In Diversity of Citizenship Cases,federal Courts Apply

question 8

Multiple Choice

In diversity of citizenship cases,federal courts apply:

• A) federal substantive and procedural law.
• B) state substantive and procedural law.
• C) state procedural and federal substantive law.
• D) federal procedural and state substantive law.

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Definitions:

Financial Statements

Documents that provide an overview of a company or individual's financial condition, including balance sheets, income statements, and cash flow statements.

Public Funds

Financial resources collected and spent by government entities for the benefit and administration of public services.

General Partners

Individuals in a partnership who share equally in both the management of the business and the liability for the business's debts.

Limited Partnership

A form of partnership comprised of one or more general partners who manage the business and have unlimited liability, and one or more limited partners who have limited liability and do not participate in day-to-day management.