D216 Business Law for Accountants - PA Review
What is Punitive in regard to types of damages? - Answer Punitive damages are awarded when the goal is to punish.
Which source of law is considered Primary? - Answer Common Law Doctrine
Which source of law is considered Secondary? - Answer A Legal Encyclopedia - any encyclopedia is trying to explain something is a secondary source of law.
What are the other terms used for Common Law Doctrine? - Answer 1) Case Law 2) Judge Law
What is Stare Decisis? - Answer 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 Law? - Answer 1) US Constitution & State Constitutions 2) Statutory Law - enacted by legislative bodies 3) Administrative Law - regulations by administrative agencies 4) Case/Judge/Common Law
- / 2
When is Stare Decisis not followed in Common Law Doctrine? - Answer 1) When the fact patterns are not the same in the case 2) When the court said they were wrong in the past
What does Administrative Law focus on? - Answer Administrative Law focus is on rules for their area of expertise at the Federal, State, & Local level of agencies.Example of agencies FDA, FAA, FTC, SEC
Who creates Statutory Law? - Answer 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 constitutional? - Answer Yes, the US Constitution is the supreme law of the land and if a law is created and considered NOT constitutional then it CANNOT become a law.
What is the Supremacy Clause? - Answer Supremacy Clause pertains to the U.S.Constitution, that says it takes precedent over all law.
How do change / overturn a Supreme Court Decision? - Answer 1) Create a new law = remember it must be Constitutional 2) Constitutional Amendment = not easy to accomplish
What is the purpose of the Uniform Commercial Code UCC? - Answer UCC's purpose is to reduce difficulties for businesses conducting trade and commerce.NOTE does not apply to real estate, services, & employment contracts
What are characteristics of UCC? - Answer 1) UCC is STATE Law, adopted by ALL states.
- / 2