WGU D216 Business Law for Accountants – PA
Review: Accurate Answers To All Questions
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Terms in this set (78)
What is Punitive in regard to types of Punitive damages are awarded when the goal is to
damages? punish.
Which source of law is considered Common Law Doctrine
Primary?
Which source of law is considered A Legal Encyclopedia - any encyclopedia is trying to
Secondary? explain something is a secondary source of law.
What are the other terms used for 1) Case Law
Common Law Doctrine? 2) Judge Law
What is Stare Decisis? Stare Decisis is used in case/judge/common law
doctrine - means the court will follow past
precedent in their jurisdiction.
Note there are exceptions to stare decisis.
What are the sources of American 1) US Constitution & State Constitutions
Law? 2) Statutory Law - enacted by legislative bodies
3) Administrative Law - regulations by administrative
agencies
4) Case/Judge/Common Law
When is Stare Decisis not followed in 1) When the fact patterns are not the same in the
Common Law Doctrine? case
2) When the court said they were wrong in the past
, What does Administrative Law focus Administrative Law focus is on rules for their area of
on? expertise at the Federal, State, & Local level of
agencies.
Example of agencies FDA, FAA, FTC, SEC
Who creates Statutory Law? Statutory Law is created by legislative bodies at the
Federal, State, & Local levels.
Examples - Congress = federal, Senate = state, City
Council = local
Does all law have to be Yes, the US Constitution is the supreme law of the
constitutional? land and if a law is created and considered NOT
constitutional then it CANNOT become a law.
What is the Supremacy Clause? Supremacy Clause pertains to the U.S. Constitution,
that says it takes precedent over all law.
How do change / overturn a Supreme 1) Create a new law = remember it must be
Court Decision? Constitutional
2) Constitutional Amendment = not easy to
accomplish
What is the purpose of the Uniform UCC's purpose is to reduce difficulties for businesses
Commercial Code UCC? conducting trade and commerce.
NOTE does not apply to real estate, services, &
employment contracts
What are characteristics of UCC? 1) UCC is STATE Law, adopted by ALL states.
2) It is uniform but FLEXIBLE set of rules governing
commercial transactions.
3) Applies to tangible & moveable goods only
4) Is statutory law
Does UCC have presedent over It can but it doesn't have too, it is at the discretion of
contract terms? the contract creators. This is a demonstration of the
UCC's flexible design.
If a contract doesn't cover something, then the UCC
applies.
Review: Accurate Answers To All Questions
Save
Terms in this set (78)
What is Punitive in regard to types of Punitive damages are awarded when the goal is to
damages? punish.
Which source of law is considered Common Law Doctrine
Primary?
Which source of law is considered A Legal Encyclopedia - any encyclopedia is trying to
Secondary? explain something is a secondary source of law.
What are the other terms used for 1) Case Law
Common Law Doctrine? 2) Judge Law
What is Stare Decisis? Stare Decisis is used in case/judge/common law
doctrine - means the court will follow past
precedent in their jurisdiction.
Note there are exceptions to stare decisis.
What are the sources of American 1) US Constitution & State Constitutions
Law? 2) Statutory Law - enacted by legislative bodies
3) Administrative Law - regulations by administrative
agencies
4) Case/Judge/Common Law
When is Stare Decisis not followed in 1) When the fact patterns are not the same in the
Common Law Doctrine? case
2) When the court said they were wrong in the past
, What does Administrative Law focus Administrative Law focus is on rules for their area of
on? expertise at the Federal, State, & Local level of
agencies.
Example of agencies FDA, FAA, FTC, SEC
Who creates Statutory Law? Statutory Law is created by legislative bodies at the
Federal, State, & Local levels.
Examples - Congress = federal, Senate = state, City
Council = local
Does all law have to be Yes, the US Constitution is the supreme law of the
constitutional? land and if a law is created and considered NOT
constitutional then it CANNOT become a law.
What is the Supremacy Clause? Supremacy Clause pertains to the U.S. Constitution,
that says it takes precedent over all law.
How do change / overturn a Supreme 1) Create a new law = remember it must be
Court Decision? Constitutional
2) Constitutional Amendment = not easy to
accomplish
What is the purpose of the Uniform UCC's purpose is to reduce difficulties for businesses
Commercial Code UCC? conducting trade and commerce.
NOTE does not apply to real estate, services, &
employment contracts
What are characteristics of UCC? 1) UCC is STATE Law, adopted by ALL states.
2) It is uniform but FLEXIBLE set of rules governing
commercial transactions.
3) Applies to tangible & moveable goods only
4) Is statutory law
Does UCC have presedent over It can but it doesn't have too, it is at the discretion of
contract terms? the contract creators. This is a demonstration of the
UCC's flexible design.
If a contract doesn't cover something, then the UCC
applies.
