NY Life, Accident and Health Insurance
Agent/Broker Exam Series 17-55
Which court case gave the Supreme Court the power of judicial review (The power
to decide whether a law was constitutional)? Correct Answer: Marbury v. Madison
Tree of Case Law Reasoning Correct Answer:
Statutory Interpretation Correct Answer: The process by which courts interpret
and apply legislation
- Plain language
- Legislative History
- General public purpose/policy
- Prior interpretations
- Maxims (rules of thumb)
Substantive Law Correct Answer: What the law is (Establishes rights and duties)
Procedural Law Correct Answer: How the law is enforced (Establishes procedures
for enforcing rights and duties)
What aspects of contract law does the Uniform Commercial Code (UCC) cover?
Correct Answer: - Sales of goods
- Security agreements
- Negotiable instruments (checks, promissory notes, etc.)
What aspects of contract law does common law cover? Correct Answer: - Real
Estate
- Services
- Settlement agreements
What are the four terms used to describe a contract's viability? Correct Answer: -
Valid and enforceable
- Unenforceable
Agent/Broker Exam Series 17-55
Which court case gave the Supreme Court the power of judicial review (The power
to decide whether a law was constitutional)? Correct Answer: Marbury v. Madison
Tree of Case Law Reasoning Correct Answer:
Statutory Interpretation Correct Answer: The process by which courts interpret
and apply legislation
- Plain language
- Legislative History
- General public purpose/policy
- Prior interpretations
- Maxims (rules of thumb)
Substantive Law Correct Answer: What the law is (Establishes rights and duties)
Procedural Law Correct Answer: How the law is enforced (Establishes procedures
for enforcing rights and duties)
What aspects of contract law does the Uniform Commercial Code (UCC) cover?
Correct Answer: - Sales of goods
- Security agreements
- Negotiable instruments (checks, promissory notes, etc.)
What aspects of contract law does common law cover? Correct Answer: - Real
Estate
- Services
- Settlement agreements
What are the four terms used to describe a contract's viability? Correct Answer: -
Valid and enforceable
- Unenforceable
