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LEB Final Exam Study Guide Questions and
Correct Answers/ Latest Update / Already
Graded
arbitration
Ans: Utilizes an arbitrator (a neutral third party or a panel of experts) who hears
a dispute and imposes a resolution on the parties.
binding authority
Ans: any source of law a court must follow when deciding a case
corporate social responsibility (CSR)
Ans: commitment to good citizenship with ethical decisions
defendant
Ans: the party against whom the lawsuit is brought
mediation
Ans: Utilizes the services of a neutral third party, called a mediator. The mediator
acts as a communicating agent between the parties and suggests ways in which the
parties can resolve their dispute.
negotiation
Ans: Informal settlement talks, sometimes without attorneys, where differences are
discussed with the goal of "meeting of the minds" in resolving the case
shareholders
Ans: person with interest in the company
statute of limitations
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Ans: A federal or state statute setting the maximum time period during which a
certain action can be brought, or certain rights enforced.
utilitarianism
Ans: An action is ethical based on whether it produces the greatest good for the
greatest number of people upon which it has an effect.
venue
Ans: county/district within the US
ethics
Ans: The application of moral principles and values to social behavior.
concurrent jurisdiction
Ans: More than one court can hear the case
what is the role of the courts/judicial branch?
Ans: to evaluate the laws
Know the difference between a plaintiff and defendant
Ans: plaintiff is the party that initiates the lawsuit. Defendant is the party against
whom the lawsuit is brought.
Understand the principle of minimum contacts
Ans: determines when it is appropriate for a court in one state to assert personal
jurisdiction over a defendant from another state
What happens when a state constitution and U.S. Constitution conflict?
LEB Final Exam Study Guide Questions and
Correct Answers/ Latest Update / Already
Graded
arbitration
Ans: Utilizes an arbitrator (a neutral third party or a panel of experts) who hears
a dispute and imposes a resolution on the parties.
binding authority
Ans: any source of law a court must follow when deciding a case
corporate social responsibility (CSR)
Ans: commitment to good citizenship with ethical decisions
defendant
Ans: the party against whom the lawsuit is brought
mediation
Ans: Utilizes the services of a neutral third party, called a mediator. The mediator
acts as a communicating agent between the parties and suggests ways in which the
parties can resolve their dispute.
negotiation
Ans: Informal settlement talks, sometimes without attorneys, where differences are
discussed with the goal of "meeting of the minds" in resolving the case
shareholders
Ans: person with interest in the company
statute of limitations
, 2 | Page
Ans: A federal or state statute setting the maximum time period during which a
certain action can be brought, or certain rights enforced.
utilitarianism
Ans: An action is ethical based on whether it produces the greatest good for the
greatest number of people upon which it has an effect.
venue
Ans: county/district within the US
ethics
Ans: The application of moral principles and values to social behavior.
concurrent jurisdiction
Ans: More than one court can hear the case
what is the role of the courts/judicial branch?
Ans: to evaluate the laws
Know the difference between a plaintiff and defendant
Ans: plaintiff is the party that initiates the lawsuit. Defendant is the party against
whom the lawsuit is brought.
Understand the principle of minimum contacts
Ans: determines when it is appropriate for a court in one state to assert personal
jurisdiction over a defendant from another state
What happens when a state constitution and U.S. Constitution conflict?
