MGMT 311 EXAM 1 CERTIFIED EXAM SCRIPT
2026 ANSWERS GRADED A+
⫸ Sources of Law. Answer: Constitutions, statutory law, administrative law, and common
law
⫸ U.S. Constitution. Answer: Supreme law of the land that creates the national government
and limits its powers
⫸ State Constitution. Answer: Highest form of law within a state, subject to the U.S.
Constitution
⫸ Statutory Law. Answer: Laws created by Congress and state legislatures
⫸ Federal Statutes. Answer: Apply to everyone in the United States
⫸ State Statutes. Answer: Apply only within the state that enacted them
⫸ Administrative Law. Answer: Law created by administrative agencies through rulemaking,
investigation, and enforcement
⫸ Executive Agencies. Answer: Federal agencies within the executive branch, usually
cabinet departments
⫸ Independent Regulatory Agencies. Answer: Agencies outside executive departments that
regulate specific areas
⫸ Common Law. Answer: Law developed by courts through judicial decisions
⫸ Uniform Laws. Answer: Model laws adopted voluntarily by states
, ⫸ Uniform Commercial Code (UCC). Answer: Most widely adopted uniform law governing
commercial transactions
⫸ Courts at Law. Answer: Courts that award money damages
⫸ Legal Remedies. Answer: Money damages awarded to compensate for harm
⫸ Compensatory Damages. Answer: Damages intended to make the injured party whole
⫸ Special Damages. Answer: Quantifiable losses such as lost wages or property damage
⫸ General Damages. Answer: Non-monetary damages like pain and suffering
⫸ Punitive Damages. Answer: Damages awarded to punish the wrongdoer
⫸ Nominal Damages. Answer: Small damages awarded to show a legal wrong occurred
⫸ Courts at Equity. Answer: Courts that provide remedies other than money
⫸ Equitable Remedies. Answer: Remedies available when money damages are inadequate
⫸ Specific Performance. Answer: Court order requiring a party to perform a contract
⫸ Injunction. Answer: Court order directing a party to do or stop doing an action
⫸ Rescission. Answer: Cancels a contract and restores parties to original positions
⫸ Equitable Maxims. Answer: Principles that guide judges in equity cases
2026 ANSWERS GRADED A+
⫸ Sources of Law. Answer: Constitutions, statutory law, administrative law, and common
law
⫸ U.S. Constitution. Answer: Supreme law of the land that creates the national government
and limits its powers
⫸ State Constitution. Answer: Highest form of law within a state, subject to the U.S.
Constitution
⫸ Statutory Law. Answer: Laws created by Congress and state legislatures
⫸ Federal Statutes. Answer: Apply to everyone in the United States
⫸ State Statutes. Answer: Apply only within the state that enacted them
⫸ Administrative Law. Answer: Law created by administrative agencies through rulemaking,
investigation, and enforcement
⫸ Executive Agencies. Answer: Federal agencies within the executive branch, usually
cabinet departments
⫸ Independent Regulatory Agencies. Answer: Agencies outside executive departments that
regulate specific areas
⫸ Common Law. Answer: Law developed by courts through judicial decisions
⫸ Uniform Laws. Answer: Model laws adopted voluntarily by states
, ⫸ Uniform Commercial Code (UCC). Answer: Most widely adopted uniform law governing
commercial transactions
⫸ Courts at Law. Answer: Courts that award money damages
⫸ Legal Remedies. Answer: Money damages awarded to compensate for harm
⫸ Compensatory Damages. Answer: Damages intended to make the injured party whole
⫸ Special Damages. Answer: Quantifiable losses such as lost wages or property damage
⫸ General Damages. Answer: Non-monetary damages like pain and suffering
⫸ Punitive Damages. Answer: Damages awarded to punish the wrongdoer
⫸ Nominal Damages. Answer: Small damages awarded to show a legal wrong occurred
⫸ Courts at Equity. Answer: Courts that provide remedies other than money
⫸ Equitable Remedies. Answer: Remedies available when money damages are inadequate
⫸ Specific Performance. Answer: Court order requiring a party to perform a contract
⫸ Injunction. Answer: Court order directing a party to do or stop doing an action
⫸ Rescission. Answer: Cancels a contract and restores parties to original positions
⫸ Equitable Maxims. Answer: Principles that guide judges in equity cases
