The Basis for ________ Law Is Tradition, Past Practices, and Legal

question 7

Multiple Choice

The basis for ________ law is tradition, past practices, and legal precedents set by the courts through interpretations of statutes, legal legislation, and past rulings.

• A) civil
• B) common
• C) code
• D) commercial
• E) criminal

---

Definitions:

Outstanding Shares

Represents the total number of shares of a corporation's stock that are currently owned by all shareholders, including share blocks held by institutional investors and restricted shares owned by the company’s insiders.

Limited Liability Company

A business structure that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability protection of a corporation.

Partnership

An association of two or more persons to carry on a business for profit.

Corporation

A legal entity recognized by law, distinct from its owners, with rights to own property, sue, and be sued.