ACCT352 Study Guide - Midterm Guide: Counterclaim, Arbitration Clause, Alternative Dispute Resolution
14 Mar 2016
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Chapter 1: law as a foundation for business. Law: made up of rules; rules are laid down by state and backed up by enforcement. Public law includes constitutional law, administrative law, and criminal law. Private law includes property law, contract law, tort law. Tort law: establishes rules for compensation when owner"s legal boundaries are wrongfully crossed by another. Stare decisis: doctrine of prior precedents let the decision stand . Property: legal right to exclude others from various resources. Trial court (judge) : upholding the dignity of the courts and maintaining respect of laws. People involved in every court case: judges & justices, jurors, lawyers. Judges & justices: trial court (judge, function: determine the applicable rules (substantive or procedural) of law to be used to decide the case (makes sure the process is. Two major court systems: the federal courts & 50 states courts.
