What Is the First Step in Examining a Legal Case

question 56

Multiple Choice

What is the first step in examining a legal case using IRAC method?

• A) application of the law to the facts of a case using critical thinking
• B) identification of a legal issue that is to be answered
• C) identification of the law that is to be applied to a case
• D) reaching a conclusion

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Definitions:

Normal Profit

The minimum profit necessary for a company to remain in business, equal to the opportunity cost of capital and entrepreneurial effort not invested elsewhere.

Entrepreneur's Talent

The unique set of skills, creativity, and determination that an entrepreneur brings to identifying opportunities and building a business.

Implicit Costs

Implicit costs refer to the opportunity costs of using resources that a company already owns, without any direct payment, for its own production purposes.

Explicit Costs

Direct, out-of-pocket payments for wages, rent, materials, and other inputs required for the production of goods or services.