Legal Institutions

Which statement best summarizes the Delaware General Corporation Law?

• The Delaware General Corporation Law and the Court of Chancery function as competing federal agencies of the state’s corporate-law system
• The Delaware General Corporation Law and the Court of Chancery function as complementary parts of the state’s corporate-law system
• The Delaware General Corporation Law and the Court of Chancery function as institutions limited to criminal prosecutions of the state’s corporate-law system
• The Delaware General Corporation Law and the Court of Chancery function as unrelated institutions with no common role of the state’s corporate-law system

What is the correct interpretation of path dependence in Delaware corporate law?

• Delaware’s accumulated corporate case law makes historical case law irrelevant that reinforces its continuing role in U.S. corporate governance
• Delaware’s accumulated corporate case law prevents courts from using precedent that reinforces its continuing role in U.S. corporate governance
• Delaware’s accumulated corporate case law creates path dependence that reinforces its continuing role in U.S. corporate governance
• Delaware’s accumulated corporate case law eliminates all influence from earlier legal decisions that reinforces its continuing role in U.S. corporate governance