class notes - ACCT 352 BUS I N ESS LAW Class Notes Law- in...

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ACCT 352 – BUSINESS LAW Class Notes Law - in general overview- set of rules developed by a legitimate authority, trigger penalties if violated Functions - Public Safety - Enforce standards of conduct - Real estate planning - Promote social justice Sources of Law - Constitution – U.S, State - Statutes—federal, state, local - Administrative Rules – I.R.S, O.S.H.A - Executive Orders - Court decisions Common Law - Standards that a court will use to resolve a dispute in a particular jurisdiction (usually from past cases) – provides a sense of fairness… similar cases decided by same criteria. Precedent – Cases in each individual state of the U.S. are precedent for that state. Adhered to in the future *Supreme Court of the U.S. holds ultimate precedent
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3/1 Civil Litigation- Applies to any civil lawsuit Civil Vs. Criminal - Civil – private matters between parties (people, corporation, partnership)… private dispute Parties elect to subject themselves to the court to have the issue resolved
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This note was uploaded on 05/02/2010 for the course FINC Finc314 taught by Professor Harris during the Spring '10 term at University of Delaware.

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class notes - ACCT 352 BUS I N ESS LAW Class Notes Law- in...

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