Which of the Following Statements Best Describes Common Law

question 1

Multiple Choice

Which of the following statements best describes common law?

• A)Common law is law that is the same or similar in all states.
• B)Common law is derived from statutes and codes made by legislatures.
• C)Common law is based on Justinian and Napoleonic codes.
• D)Common law requires judges to base their decisions on prior cases.

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Definitions:

Office Equipment

Office Equipment refers to the assets purchased for use in a business office, which may include computers, printers, furniture, and more, aiding in operational efficiencies.

Asset Accounts

Accounts that detail the resources owned by a business which have economic value and can be converted into cash.

Accounts Receivable

Outstanding amounts that customers owe to a business for delivered goods or services yet to be paid for.

Supplies Expense

Costs associated with the consumable items used in the daily operations of a business, which may include office or manufacturing supplies.