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