MGMT 209 - Chapter 1 questions with correct answers

Dispute Resolution and Regulation CORRECT ANSWER What are the two major roles of law in the business world? Regulatory Role CORRECT ANSWER In which role of the law is there government intervention involvement? The Constitution CORRECT ANSWER What is the supreme law of the land? Constitutional CORRECT ANSWER All laws must be found to be __________ or they cannot exist or be enforeced. Legislative Law CORRECT ANSWER What is another name for statutory law? US Congress CORRECT ANSWER Who has the extensive power to pass laws (called statutes) that constrain business's behavior? The President CORRECT ANSWER Who creates laws using executive orders? Doctrine of Stare Decisis CORRECT ANSWER What is considered the heart of the common law system? Precedent CORRECT ANSWER What is it called when a court rules upon the facts of a particular controversy?