BUS 200 Chapter Notes - Chapter 1: Rescission, Specific Performance
Document Summary
Ch1 business and its legal environment: what are four primary sources of law in the united states, c ons titutions : general document that dis tributes power among the branches of the government. It is the s upreme law of the l a nd : s tatutes : Congress and state legislatures enact statutes, and local legislative bodies enact ordinances. When might a court depart from precedent? precedent: an established rule of law set by a previous court decision. Usually comes from cases involving legal facts and raising similar principles as the case at hand. A lthough courts are obligated to follow precedents , s ometimes a court will depart from the rule of precedents if it decides that a given pre cedent s hould no longer be followed. Remedies at law are limited to payments of money or property (including land) as damages. Remedies in equity is available only when there is no adequate remedy at law.
