ACCT
Quiz 1 Notes.docx

O rules of tort contract and agency are all examples

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o Rules of tort, contract and agency are all examples of common law rules. Judges following the decisions of other judges in similar cases, are called precedents . The Restatement rules usually are the rules followed by a majority of the states Quote regarding Property – “If the subject matter cannot be replaced, the owner will be compensated for its special value to him, as evidenced by the original cost, and the quality and condition at the time of the loss. The market sets the price of property. Also, economic damages, unlike noneconomic damages, are easily verifiable, quantifiable, and measurable. Furthermore, limiting damages to the economic value of the damaged or destroyed property limits disparities in damage awards from case to case. Lastly, the present rule affords some reasonable level of certainty to businesses regarding the potential scope of their liability for accidents caused to property resulting from their negligent conduct. The body of law called equity historically concerned itself with accomplishing “rough justice” when common law rules would produce unfair results. Equity courts provided several remedies not available in the common law courts. One is injunction (a court order forbidding a party to do some act or commanding him to perform some act). Others include the contract remedies of specific performance (whereby a party is ordered to perform according to the terms of her contract), reformation (in which the court rewrites the contracts terms to reflect the party’s real intentions), and rescission (a cancellation of a contract and a return of the parties to their precontractual position). Administrative agencies obtain the ability to make law through a delegation (or grant) of power from the legislature. Agencies normally are created by a statute that specifies the areas in which the agency can make law and the scope of its power in each area. The two types of law made by administrative agencies are administrative regulations and agency decisions. Administrative regulations are not an elected body. Many agencies have an internal court-like structure that enables them to hear cases arising under the statutes and regulations they enforce. The resulting agency decisions are legally binding, though appeals to the judicial system are sometimes allowed. Treaties made by the president with foreign governments and approved by 2/3 of the US Senate become “the supreme law of the land” The enactments of counties and municipalities are called ordinances; zoning ordinances are an example. Presidents or a state’s governor sometimes have limited power to issue laws called executive orders. This power normally results from a legislative delegation.
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