ACCT352 Lecture Notes - Lecture 1: Regulatory Law, Legal Realism, Public Property
15 May 2017
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Law: intended to tell members of society what they can or cannot do, law is made up of rules; these rules are laid down by the state and backed up by enforcement. Judges don"t feel obligated to follow prior decisions, (cid:498)precedents(cid:499: public law includes matters involving the regulation of society, as. Public and private law (both subsets of property) opposed to individual interactions; 3 types are constitutional, State law business: all federal law prevails over state law, hierarchy: state constitution, statues/acts adopted by state legislature, regulatory law of state administrative agencies, and finally law in counties and cities called ordinances. Legal sanctions: sanctions are methods to encourage or force compliance with the obedience to the law. In effect, punishments for violating the law: remedy is the right of an individual to take another person"s resources (especially money) because of failure to meet requirements of the law (ex. Imprisonment: death, fine, removal from office, disqualification from holding any office or voting.
