Test Bank for Business Law, 5th Edition,

Test Bank for Business Law, 5th Edition, Chapter 1 Business and the law 1. The purpose of the law is to: i. resolve disputes. ii. keep the peace. iii. preserve and enforce community values. iv. ensure that resources and opportunities are distributed fairly within a community. a. i, ii, iii. b. i, iii, iv. c. i, iv. *d. i, ii, iii, iv. General feedback: Learning objective 1.2: What exactly is meant by the word ‘law’? Why is the law so important? What sorts of things does the law regulate? Why does the law keep changing? 2. A legal system that complies with the rule of law will ensure that: i. all citizens have legal rights enforceable in the courts. ii. the law will be applied equally to all. iii. a person is not tried more than once for a given crime. iv. people will only be punished for conduct that is expressly made illegal. a. i, ii, iii. b. i, iii, iv. *c. i, ii, iii, iv. d. ii, iii, iv. General feedback: Learning objective 1.2: What exactly is meant by the word ‘law’? Why is the law so important? What sorts of things does the law regulate? Why does the law keep changing? 3. Public law is concerned with the relationship between the citizen and the state, and includes: a. contract law and criminal law. b. administrative law and tort law. c. taxation law and property law. *d. constitutional law and administrative law. General feedback: Learning objective 1.2: What exactly is meant by the word ‘law’? Why is the law so important? What sorts of things does the law regulate? Why does the law keep changing? 4. Private law is concerned with the relationships between citizens within the community, and includes: i. contract law and tort law. ii. competition law and consumer law. iii. commercial law and partnership law. iv. employment law. a. i, ii, iii. b. ii, iii, iv. c. i, iii, iv. *d. i, ii, iii, iv. General feedback: Learning objective 1.2: What exactly is meant by the word ‘law’? Why is the law so important? What sorts of things does the law regulate? Why does the law keep changing? 5. A particular law might be changed because of: i. a change in government. ii. changing social and moral values. iii. old legislation automatically expiring. iv. the invention of new technologies. a. i, ii, iii. b. i, iii, iv. *c. i, ii, iv. d. ii, iii, iv. General feedback: Learning objective 1.2: What exactly is meant by the word ‘law’? Why is