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Business Law Test 1 ACCT 2700-003 Study Guide Solutions

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Business Law Test 1 ACCT 2700-003 Study Guide Solutions black letter law - ANSWER-not enough. basic understanding Sources of American Law - ANSWER-1. Constitutional law 2. Statutory law 3. Administrative law 4. Case law and common law statutory law - ANSWER-1. Ordinances 2. Uniform Laws 3....

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  • November 12, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
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EmilyCharlene
Business Law Test 1 ACCT 2700-003
Study Guide Solutions

black letter law - ANSWER✔✔-not enough. basic understanding


Sources of American Law - ANSWER✔✔-1. Constitutional law


2. Statutory law


3. Administrative law


4. Case law and common law


statutory law - ANSWER✔✔-1. Ordinances


2. Uniform Laws


3. Uniform Commercial Code


Administrative Law - ANSWER✔✔-1. Federal Agencies


2. State and Local Agencies


Common Law Tradition - ANSWER✔✔-American Law is based on English traditions,

social customs, rules and cases dating back to 1066 A.D.




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, Courts of Law - ANSWER✔✔-In Common law: monetary relief. Also called "kings

court" decided by judges who were appointed by king


Courts of Equity - ANSWER✔✔-In common law: branch of law founded on what is fair

and just. Non monetary relief ex. performance, injunctions, rescissions (Chancellors not

judges)


Law of Merchant - ANSWER✔✔-In common law: Beneath the kings dignity. left to their

own devices and regulated business activities and was efficient


Common Law - ANSWER✔✔-1. Court of Law


2. Court of Equity


3. Law of Merchant


Stare Decisis - ANSWER✔✔-Judge made law (stand on decided cases)


each decision becomes a legal precedent


cases are published


required to follow unless precedent is wrong or old


Precedent - ANSWER✔✔-Stare Decesis: each decision and interpretation from all cases


Legal reasoning - ANSWER✔✔-1. Key facts


2. Rules



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