ACCT352 Study Guide - Midterm Guide: Res Judicata, Sole Proprietorship, New London, Connecticut

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Federalism: separation of powers between levels of government (federal vs state) Congress (2) power is vested in federal government: preemption: federal law is able to prohibit an area of law, if state law attempts to regulate the same law unconstitutional. The congress shall have powerto regulate commerce with foreign nations, and among the several states, and with the indian tribes. Power to federal government to regulate businesses. Vested exclusively in federal government, extending to all aspects of foreign trade (total power to regulate foreign commerce) State and local governments may not regulate foreign commerce (unconstitutional if tried) Exception: state may regulate activities relating to foreign commerce if conducted entirely within the state"s boundaries. Ferries transporting people from nj shores to ny. Prohibits one state from interfering with commerce that crosses state lines (nj can"t impede on ny interstate commerce) Federal government has control over the persons engaged in interstate commerce and the activities affecting interstate commerce.