ACCT 245 BUSINESS LAW EXAM 1
QUESTIONS WITH VERIFIED
ANSWERS
\.primary source of law - ANSWERS✔-establishes law on particular issue
ex: constitution of us, statutes, regulations created by admin agencies, case law
\.secondary source of law - ANSWERS✔-publication that summarizes or interprets
the law
\.constitutional law - ANSWERS✔-The body of law derived from the U.S.
Constitution and the constitutions of the various states
\.statutory law - ANSWERS✔-legislatively created law
Con: cant be too broad or narrow
\.administrative law - ANSWERS✔-law created by administrative agencies to carry
out duties and responsibilities
\.case law - ANSWERS✔-rules of law announced in court decisions
,\.stare decisis - ANSWERS✔-common law doctrine where judges have to follow
precedents
Problem: no two cases are identical
\.substantive law - ANSWERS✔-law that defines describes regulates and creates
legal rights
\.procedural law - ANSWERS✔-law that establishes methods of enforcing the
rights established by substantive law
\.court of equity - ANSWERS✔-court that decides controversies and administers
justice
\.court of law - ANSWERS✔-historically court where only remedies were things of
value
\.jurisdiction - ANSWERS✔-authority of court to hear and decide specific case
Court has to have both types of juris for a civil case
\.personal jurisdiction - ANSWERS✔-requirements same in federal and state court,
4 diff ways for court to get over you
-If youre a resident of that state
-If youre served within the borders of that state
-Consent to jurisdiction
, -Long arm statute
\.long arm statute - ANSWERS✔-state statute that permits state to exercise
jurisdiction over nonresident defendants
\.subject matter jurisdiction - ANSWERS✔-requirements different in fed and state
courts
-State court: have to be in the right building
-Federal court: diversity of citizenship (ppl of diff states - if big enough case, fed
will take it) or federal questions (if case about federal matter, fed will take it)
\.venue - ANSWERS✔-geographic district where a legal action is tried and jury is
selected
\.standing to sue - ANSWERS✔-legal requirement that individual must have a
sufficient stake in a controversy before they can bring a lawsuit
\.trial courts - ANSWERS✔-where trials are held and testimony taken at state
\.appellate courts - ANSWERS✔-court of appeals/reviewing court; determines
whether trial court committed an error at state
\.supreme courts - ANSWERS✔-decisions of state's highest course final at state;
only scotus can overrule
QUESTIONS WITH VERIFIED
ANSWERS
\.primary source of law - ANSWERS✔-establishes law on particular issue
ex: constitution of us, statutes, regulations created by admin agencies, case law
\.secondary source of law - ANSWERS✔-publication that summarizes or interprets
the law
\.constitutional law - ANSWERS✔-The body of law derived from the U.S.
Constitution and the constitutions of the various states
\.statutory law - ANSWERS✔-legislatively created law
Con: cant be too broad or narrow
\.administrative law - ANSWERS✔-law created by administrative agencies to carry
out duties and responsibilities
\.case law - ANSWERS✔-rules of law announced in court decisions
,\.stare decisis - ANSWERS✔-common law doctrine where judges have to follow
precedents
Problem: no two cases are identical
\.substantive law - ANSWERS✔-law that defines describes regulates and creates
legal rights
\.procedural law - ANSWERS✔-law that establishes methods of enforcing the
rights established by substantive law
\.court of equity - ANSWERS✔-court that decides controversies and administers
justice
\.court of law - ANSWERS✔-historically court where only remedies were things of
value
\.jurisdiction - ANSWERS✔-authority of court to hear and decide specific case
Court has to have both types of juris for a civil case
\.personal jurisdiction - ANSWERS✔-requirements same in federal and state court,
4 diff ways for court to get over you
-If youre a resident of that state
-If youre served within the borders of that state
-Consent to jurisdiction
, -Long arm statute
\.long arm statute - ANSWERS✔-state statute that permits state to exercise
jurisdiction over nonresident defendants
\.subject matter jurisdiction - ANSWERS✔-requirements different in fed and state
courts
-State court: have to be in the right building
-Federal court: diversity of citizenship (ppl of diff states - if big enough case, fed
will take it) or federal questions (if case about federal matter, fed will take it)
\.venue - ANSWERS✔-geographic district where a legal action is tried and jury is
selected
\.standing to sue - ANSWERS✔-legal requirement that individual must have a
sufficient stake in a controversy before they can bring a lawsuit
\.trial courts - ANSWERS✔-where trials are held and testimony taken at state
\.appellate courts - ANSWERS✔-court of appeals/reviewing court; determines
whether trial court committed an error at state
\.supreme courts - ANSWERS✔-decisions of state's highest course final at state;
only scotus can overrule
