Although Federal District Courts Are Theoretically Bound by Supreme Court

question 53

Multiple Choice

Although federal district courts are theoretically bound by Supreme Court precedents,they sometimes deviate because

• A)the facts of a case are seldom precisely the same as those of similar cases decided by the Supreme Court.
• B)federal judges may misunderstand the Court's judicial reasoning or position.
• C)ambiguities or unaddressed issues in Supreme Court rulings give lower courts some flexibility in deciding cases.
• D)of all these factors: the facts of a case are seldom precisely the same as those of similar cases decided by the Supreme Court; federal judges may misunderstand the Court's judicial reasoning or position; and ambiguities or unaddressed issues in the Court's rulings give lower courts some flexibility in deciding cases.
• E)None of these answers is correct.

Distinguish between different rules associated with the interpretation and priority of contract terms.

Describe the role of the parol evidence rule in interpreting written contracts.

Explain the main purpose doctrine and its significance in suretyship provisions.

Gain familiarity with the UCC's provision on the sale of goods and its implications for contract enforceability.

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Definitions:

General Ledger

A comprehensive record of all financial transactions that occur within a company, used to compile financial statements.

Posting

The procedure of transferring journal entries to the ledger accounts.

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

General Journal

A primary accounting record used to record all types of transactions, including adjustments, in chronological order.