Business Law for Accountants Practice Exam Questions with Answers 2024 Update, Exams of Banking Law and Practice

Download Business Law for Accountants Practice Exam Questions with Answers 2024 Update and more Exams Banking Law and Practice in PDF only on Docsity! Business Law for Accountants Practice Exam Questions with Answers 2024 Update. Constitutional Law - Correct answer Law that is based on the US Constitution and the constitutions of the various states. Statutory Law - Correct answer the body of law enacted by legislative bodies. Ordinances - Correct answer a law passed by a local governing unit, such as a city of a county. Uniform laws (model statutes) - Correct answer A model law created by the NCCUSL for states to consider adopting. Administrative Law - Correct answer consists of the rules, orders, and decisions of administrative agencies. Administrative Agency - Correct answer A federal or state government agency created by the legislature to perform a specific function, such as to make and enforce rules pertaining to the environment. Executive Agencies - Correct answer an administrative agency within the executive branch of government. Case Law - Correct answer Rules of law announced in court decisions and interprets statutes, regulations, constitutional provisions, and other case law. Common Law - Correct answer the body of law developed from custom or judicial decisions in English and US courts, not attributable to a legislature. Remedies - Correct answer the relief given to an innocent party to enforce a right or compensate for the violation of a right. Courts of Equity - Correct answer a court that decides controversies and administers justice according to the rules, principles, and precedents of equity. Equitable Maxims - Correct answer General propositions or principles of law that have to do with fairness (equity). Laches - Correct answer the equitable doctrine that bars a party's right to legal action if the party has neglected for an unreasonable length of time to act on his/her rights. Stare Devises - Correct answer a common law doctrine under which judges are obligated to follow the precedents established in prior decisions within their jurisdictions. Persuasive Authorities - Correct answer any legal authority of source of law a court may look to for guidance but need not follow when making its decision. Legal Reasoning - Correct answer the process of evaluating how various laws apply to a given situation & which a judge harmonizes their opinion with the judicial decisions in previous cases. Substantive Law - Correct answer Law that defines, describes, regulates, and creates legal rights and obligations. Procedural law - Correct answer Law that establishes the methods of enforcing the rights established by substantive law. Civil Law - Correct answer the branch of law dealing with the definition and enforcement of all private or public rights, as opposed to criminal matters. Criminal Law - Correct answer the brank of law that defines and punishes wrongful actions committed against the public. Cyber law - Correct answer an informal term used to refer to all laws governing electronic communications and transactions, particularly those conducted via the Internet. Opinion - Correct answer a statement by a court expressing the reasons for its decision in a case. Concurring Opinion - Correct answer a court opinion by one or more judges or justices who agree with the majority but want to make or emphasize a point that was not before. Majority Opinion - Correct answer A court opinion that represents the views of the majority (more than half) of the judges or justices deciding the case. Dissenting Opinion - Correct answer A court opinion that presents the views of one or more judges or justices that disagree with the majority's decision. Plurality Opinion - Correct answer a court opinion that is joined by the largest number of judges or justices hearing the case, but fewer than half of the total number. Per Curium Opinion - Correct answer an opinion issued by the court as a whole. These opinions are not signed by individual justices. Police Powers - Correct answer Powers possessed by states as part of their inherent sovereignty; may be exercised to protect or promote the public order, health, safety, morals, and general welfare.