Complete guide to PSC financial and
business skills exam with detailed
answers 2025/2026
Constitutions
establish governmental structure, specific rights and duties
Statutes
written laws enacted by legislatures
Common/case law
made and applied by judges at the state level as judges decide cases according to the
doctrine of precedent or stare decisis
Stare decisis
Let the decision stand; decisions are based on precedents from previous cases
equity
,Complete guide to PSC financial and
business skills exam with detailed
answers 2025/2026
is applied by state level judiciary to achieve justice when common law rules would produce
unfair results
injunction
court forbids a party to do some act or orders a party to perform an act
specific performance
a party is ordered to perform according to the terms of her contract
reformation
the court rewrites the contract's terms to reflect the parties' real intentions
recission
the cancellation of a contract; goes back to policy inception with all premiums paid minus
and payments; usually do to fraud, concealment or material misrepresentation
administrative regulations and decisions
, Complete guide to PSC financial and
business skills exam with detailed
answers 2025/2026
made by state and federal agencies that were created by statute and hold delegated
(granted) power
treaty
made by other nations, by the US pres on behalf of the US, approved by the senate
ordinance
made by subunits of state governments (e.g., counties, cities) for local issues, such as
zoning
executive order
issued by the pres or a state governor under limited powers
federal supremecy
a rule of priority for conflicts between laws stating that the U.S. Constitution is the supreme
law
federal supremecy
business skills exam with detailed
answers 2025/2026
Constitutions
establish governmental structure, specific rights and duties
Statutes
written laws enacted by legislatures
Common/case law
made and applied by judges at the state level as judges decide cases according to the
doctrine of precedent or stare decisis
Stare decisis
Let the decision stand; decisions are based on precedents from previous cases
equity
,Complete guide to PSC financial and
business skills exam with detailed
answers 2025/2026
is applied by state level judiciary to achieve justice when common law rules would produce
unfair results
injunction
court forbids a party to do some act or orders a party to perform an act
specific performance
a party is ordered to perform according to the terms of her contract
reformation
the court rewrites the contract's terms to reflect the parties' real intentions
recission
the cancellation of a contract; goes back to policy inception with all premiums paid minus
and payments; usually do to fraud, concealment or material misrepresentation
administrative regulations and decisions
, Complete guide to PSC financial and
business skills exam with detailed
answers 2025/2026
made by state and federal agencies that were created by statute and hold delegated
(granted) power
treaty
made by other nations, by the US pres on behalf of the US, approved by the senate
ordinance
made by subunits of state governments (e.g., counties, cities) for local issues, such as
zoning
executive order
issued by the pres or a state governor under limited powers
federal supremecy
a rule of priority for conflicts between laws stating that the U.S. Constitution is the supreme
law
federal supremecy
