1
LEB Final Exam Study Guide Questions
and Correct Answers
Question: arbitration
Answer: Utilizes an arbitrator (a neutral third party or a panel of experts)
who hears a dispute and imposes a resolution on the parties.
Question: binding authority
Answer: any source of law a court must follow when deciding a case
Question: corporate social responsibility (CSR)
Answer: commitment to good citizenship with ethical decisions
Question: defendant
Answer: the party against whom the lawsuit is brought
Question: mediation
Answer: 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.
Question: negotiation
Answer: Informal settlement talks, sometimes without attorneys, where
differences are discussed with the goal of "meeting of the minds" in
resolving the case
Question: shareholders
Answer: person with interest in the company
Question: statute of limitations
Pretest - Stuvia US
, 2
Answer: A federal or state statute setting the maximum time period
during which a certain action can be brought, or certain rights enforced.
Question: utilitarianism
Answer: An action is ethical based on whether it produces the greatest
good for the greatest number of people upon which it has an effect.
Question: venue
Answer: county/district within the US
Question: ethics
Answer: The application of moral principles and values to social behavior.
Question: concurrent jurisdiction
Answer: More than one court can hear the case
Question: what is the role of the courts/judicial branch?
Answer: to evaluate the laws
Question: Know the difference between a plaintiff and defendant
Answer: plaintiff is the party that initiates the lawsuit. Defendant is the
party against whom the lawsuit is brought.
Question: Understand the principle of minimum contacts
Answer: determines when it is appropriate for a court in one state to
assert personal jurisdiction over a defendant from another state
Question: What happens when a state constitution and U.S. Constitution
conflict?
Answer: Constitution wins
Question: Understand the appeal process
Pretest - Stuvia US
LEB Final Exam Study Guide Questions
and Correct Answers
Question: arbitration
Answer: Utilizes an arbitrator (a neutral third party or a panel of experts)
who hears a dispute and imposes a resolution on the parties.
Question: binding authority
Answer: any source of law a court must follow when deciding a case
Question: corporate social responsibility (CSR)
Answer: commitment to good citizenship with ethical decisions
Question: defendant
Answer: the party against whom the lawsuit is brought
Question: mediation
Answer: 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.
Question: negotiation
Answer: Informal settlement talks, sometimes without attorneys, where
differences are discussed with the goal of "meeting of the minds" in
resolving the case
Question: shareholders
Answer: person with interest in the company
Question: statute of limitations
Pretest - Stuvia US
, 2
Answer: A federal or state statute setting the maximum time period
during which a certain action can be brought, or certain rights enforced.
Question: utilitarianism
Answer: An action is ethical based on whether it produces the greatest
good for the greatest number of people upon which it has an effect.
Question: venue
Answer: county/district within the US
Question: ethics
Answer: The application of moral principles and values to social behavior.
Question: concurrent jurisdiction
Answer: More than one court can hear the case
Question: what is the role of the courts/judicial branch?
Answer: to evaluate the laws
Question: Know the difference between a plaintiff and defendant
Answer: plaintiff is the party that initiates the lawsuit. Defendant is the
party against whom the lawsuit is brought.
Question: Understand the principle of minimum contacts
Answer: determines when it is appropriate for a court in one state to
assert personal jurisdiction over a defendant from another state
Question: What happens when a state constitution and U.S. Constitution
conflict?
Answer: Constitution wins
Question: Understand the appeal process
Pretest - Stuvia US
