WGU D216 Business Law for Accountants Approved Exam 2025

WGU D216 Business Law for Accountants Approved Exam 2025 Constitutional law Law that involves the interpretation and application of the U.S. Constitution and state constitutions Statutory law Laws enacted by legislative bodies at any level of government Ordinances A law passed by a local governing unit such as a city or county Uniform laws A model law developed by the national conference of commissioners on uniform state laws for the states to consider enacting into statute. Administrative law Consists of the rules, orders, and decisions of administrative agencies Administrative agency A federal, state, or local government agency established to perform a specific function. Executive agencies An administrative agency within the executive branch of government. At the federal level, executive agencies are those within the cabinet departments. Independent regulatory agencies An administrative agency that is not considered part of the government's executive branch and is not subject to the authority of the president. Independent agency officials cannot be removed without cause. Case law The doctrines and principles announced in cases What does case law govern? WGU D216 WGU D216 All areas not covered by statutory law or administrative law and is part of our common law tradition Common law The body of law developed from custom or judicial decisions in english and u.s. Courts, not attributable to a legislature. Remedies The legal means to enforce a right or redress a wrong How would the king's courts award compensation? Land, items of value, or money What did the courts that awarded money, land, or items of value known as? Courts of law What were compensation of land, items of value, and money known as? Remedies of law Damages Amounts given to a party whose legal interests have been injured Courts of equity A court that decides controversies and administers justice according to the rules, principles, and precedents of equity. Remedies in equity A remedy allowed by courts in situations where remedies at law are not appropriate. Remedies in equity are based on settled rules of fairness, justice, and honesty, and include injunction, specific performance, rescission and restitution, and reformation. Rescission The cancellation of a contractual obligation. Specific performance Ordering a party to perform an agreement as promised Injunction An order to a party to cease engaging in a specific activity or to undo some wrong or injury. Breaches WGU D216 WGU D216 Fails to fulfill Equitable maxims Propositions or general statements of equitable rules Laches The equitable doctrine that bars a party's right to legal action if the party has neglected for an unreasonable length of time to act on his or her rights. Defendant Party being sued Defense Argument raised by the defense Plaintiff The suing party Petitioner In equity practice, a party that initiates a lawsuit. Respondent In equity practice, the party who answers a complaint or other proceeding. Statutes of limitations A federal or state statute setting the maximum time period during which a certain action can be brought or certain rights enforced. Precedent A court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts. Reporters A publication in which court cases are published, or reported. Aspects of stare decisis A court should not overturn its own precedents unless there is a compelling reason to do so. Decisions made by a higher court are binding on lower courts. Binding authority WGU D216 WGU D216 Any source of law that a court must follow when deciding a case. Stare decisis To stand on decided cases. Persuasive authorities Any legal authority or source of law that a court may look to for guidance but need not follow when making its decision. Legal reasoning (1) the process of evaluating how various laws apply to a given situation. (2) the process by which a judge harmonizes his or her opinion with the judicial decisions in previous cases. What 4 questions should be asked when practiving legal reasoning Issue—what are the key facts and issues? Rule—what rule of law applies to the case? Application—how does the rule of law apply to the particular facts and circumstances of this case? Conclusion—what conclusion should be drawn? Cases on point A previous case involving factual circumstances and issues that are similar to those in the case before the court. Restatements of the law Generally summarize the common law rules followed by most states. Substantive law Consists of all laws that define, describe, regulate, and create legal rights and obligations Procedural law Consists of all laws that outline the methods of enforcing the rights established by substantive law. WGU D216 WGU D216 Civil law Spells out the rights and duties that exist between persons and between persons and their governments, as well as the relief available when a person's rights are violated. Criminal law Concerned with wrongs committed against the public as a whole. Who are criminal defendents prosecuted by? Public officials such as a district attorney Cyberlaw Refer to the emerging body of law that governs transactions conducted via the internet Where are laws collected when passed by the congress? United states statutes at large Appellant The party who takes an appeal from one court to another. Appellee The party against whom an appeal is taken—that is, the party who opposes setting aside or reversing the judgment. Opinions A statement by a court expressing the reasons for its decision in a case. Majority opinion A court opinion that represents the views of the majority (more than half) of