Define the common law. Discuss its conflicting goals and the doctrine created to serve one of these goals
The common law is judge-made law. It is the total of all the cases decided by appellate courts. Although most new law is statutory, common law predominates in tort, contract, and agency law, and it is very important in property and employment law. The common law attempts to accommodate the conflicting goals of predictability and flexibility. The need for predictability created the doctrine of stare decisis, which means "let the decision stand." Stare decisis indicates that once a court has decided a particular issue, it will generally apply the same rule in future cases. The law must also be somewhat flexible in order to respond to new problems and changing social mores.
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Before-tax profit equals After-tax profit? (1 ? tax rate)
Indicate whether the statement is true or false
Quality of earnings is affected by all of the following except
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A. The increased sales resulting from the extension of credit B. The possibility of unpaid accounts C. Keeping the records for accounts receivable D. The opportunity cost of lost interest
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