What are the various kinds or sources of American law? Discuss how these various types of law interrelate to form the system of law in the United States
The sources of American law include the U.S. Constitution and the constitutions of the various states; judicial decisions in precedent-setting cases, the common law that has developed over centuries; statutes passed by Congress and by state legislatures; ordinances passed by local legislative bodies such as city councils; treaties; executive orders; and administrative rules or regulations adopted by federal and state administrative agencies. Constitutions are the supreme law. Federal statutes and treaties are paramount to state constitutions and statutes, and state constitutions and statutes are paramount to local ordinances. Administrative rules and regulations and executive orders of the president have the force of law.
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Indicate whether the statement is true or false
All of the following are considered nonexchange transactions except
A) the day-by-day accumulation of interest. B) the wear and tear on machinery. C) the sale of goods and services. D) losses from fire, flood, and theft.