ACCT 215 Review Exam 1

ACCT 215 Review - ACCT 215 Review Exam 1 CHAPTER 1 Law enforceable rules governing relationships among individuals and between i ndividuals and

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ACCT 215 Review Exam 1 CHAPTER 1 Law – enforceable rules governing relationships among individuals and between individuals and their society Jurisprudence – learning about different schools of jurisprudential thought and discovering how the approaches to law can affect judicial decision-making Schools of Jurisprudential thought - Natural Law – assumes that law, rights, and ethics are based on universal moral principles inherent in nature discoverable through the human reason - Positivist – law is the supreme will of the State that applies only to the citizens of that nation at that time - Historical – law derives its legitimacy and authority from standards that have withstood the test of time, follow decisions of earlier cases, origins of legal system, evolutionary process of law - Legal Realism – law is a product of the views of judicial decision makers as well as social, economic, and contextual influences Statutory Law – laws enacted by legislative bodies at any level of government, such as the statutes passes by Congress or by state legislatures - legislation is the same as statutory law Administrative regulations and decisions – all rules and regulations made by administrative agencies (example – IRS (internal revenue service)) Case Law and Common Law – legal matter without basis around constitution statutory, administrative law… Judge-made law during case based on his decision Courts of Law – monetary relief, judges resolve disputes by application of rules of law to the facts of the case before the court Courts of Equity – non-monetary relief based on notions of justice and fair dealing Statute of Limitations – time period for certain types of lawsuits of which legal action can be brought… expires no matter how strong the original case was Stare Decisis – “to stand on decided cases,” following what has been done in the past, things have worked well in the past, so there isn’t any reason to change it, makes law stable and predictable, increases judicial efficiency IRAC Format for Stare Decisis – Issue, Rule, Application, Conclusion Precedents – judicial decisions that give rise to legal principles that can be applied in future cases based upon similar facts Classifications of Law - Public or Private - Criminal – individual’s obligation to society as a whole - Civil – rights between individuals or individuals and governments
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- Substantive – outlines the rights and obligations of persons and governments - Procedural – steps one must follow in order to avail oneself of one’s legal rights or enforce another’s legal obligations Hierarchy of American Law 1. U.S. Constitution 2. Federal Statutory Law 3. State Constitution 4. State Statutory Law 5. Local Ordinance 6. Administrative Rules and Rulings 7. Common Law CHAPTER 2 Judicial Review – it is emphatically the province and duty of the judiciary to say what the law is - Supreme Court can only hear cases relating to constitution, state v. state, foreign countries, and people in other states
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This note was uploaded on 02/12/2011 for the course ACCT 215 taught by Professor Curtis during the Spring '08 term at Iowa State.

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ACCT 215 Review - ACCT 215 Review Exam 1 CHAPTER 1 Law enforceable rules governing relationships among individuals and between i ndividuals and

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