1. One source of law in the United States is case law, sometimes called common law, which is based on the decisions of courts. The decision of a court resolves the dispute in the particular case that is in the court, but how can decisions of courts create a source of laws that apply beyond the case in which the decision was rendered?
2. In arbitration, the parties to the dispute select an independent arbitrator who hears evidence from both parties and decides how the dispute should be resolved. In civil litigation, a judge or jury hears the evidence from both parties and decides how the dispute should be resolved. What are the differences between arbitration and civil litigation? Why is one approach better than the other approach to resolving disputes?
3. How does intellectual property law balance the rights of the creator/innovator with the rights of the public?
4. This unit focused on the two basic types of accounting methods, job order and process costing, used for valuing products as they are being produced. Think about the industry that you currently work in or the one in which you would like to work in. What type of costing method is typically used in that industry? Why do you think they use that costing method? Do you feel that a different type of method might work better? Why?