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BUSINESS LAW, ACCT-245 EXAM QUESTIONS AND ANSWERS LATEST TOP SCORE.

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BUSINESS LAW, ACCT-245 EXAM QUESTIONS AND ANSWERS LATEST TOP SCORE.BUSINESS LAW, ACCT-245 EXAM QUESTIONS AND ANSWERS LATEST TOP SCORE.BUSINESS LAW, ACCT-245 EXAM QUESTIONS AND ANSWERS LATEST TOP SCORE.BUSINESS LAW, ACCT-245 EXAM QUESTIONS AND ANSWERS LATEST TOP SCORE.

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BUSINESS LAW, ACCT-245
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Institution
BUSINESS LAW, ACCT-245
Course
BUSINESS LAW, ACCT-245

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Uploaded on
July 15, 2025
Number of pages
15
Written in
2024/2025
Type
Exam (elaborations)
Contains
Questions & answers

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1. 4 Sources of American Law (CO,S,A,CA): Constitutional, statutory, administra-
tive, case
2. constitutional law: body of law derived from the U.S. constitution
3. statutory law: body of law enacted by legislative bodies
4. administrative law: body of law created by administrative agencies in order to
carry out their duties and responsibilities
5. case law: rules of law announced in court decisions
6. precendent: court decision that serves as a guide for deciding subsequent cases
7. common law: body of law developed from judicial recisions
8. remedies: relief given to an innocent party to enforce a right or compensate for
violation
9. court of law: court in which the only remedies that could be granted were things
of value
10. damages: sum of money claimed or awarded in compensation for loss or injury
11. courts of equity: court that decides controversies and administers justice ac-
cording to equitable rules, principles and precedents
12. remedies in equity: remedy allowed by courts in situations where remedies at
law are not appropriate
13. remedies at law: remedy available in a court of law, monetary damages are
awarded
14. equitable maxims: general propositions of law that have to do with farirness
15. EXAMPLE: equitable vs. legal remedy: painter paints a house and does a bad
job, do you have the court force the painter to do it the right way (equitable) or get
money (legal)?
16. Stare Decisis: "let the decision stand", common law doctrine under which
judges are obligated to follow the precedents established in prior decisions
17. 2 key aspects of stare decisis: 1. court should not overturn its own precedents
UNLESS there is a strong reason to do so
2. decisions made by higher courts are binding on lower ones
18. binding authority: any source of law that a court MUST follow when deciding
a case - ex: constitution, statutes, regulations
19. cases of first impression: cases for which no precedents exist
20. how does a judge analyze a case IRAC: I - issue: what are the key facts and


, issues?
R- rule: what rule of law applies to the case?
A: application: how does the rule of law apply to particular facts of the case?
C: conclusion: what conclusion should be drawn?
21. substantive law: law that defines, describes, regulates and creates legal rights
and obligations
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