FIN 240 Study Guide - Final Guide: Dormant Commerce Clause, Commerce Clause, Precedent
Document Summary
Chapter 1 & appendix a (sources of the law) Law enforceable rules governing relationships among individuals and between individuals and their society. Statutes, or laws, passed by congress or state legislatures. Uniform laws, drafted by national conference of commissioners on uniform. State laws (nccusl), can be adopted, rejected, or modified by states (modified, not necessarily uniform ) former decisions or precedents. Higher court decisions are binding on lower courts. Remedy means given to a party to enforce a right or compensate for a violation thereof. Case law rules of law announced in court decisions. Stare decisis (to stand on decided cases) deciding new cases with reference to. Persuasive authorities precedents from other jurisdictions, not binding at law: money, property, or land, results in a judgment in equity: specific performance, injunction, rescission (cancellation of contract), results in a decree. Substantive law defines, describes, or regulates, and creates legal rights and obligations.
