The Fourteenth Amendment to the U.S. Constitution recognizes that the law is enforced by taking a person’s life, freedom, or the resources that he or she owns.

Which of the following statements is true of the Federal Arbitration Act(FAA)?

Arbitration enables the disputing parties to avoid the formalities of a courtroom.

The party who initiates a civil lawsuit is called the __________.

Which of the following ethical approaches focuses on the common good rather than on individual rights?

A statute of limitations is a time limit, prescribed by each state, after which a suit cannot be filed.

Subject matter jurisdiction is defined as __________.

Consequentialism is primarily a duty-based view of ethics.

Stakeholder theory suggests that an ethical corporation utilizes its managers to foster risks to stakeholders which, if explained, would be clearly acceptable.

Business ethics reflect elements of both formalism and consequentialism, but tend to focus more heavily on formalism.