MGMT 209 Exam 2 questions with correct answers

What are the purposes of tort law? CORRECT ANSWER - Appeasement - Justice - Deterrence - Social Insurance A tort's purpose it to make guilty party pay Appeasement CORRECT ANSWER the purpose of the law is to limit the negative impact of the infliction of injury to the event of the injury itself Justice CORRECT ANSWER Ethical retribution and Ethical compensation Ethical retribution CORRECT ANSWER places emphasis on the fact that the payment of compensation is harmful to the tortfeasor and that justice requires the tortfeasor to suffer the harm Ethical compensation CORRECT ANSWER emphasizes the fact that payment of compensation is a benefit to the victim of the wrong and declares that justice requires the victim should receive this compensation Deterrence CORRECT ANSWER according to this perspective, the rules of tort law are designed to alter the incentives of interacting parties to control their future conduct in a manner that reduces losses in the most efficient manner - Minimize the total costs associated with accidents