Question

Part Two: Mark cach statement either "TRUE" Or "ALSE (1 point each; 12 points total) 1. Preccdent refers to the practice of resolving similar cases in a similar fashion 2. Common law systems employ an adversarial process in which the judge acts as a neutral referee who makes the lawyers for cach side follow the rules of procedure and evidence 3. Juries are more frequently employed in common law countries like the U.S. than in civil law countries like France. 4. In a legal dispute, the person who is alleged to have injured the victim is called the "plaintiff" 5. Perfectly competitive markcts are Pareto Efficient. 6. All Kaldor-Hicks improvements are also wealth improvements 7. All wealth improvements are also Pareto improvements 8. All wealth improvements are also Kaldor-Hicks improvements 9. All Kaldor-Hicks improvements are also Pareto improvements. 10. All Pareto improvements are also wealth improvements. 11. If the risk free real rate of return is 10% per year, then the present value of $100 paid next ycar is S90 12. If Bernie's annual discount rate is 0.9, then he values $100 paid next year at $90

Answer 1

1. True ( explanation - A precedent is an established rule or solution that has been set by the resolution of a previous, similar circumstance as the one in which the precedent would be employed. )

2. True ( Common law system is primarily concerned with the Adversarial system where the judges act on the procedure and evidence produced by the parties unlike an inquisitorial system where it is entirely upto the judges to give decisions depending on the fact and the circumstances of the case.

Basically the judge in an adversarial system acts as an unbiased impartial referee trying to first hear both the parties and then giving his decision accordingly based on the evidence in the case. )

3. True ( Juries are supposed to decide on the facts, not on the law. It is a question of culture whether or not you believe it better that evidence be weighed by a trained professional, who is also trained to tune out acting and theatrics, or if it should be weighed by, essentialy, your peers. Both systems can work, and both systems can produce sometimes spectacular mistakes. At the end, both judges and jury are human. In some jurisdictions, people try to “mix” by introducing lay judges into the system.

4. False ( Plaintiff is the party who initiates an action or a law suit before a court )