Costs That Have Not Yet Been Incurred and That May

question 36

Multiple Choice

Costs that have not yet been incurred and that may vary among different courses of action are called:

• A)Opportunity costs.
• B)Out-of-pocket costs.
• C)Joint costs.
• D)Sunk costs.

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Definitions:

Natural Law

The oldest school of legal thought, based on the belief that the legal system should reflect universal (“higher”) moral and ethical principles that are inherent in human nature.

Monetary Damages

Financial compensation awarded to an individual for loss or injury as a result of the violation of a legal right.

Injunction

A legal order issued by a court that compels a party to do or refrain from specific acts.

Judicial Proceeding

A formal process before a court of law involving the adjudication of legal claims or disputes.