Bruce believes a local manufacturer is responsible for contaminating some land he owns. He filed suit against the company. Rather than have the case go to court, the manufacturing company’s legal team suggested mediation or arbitration to settle the case. Methods that are employed to resolve legal disputes without litigation, such as mediation, are called […]
A defendant who is only slightly liable may be required to pay the full amount of damages under which of the following? A) the joint and several liability rule B) the collateral source rule C) arbitration D) res ipsa loquitor ANSWER Answer: A
Jan was injured in a work-related auto accident. She sued the other driver, and the case went to court. While questioning Jan, the defendant’s lawyer asked if her injuries and lost earnings were covered under workers compensation. Jan’s lawyer objected to the question. The judge ruled the question was improper and instructed the jury to […]
A homeowner was repairing the deck on the back of his home. He left power tools on the deck when he quit working for the day. A neighbor’s child saw the power tools. He came on to the deck, and started to play with a power saw. He cut off two of his fingers. A […]
Arguments in favor of reforming the civil justice system include which of the following? I. There is often a long delay in settling lawsuits. II. Compensation awards have decreased significantly over the past two decades. A) I only B) II only C) both I and II D) neither I nor II ANSWER Answer: […]
Part of the U.S. Government’s huge deficit is financed by foreign countries, such as China, which is a savings surplus unit. Indicate whether the statement is true or false ANSWER TRUE
All of the following are proposed solutions to the medical malpractice problem EXCEPT A) shortening the statute of limitations for filing lawsuits. B) eliminating arbitration panels to resolve disputes. C) placing limitations on contingent fees charged by attorneys. D) placing limitations on damage awards. ANSWER Answer: B
The goal of the firm should be A) maximization of sales. B) maximization of market share. C) maximization of shareholder wealth. D) maximization of profits (net income per share). ANSWER C
Which of the following are legal obligations of a property owner with respect to an invitee? I. The property owner must warn an invitee of any unsafe conditions. II. The property owner must inspect the premises and eliminate any dangerous conditions revealed by the inspection. A) I only B) II only C) both I and […]
Individuals, corporations, and governments can be either savings deficit units or savings surplus units. Indicate whether the statement is true or false ANSWER TRUE
