Common Law as a Source of Law for Contracts

question 7

Multiple Choice

Common law as a source of law for contracts:

• A) comes primarily from federal law
• B) comes exclusively from state law
• C) comes exclusively from federal law
• D) comes primarily from state law
• E) comes equally from state and federal law

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Definitions:

Competition Act

A law designed to regulate competitive practices in the marketplace, prevent monopolies, and protect consumer interests by promoting fair trade and competition.

Marketing Activities

Efforts and actions associated with promoting, selling, and distributing a product or service to consumers.

Common Law

is a legal system based on custom and court rulings as opposed to statutory laws.

Civil Action

A lawsuit brought by one person or entity against another for the purpose of seeking a legal remedy or damages.