ACCT350- Final Exam Guide - Comprehensive Notes for the exam ( 25 pages long!)
29 Mar 2018
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Document Summary
Law is a code of conduct for all entities. Rule of law laws are generally and equally applicable. For business purposes, the functions of the law are primarily to facilitate orderly change and facilitate planning. Jeffersonian = natural rights that we are born with that we gave to the government and ourselves through the constitution. The u. s. constitution is the oldest and least changed democratic constitution in the world. The legal right to exclude keeps others from interfering: private property central concept for western legal systems. In chancery courts you get stuff that isn"t money i. e. , property, contracts, etc: equity. Public law laws that the government (house and senate) makes. Private law law that comes from judicial decisions. Stare decisis when we have similar cases and there was a ruling on the previous case, we use that case as precedent. Preemption means to take precedence: federal law preempts state law and state law preempts local law.
