If There Is No Constitutional or Statutory Law That Applies

question 30

True/False

If there is no constitutional or statutory law that applies to an issue in a client's case,the next step is to look to secondary authority.

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Definitions:

Common Stock

A type of security that represents ownership in a corporation, with holders usually having voting rights and a claim on profits in the form of dividends.

Stock Dividend

A dividend paid to shareholders in the form of additional shares of stock rather than cash.

Stock Split

A corporate action that increases the number of shares outstanding by dividing each share, which typically reduces the share price.

Par Value

The face value of a bond or the stated value of a share of stock at the time it is issued, typically used in accounting and finance.