Shared Flashcard Set

Details

ACC 205 Pg.1-11
Terms for the Final Exam
19
Accounting
Undergraduate 1
04/23/2010

Additional Accounting Flashcards

 


 

Cards

Term

Business Law

Definition
The enforceable rules of conduct that govern the actions of buyers and sellers in market exchanges.
Term

Law

Definition
Rules of conduct in any organized society that are enforced by the governing authority of the community.
Term

Private Law

Definition
Law that involves suits between private individuals or groups.
Term

Public Law

Definition
Law that involves suits between private individuals or groups and their governments.
Term

Civil Law

Definition
The body of laws that govern rights and responsibilities either between persons or between persons and their government.
Term

Criminal Law

Definition
A classifi cation of law involving the rights and responsibilities an indi-vidual has with respect to the public as a whole.
Term

Constitutional Law

Definition
The general limits and powers of a government as interpreted from its written constitution.
Term

Statutory Law

Definition
The assortment of rules and regulations put forth by legislatures.
Term

Model Laws

Definition
Laws created to account for the variability of laws among states. These laws serve to standard-ize the otherwise differ-ent interstate laws. Also called model laws.
Term

Case Law

Definition
The collection of legal interpretations made by judges. They are con-sidered to be law unless otherwise revoked by a statutory law. Also known as common law.
Term

Precedent

Definition
A tool used by judges to make rulings on cases on the basis of key similarities to previous cases.
Term

*Stare Decisis*

Definition
“ Standing by the deci-sion”; a principle stating that rulings made in higher courts are bind-ing precedent for lower courts.
Term

Restatements of the Law

Definition
Summaries of common law rules in a particular area of the law. Restate-ments do not carry the weight of law but can be used to guide interpreta-tions of particular cases.
Term

Administrative Law

Definition
The collection of rules and decisions made by administrative agencies to fill in particular details missing from constitu-tions and statutes.
Term

Legal Positivism

Definition
A school of jurispru-dence which holds that because society requires authority, a legal and authoritarian hierarchy should exist. When a law is made, therefore, obedience is expected because authority created it.
Term

Identification with the vulnerable

Definition
A school of jurispru-dence which holds that society should be fair. Particular attention is therefore paid to the poor, the ill, and the elderly.
Term

Historical School

Definition
A school of jurispru-dence that uses tradi-tions as the model for future laws and behavior. Also called tradition or custom.
Term

Legal Realsim

Definition
A school of jurispru-dence which holds that context must be con-sidered as well as law. Context includes fac-tors such as economic conditions and social conditions.
Term

Cost-Benefit Analysis

Definition
An economic school of jurisprudence in which all costs and benefi ts of a law are given monetary values. Those laws with the highest ratios of ben-efi ts to costs are then preferable to those with lower ratios.
Supporting users have an ad free experience!