During a Trial, a Lawyer Raised an Argument Based on the Concept

question 70

Multiple Choice

During a trial, a lawyer raised an argument based on the concept of the "residual power." The lawyer's argument must

• A) be concerned with the amending formula.
• B) be concerned with the federal government.
• C) involve an issue of private law.
• D) be based on either section 98 or section 99 of the Constitution.
• E) have something to do with the municipal governments.

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Definitions:

Par

The face value of a bond or the stock value stated on the certificate, unrelated to its market value.

State Charter

A legal document issued by a state that grants rights, privileges, and operating terms to a corporation.

Authorized Stock

This refers to the maximum number of shares that a corporation is legally permitted to issue, as specified in its articles of incorporation.

Treasury Stock

Shares that were issued and later reacquired by the issuing company, reducing the amount of stock in the market.