If a Federal Statute Does Not Expressly Provide for Exclusive

question 55

Multiple Choice

If a federal statute does not expressly provide for exclusive jurisdiction,state and local governments have ________ jurisdiction to regulate an area or activity.

• A) exclusive
• B) concurrent
• C) concordant
• D) discordant

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Definitions:

Foreign Investors

Individuals or entities from one country investing in the assets or businesses of another country.

Mutual Mistake

An error shared by all parties to a contract, possibly making the agreement voidable.

Unilateral Mistake

A situation where only one party to an agreement is mistaken about a basic assumption on which the contract is made.

Equity

The value of ownership interest in property, including shareholders' equity in a corporation, minus liabilities and debts.