Answer the following statement(s) true (T) or false (F)
1. Laws are developed and administered only by federal and state governments.
2. A great deal of common law came to America from England when the first colonies were established.
3. A law that is created by a federal, state, or local legislature is called a precedent.
4. The Uniform Commercial Code (UCC) is designed to simplify interstate commerce.
5. The Uniform Commercial Code (UCC) is an example of statutory law.
1. FALSE
2. TRUE
3. FALSE
4. TRUE
5. TRUE
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