ACCT 248 Ch 1: Law and Legal Reasoning
A body of enforceable rules governing and relationships among individuals and between individuals
and society - ✔✔Law
A court in which the only remedies that could be granted were things of value, such as money
damages. In the early English king's courts, courts of law were distinct from courts of equity. -
✔✔Courts of Law
A court that decides controversies and administers justice according to the rules, principles, and
precedents of equity. - ✔✔Courts of Equity
A Latin phrase meaning "let the decision stand." Most cases reaching appellate courts are settled on
this principle. (to stand on decided cases) - ✔✔stare decisis
all laws that define, describe, regulate, and create legal rights and obligations - ✔✔Substantive Law
All laws that establish and regulate the manner of enforcing or vindicating the rights established by
substantive law - ✔✔Procedural Law
Any legal authority or source of law that a court may look to for guidance but need not follow when
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making its decision. - ✔✔Persuasive Authority
any source of law that a court must follow when deciding a case - ✔✔Binding Authority
authority to a prior judicial decision by judges deciding subsequent disputes involving the
same/similar facts - ✔✔Precedent
Contracts
Sales
Negotiable Instruments
Creditors Rights
Intellectual Property
Internet Law, Social Media, and Privacy
Product Liability
Torts
Agency
Business Organizations
Environmental Law and Sustainability
Courts and Court Procedures - ✔✔Areas of law that can affect buisness decision making
A body of enforceable rules governing and relationships among individuals and between individuals
and society - ✔✔Law
A court in which the only remedies that could be granted were things of value, such as money
damages. In the early English king's courts, courts of law were distinct from courts of equity. -
✔✔Courts of Law
A court that decides controversies and administers justice according to the rules, principles, and
precedents of equity. - ✔✔Courts of Equity
A Latin phrase meaning "let the decision stand." Most cases reaching appellate courts are settled on
this principle. (to stand on decided cases) - ✔✔stare decisis
all laws that define, describe, regulate, and create legal rights and obligations - ✔✔Substantive Law
All laws that establish and regulate the manner of enforcing or vindicating the rights established by
substantive law - ✔✔Procedural Law
Any legal authority or source of law that a court may look to for guidance but need not follow when
%
making its decision. - ✔✔Persuasive Authority
any source of law that a court must follow when deciding a case - ✔✔Binding Authority
authority to a prior judicial decision by judges deciding subsequent disputes involving the
same/similar facts - ✔✔Precedent
Contracts
Sales
Negotiable Instruments
Creditors Rights
Intellectual Property
Internet Law, Social Media, and Privacy
Product Liability
Torts
Agency
Business Organizations
Environmental Law and Sustainability
Courts and Court Procedures - ✔✔Areas of law that can affect buisness decision making
