Commercial Law Questions Chapter 1

Front 1

What are examples of Uniform Acts?

Back 1

1.) Uniform Commercial Code (which deals with a wide range of commercial law subjects.)

2. The Revised Uniform Partnership Act.

3. The Revised Uniform Limited Partnership Act.

4. The Revised Model Businesss Corporation Act.

Front 2

What are the priority rules for law in the United States?

Back 2

1.) According to Feferal Supremacy, hte U.S.Constitution, federal lasw enacted pursuant to it, and treaties are the supreme law of the land. This means that federal laws defeat conflicting state law.

2.) Constitutions defeat other types of law within their domain. Thus, a state constitution defeats all other state laws inconsistent with it, and the U.S. Constitution defeats inconsistent
federal laws.
3.) When a treaty conflicts with a federal statute over a purely domestic matter, the measure that is latest in time usually prevails.

4.) Within either the state or the federal domain, statutes defeat conflicting laws that depend on a legislative delegation for their validity. For example, a state statute defeats an inconsistent state administrative regulation.

5.) State statutes and any laws derived from them by delegation defeat inconsistent common law rules. For example, either a statute or a state administrative regulation defeats a conflicting common law rule.

Front 3

True or False:

In theory, common law exists at the state level only.

Back 3

True.

Front 4

What is the aim of Uniform Acts?

Back 4

To produce state-by-state uniformity on the subjects they address.

Front 5

What types of laws are found in the United States?

Back 5

1. Constitutions
2. Statutes
3. Common Law
4. Equities
5. Admin. Regs. and Decisions

Front 6

What are the two (2) general functions of Constitutions?

Back 6

1.) They set up the structure of government for the political unit they control. (i.e. Separation of powers.)

2.) They prevent other units of government from taking certain actions or passing certain laws. (i.e. The Bill of Rights to the U.S. Constitution.)