1. Explain The Major Components Of The Legal System
Topic:
Explain the major components of the legal system.
Question: Which of the following is a distinguishing feature of a common law legal system?
Answer Rationale: Although in the U.S. legal system guilt must be proven beyond a reasonable doubt in criminal matters and there is an appeal process, neither of these qualities is integral to a common law legal system. The opposite of a common law legal system is a legal system where the sole source of law is a comprehensive civil code. Civil code is not the sole source of law.
Topic:
Differentiate between the legal forms of business.
Question: If an LLC fails to follow formalities such as keeping minutes of meetings, which of the following is true? …show more content…
Answer Rationale: Conciliation, mediation, and negotiated settlement do not involve the presentation of evidence.
Topic:
Differentiate among nonjudicial methods of alternative dispute resolution.
Question: A ___________ is a court-appointed party who conducts a private trial and renders a judgment.
Answer Rationale: Arbitrators, negotiators, and fact-finders may or may not be court-appointed. Negotiators and fact finders do not render judgments.
Topic:
Identify potential tort risks that arise in the business context.
Question: There are no accountants on the board of the Oriole Corporation, a privately held corporation. The board routinely relies on a Certified Public Accountant (CPA) to explain the financial situation of the corporation. The board does not do an independent analysis of the CPA¿s report. In these circumstances, the board is
Answer Rationale: The answer should indicate an understanding of the responsibilities of the board regarding proper oversight of accounting professionals and the company's financial
Explain the major components of the legal system.
Question: Which of the following is a distinguishing feature of a common law legal system?
Answer Rationale: Although in the U.S. legal system guilt must be proven beyond a reasonable doubt in criminal matters and there is an appeal process, neither of these qualities is integral to a common law legal system. The opposite of a common law legal system is a legal system where the sole source of law is a comprehensive civil code. Civil code is not the sole source of law.
Topic:
Differentiate between the legal forms of business.
Question: If an LLC fails to follow formalities such as keeping minutes of meetings, which of the following is true? …show more content…
Answer Rationale: Conciliation, mediation, and negotiated settlement do not involve the presentation of evidence.
Topic:
Differentiate among nonjudicial methods of alternative dispute resolution.
Question: A ___________ is a court-appointed party who conducts a private trial and renders a judgment.
Answer Rationale: Arbitrators, negotiators, and fact-finders may or may not be court-appointed. Negotiators and fact finders do not render judgments.
Topic:
Identify potential tort risks that arise in the business context.
Question: There are no accountants on the board of the Oriole Corporation, a privately held corporation. The board routinely relies on a Certified Public Accountant (CPA) to explain the financial situation of the corporation. The board does not do an independent analysis of the CPA¿s report. In these circumstances, the board is
Answer Rationale: The answer should indicate an understanding of the responsibilities of the board regarding proper oversight of accounting professionals and the company's financial