Which of the Following Statements Is True About Laws Regarding

question 36

Multiple Choice

Which of the following statements is true about laws regarding liability exposure?

• A)Statutory law is based on custom and court decisions.
• B)Common law is the body of written law created by legislatures.
• C)In statutory law, the courts are guided by the doctrine of uberrimae fidei, that is, to stand by the decisions.
• D)A civil wrong may also be a crime.
• E)Criminal law deals with acts that are not against society as a whole, but rather cause injury or loss to an individual or organization

---

Definitions:

Conciliation

A process in which a neutral third party assists disputing parties to reach a mutually agreeable solution.

Arbitration

A process where a dispute is resolved by an impartial third party whose decision the involved parties agree to accept.

Precedent

A tool used by judges to make rulings on cases on the basis of key similarities to previous cases.

Arbitration

A method of dispute resolution where an impartial third party (the arbitrator) makes a decision to resolve the issue, which is usually binding on the parties.