WGU D216 Business Law for Accountants

WGU D216 Business Law for Accountants Leave the first rating Students also studied Terms in this set (371) Social SciencesLaw Civil Law Save WGU Business Law for Accountants ...354 terms kristineburrow Preview Business Law for Accountants - D216...135 terms jschwinn0Preview D216 Business Law for Accountings (...87 terms hbev04Preview D216 Bu 78 terms pau Constitutional lawlaw that involves the interpretation and application of the U.S. Constitution and state constitutions statutory lawLaws enacted by legislative bodies at any level of government ordinancesA law passed by a local governing unit such as a city or county uniform lawsA model law developed by the National Conference of Commissioners on Uniform State Laws for the states to consider enacting into statute.Administrative Lawconsists of the rules, orders, and decisions of administrative agencies administrative agencya federal, state, or local government agency established to perform a specific function.executive agenciesAn administrative agency within the executive branch of government. At the federal level, executive agencies are those within the cabinet departments.independent regulatory agenciesAn 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 lawthe doctrines and principles announced in cases What does case law govern?all areas not covered by statutory law or administrative law and is part of our common law tradition

common lawThe body of law developed from custom or judicial decisions in English and U.S.courts, not attributable to a legislature.Remediesthe 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 damagesAmounts given to a party whose legal interests have been injured courts of equityA court that decides controversies and administers justice according to the rules, principles, and precedents of equity.Remedies in equityA 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.Rescissionthe cancellation of a contractual obligation.Specific Performanceordering a party to perform an agreement as promised injunctionan order to a party to cease engaging in a specific activity or to undo some wrong or injury.breachesfails to fulfill equitable maximspropositions or general statements of equitable rules lachesThe 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.defendantParty being sued Defenseargument raised by the defense PlaintiffThe suing party petitionerIn equity practice, a party that initiates a lawsuit.respondentIn equity practice, the party who answers a complaint or other proceeding.statutes of limitationsA federal or state statute setting the maximum time period during which a certain action can be brought or certain rights enforced.

precedentA court decision that furnishes an example or authority for deciding subsequent cases involving identical or similar facts.reportersA publication in which court cases are published, or reported.aspects of stare decisisA 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 authorityAny source of law that a court must follow when deciding a case.stare decisisto stand on decided cases.persuasive authoritiesAny 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 pointA previous case involving factual circumstances and issues that are similar to those in the case before the court.Restatements of the Lawgenerally summarize the common law rules followed by most states.Substantive lawconsists of all laws that define, describe, regulate, and create legal rights and obligations Procedural lawConsists of all laws that outline the methods of enforcing the rights established by substantive law.Civil lawspells 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 lawconcerned with wrongs committed against the public as a whole.Who are criminal Defendents prosecuted by? Public officials such as a district attorney

cyberlawrefer 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 appellantThe party who takes an appeal from one court to another.appelleeThe party against whom an appeal is taken—that is, the party who opposes setting aside or reversing the judgment.opinionsA statement by a court expressing the reasons for its decision in a case.majority opinionA court opinion that represents the views of the majority (more than half) of the judges or justices deciding the case.concurring opinionA court opinion by one or more judges or justices who agree with the majority but want to make or emphasize a point that was not made or emphasized in the majority's opinion.dissenting opinionA court opinion that presents the views of one or more judges or justices who disagree with the majority's decision.plurality opinionA court opinion that is joined by the largest number of the judges or justices hearing the case, but fewer than half of the total number.per curiam opinionBy the whole court; a court opinion written by the court as a whole instead of being authored by a judge or justice.federal form of governmentA system of government in which the states form a union and the sovereign power is divided between a central government and the member states.sovereigntyPower to govern themselves police powersPowers possessed by states as part of their inherent sovereignty.May be exercised to protect or promote public order, health, safety, morals, and general welfare privileges and immunities clauseprevents a state from treating citizens of other states in a discriminatory manner.full faith and credit clauseConstitution's requirement that each state accept the public acts, records, and judicial proceedings of every other state checks and balancesA system that allows each branch of government to limit the powers of the other branches in order to prevent abuse of power commerce clauseThe section of the Constitution in which Congress is given the power to regulate trade among the states and with foreign countries.supremacy clauseConstitution is the supreme law of the land