18
Grant, 305 305 309 306 303 305
Blaine, 285 285 281 283 284 283
Sherman, 89 89 88 88 90 92
Edmunds, 31 31 31 31 31 31
Washburne, 33 35 36 36 34 35
Windom, 10 10 10 10 10 10
Garfield, 1
Hayes, 1 1
Davis, 1
McCrary, 1
Ballots, 19 20 21 22 23 24
Grant, 305 308 305 305 304 305
Blaine, 279 276 276 275 274 279
Sherman, 95 93 96 95 98 93
Edmunds, 31 31 31 31 31 31
Washburne, 31 35 35 35 36 35
Windom, 10 10 10 10 10 10
Garfield, 1 1 1 1 2 2
Hartranft, 1 1 1 1
Ballots, 25 26 27
Grant, 302 303 306
Blaine, 281 280 277
Sherman, 94 93 93
Edmunds, 31 31 31
Washburne, 36 35 36
Windom, 10 10 10
Garfield, 2 2 2
There was little change from the 27th ballot until the 36th and
final one, which resulted as follows:
Hancock 171
Bayard 153½
Payne 81
Thurman 63½
Field 66
Morrison 62
Hendricks 46½
Tilden 38
Ewing 10
Seymour 8
Randall 6
Loveland 5
McDonald 3
McClellan 3
English 1
Jewett 1
Black 1
Lothrop 1
Parker 1
SECOND BALLOT.
Hancock 705
Tilden 1
Bayard 2
Hendricks 30
The 3 per cent. Funding Bill passed the House March 2, and was
on the following day vetoed by President Hayes on the ground that it
dealt unjustly with the National Banks in compelling them to accept
and employ this security for their circulation in lieu of the old bonds.
This feature of the bill caused several of the Banks to surrender their
circulation, conduct which for a time excited strong political
prejudices. The Republicans in Congress as a rule contended that the
debt could not be surely funded at 3 per cent.; that 3½ was a safer
figure, and to go below this might render the bill of no effect. The
same views were entertained by President Hayes and Secretary
Sherman. The Democrats insisted on 3 per cent., until the veto, when
the general desire to fund at more favorable rates broke party lines,
and a 3½ per cent. funding bill was passed, with the feature
objectionable to the National Banks omitted.
The Republicans were mistaken in their view, as the result proved.
The loan was floated so easily, that in the session of 1882 Secretary
Sherman, now a Senator, himself introduced a 3 per cent. bill, which
passed the Senate Feb. 2d, 1882, in this shape:—
Be it enacted, &c. That the Secretary of the Treasury is hereby
authorized to receive at the Treasury and at the office of any
Assistant Treasurer of the United States and at any postal money
order office, lawful money of the United States to the amount of fifty
dollars or any multiple of that sum or any bonds of the United States,
bearing three and a half per cent, interest, which are hereby declared
valid, and to issue in exchange therefore an equal amount of
registered or coupon bonds of the United States, of the denomination
of fifty, one hundred, five hundred, one thousand and ten thousand
dollars, of such form as he may prescribe, bearing interest at the rate
three per centum per annum, payable either quarterly or semi-
annually, at the Treasury of the United States. Such bonds shall be
exempt from all taxation by or under state authority, and be payable
at the pleasure of the United States. “Provided, That the bonds
herein authorized shall not be called in and paid so long as any bonds
of the United States heretofore issued bearing a higher rate of
interest than three per centum, and which shall be redeemable at the
pleasure of the United States, shall be outstanding and uncalled. The
last of the said bonds originally issued and their substitutes under
this act shall be first called in and this order of payment shall be
followed until all shall have been paid.”
Total $52,788,722.03