MGMT 311 EXAM 1 FINAL SCRIPT 2026
ACCURATE ANSWERS GRADED A+
⫸ Law provides...Answer: stability, predictability, continuity
⫸ Laws establish __________, ________, and _________ consistent with the values and
beliefs of their society/ruling groupAnswer: rights, duties, privileges
⫸ sources of law (4)Answer: (from high to low importance)
1. constitutions
2. statutes (acts)
3. administrative rules/regulations
4. common law (case law, judge-made law)
⫸ statutory law is found in...Answer: federal and state code of laws
⫸ Municipal/County governments enact _____. An example of something that this law
would be in charge of regulating would be _______.Answer: ordinances, buying a house
⫸ uniform laws are...Answer: laws that state legislatures may reject or adopt (may adopt all,
part, or rewrite completely)
if adopted, the law becomes part of statutory law
⫸ The Uniform Commercial Code is...Answer: the most accepted uniform law
used to facilitate interstate commerce and make contract law
⫸ Administrative law can have...Answer: local, state, or federal agencies
,⫸ Administrative agency functions (3):
*think about the 3 branches of govtAnswer: 1. rule-making
2. investigation and enforcement
3. judging violations (justification)
⫸ What are two Federal agencies?Answer: Executive agencies and independent regulatory
agencies
⫸ What are some examples of executive agencies?Answer: Cabinet Department of the
Executive Branch (President appointed, Senate approval)
⫸ What are some examples of independent regulatory agencies?Answer: Federal Trade
Commission (FTC), Food and Drug Administration (FDA), Securities and Exchange
Commission (SEC), Federal Communications Commission (FCC)
President has less power here: fixed terms, cannot be removed without cause
⫸ Common law is focused on...Answer: interpreting the law
⫸ What is case law?Answer: the doctrines and principles announced in cases, governs all
areas not covered by statutory law or administrative law
⫸ What is judge-made law?Answer: includes interpretations of constitutional provisions, of
statutes enacted by legislatures, and of regulations created by administrative agencies
⫸ Common law originates from....Answer: English ancestry (except Louisiana, they have
French common law ancestry)
⫸ Early Courts at Law were called _______. It sought to establish _______.Answer: King's
Court, a uniform set of customs
,⫸ Early Courts of Equity were called...Answer: Chancellor's Court
⫸ In early courts at law, winner could get...Answer: something of value, money, or
properties (called remedies at law)
⫸ In early courts of equity, if problem couldn't be solved through remedies at law...Answer:
the Chancellor (religious figurehead) would decide
⫸ Court of EquityAnswer: branch of law more concerned with fairness and justice than legal
technicalities
⫸ Compensatory damages are...Answer: the amount of money that will make up for what
you have lost
⫸ Compensatory damages include....Answer: special damages and general damages
⫸ Special damages are ______.Answer: quantifiable losses
⫸ Examples of special damages (3):Answer: 1. loss of time (work over a specific period)
2. loss of money (medical bills)
3. property damages (value of your car)
⫸ General damages are....Answer: more subjective losses
⫸ Examples of general damages (5):Answer: 1. pain and suffering (hire economists to help
quantify)
2. injury to reputation (tort, common in defamation cases)
3. mental anguish (mental suffering)
4. disfigurement (paralysis)
5. loss of earning capacity (reduced ability to continue earning money over your lifetime bc
of injuries sustained)
, ⫸ Punitive/Exemplary Damages are...Answer: in ADDITION to compensatory damages
(icing on the cake)
⫸ The purpose of punitive/exemplary damages are to...Answer: punish the wrongdoer
⫸ Nominal damages is a....Answer: very small amount of money
- damages where the court only wishes to prove that the plaintiff is in the right
- establishes that the law has been violated without getting that much money
⫸ Equitable Doctrine of Laches...Answer: bars a party's right to legal action if the party has
neglected for an unreasonable length of time to act on his or her rights (apply to equitable
claims, courts of equity)
- encourages people to bring lawsuits while the evidence is fresh
⫸ Equitable Doctrine of Laches quoteAnswer: "Equity aids the vigilant, not those who rest
on their rights"
⫸ Statutes of Limitations...Answer: sets the max time period in which a certain action can be
brought or certain rights enforced (apply to legal claims, law courts)
⫸ Courts at Equity are also called...Answer: Remedies at Equity
⫸ In Courts at Equity what is the plaintiff and defendant called?Answer: Plaintiff =
Petitioner (party that initiates lawsuit, also called a petition)
Defendant = Respondent (party being sued)
Result is called a decree
ACCURATE ANSWERS GRADED A+
⫸ Law provides...Answer: stability, predictability, continuity
⫸ Laws establish __________, ________, and _________ consistent with the values and
beliefs of their society/ruling groupAnswer: rights, duties, privileges
⫸ sources of law (4)Answer: (from high to low importance)
1. constitutions
2. statutes (acts)
3. administrative rules/regulations
4. common law (case law, judge-made law)
⫸ statutory law is found in...Answer: federal and state code of laws
⫸ Municipal/County governments enact _____. An example of something that this law
would be in charge of regulating would be _______.Answer: ordinances, buying a house
⫸ uniform laws are...Answer: laws that state legislatures may reject or adopt (may adopt all,
part, or rewrite completely)
if adopted, the law becomes part of statutory law
⫸ The Uniform Commercial Code is...Answer: the most accepted uniform law
used to facilitate interstate commerce and make contract law
⫸ Administrative law can have...Answer: local, state, or federal agencies
,⫸ Administrative agency functions (3):
*think about the 3 branches of govtAnswer: 1. rule-making
2. investigation and enforcement
3. judging violations (justification)
⫸ What are two Federal agencies?Answer: Executive agencies and independent regulatory
agencies
⫸ What are some examples of executive agencies?Answer: Cabinet Department of the
Executive Branch (President appointed, Senate approval)
⫸ What are some examples of independent regulatory agencies?Answer: Federal Trade
Commission (FTC), Food and Drug Administration (FDA), Securities and Exchange
Commission (SEC), Federal Communications Commission (FCC)
President has less power here: fixed terms, cannot be removed without cause
⫸ Common law is focused on...Answer: interpreting the law
⫸ What is case law?Answer: the doctrines and principles announced in cases, governs all
areas not covered by statutory law or administrative law
⫸ What is judge-made law?Answer: includes interpretations of constitutional provisions, of
statutes enacted by legislatures, and of regulations created by administrative agencies
⫸ Common law originates from....Answer: English ancestry (except Louisiana, they have
French common law ancestry)
⫸ Early Courts at Law were called _______. It sought to establish _______.Answer: King's
Court, a uniform set of customs
,⫸ Early Courts of Equity were called...Answer: Chancellor's Court
⫸ In early courts at law, winner could get...Answer: something of value, money, or
properties (called remedies at law)
⫸ In early courts of equity, if problem couldn't be solved through remedies at law...Answer:
the Chancellor (religious figurehead) would decide
⫸ Court of EquityAnswer: branch of law more concerned with fairness and justice than legal
technicalities
⫸ Compensatory damages are...Answer: the amount of money that will make up for what
you have lost
⫸ Compensatory damages include....Answer: special damages and general damages
⫸ Special damages are ______.Answer: quantifiable losses
⫸ Examples of special damages (3):Answer: 1. loss of time (work over a specific period)
2. loss of money (medical bills)
3. property damages (value of your car)
⫸ General damages are....Answer: more subjective losses
⫸ Examples of general damages (5):Answer: 1. pain and suffering (hire economists to help
quantify)
2. injury to reputation (tort, common in defamation cases)
3. mental anguish (mental suffering)
4. disfigurement (paralysis)
5. loss of earning capacity (reduced ability to continue earning money over your lifetime bc
of injuries sustained)
, ⫸ Punitive/Exemplary Damages are...Answer: in ADDITION to compensatory damages
(icing on the cake)
⫸ The purpose of punitive/exemplary damages are to...Answer: punish the wrongdoer
⫸ Nominal damages is a....Answer: very small amount of money
- damages where the court only wishes to prove that the plaintiff is in the right
- establishes that the law has been violated without getting that much money
⫸ Equitable Doctrine of Laches...Answer: bars a party's right to legal action if the party has
neglected for an unreasonable length of time to act on his or her rights (apply to equitable
claims, courts of equity)
- encourages people to bring lawsuits while the evidence is fresh
⫸ Equitable Doctrine of Laches quoteAnswer: "Equity aids the vigilant, not those who rest
on their rights"
⫸ Statutes of Limitations...Answer: sets the max time period in which a certain action can be
brought or certain rights enforced (apply to legal claims, law courts)
⫸ Courts at Equity are also called...Answer: Remedies at Equity
⫸ In Courts at Equity what is the plaintiff and defendant called?Answer: Plaintiff =
Petitioner (party that initiates lawsuit, also called a petition)
Defendant = Respondent (party being sued)
Result is called a decree
