MGT 340 UKY EXAM 1 QUESTIONS WITH
CORRECT ANSWERS
Law - ANSWER A system of limitations on our actions & posed by the
government
Purposes of Law - ANSWER 1. Order
2. Promotes equality
3. Resolve Conflict
Characteristics of Law - ANSWER 1. Consistent
2. Flexibility
Law in Business Importance - ANSWER Safety, hiring, wages, marketing &
pricing
Counsel - ANSWER 1. In House (general counsel)
2. Outside Counsel
Theory - ANSWER 1. Market Corrects
2. Self Regulation
3. Government Regulation
Primary Sources of Law - ANSWER 1. Constitution
2. Statutory
3. Common Law
4. Administrative Regulations
5. Executive Orders
Constitution - ANSWER A law from which all other laws flow
a. Federal
b. States
Statutory Law (Statutes) - ANSWER 1. Federal: U.S. code; creates legislative
2. State: each state has own code; Kentucky Revised Statutes (KRS)
3. Local- ordinances
Common Law - ANSWER 1. Common Law- judge made law- found in case law
2. Case Law- helps us figure out exactly what the law is
Administrative Regulations - ANSWER -gives consumers protections
-makes corporations difficult bc of certain laws
, -admin agency: IRS
Executive Orders - ANSWER Can occur at state level too
Criminal Law - ANSWER a wrong committed against society
need to maintain order, protect society & rehabilitate perpetrators
Criminal Burden of Proof - ANSWER responsibility of proving the defenses guilt
beyond a reasonable doubt
a. all 12 jurors have to agree
Crime Types - ANSWER 1. Violation- speeding ticket
2. Misdemeanor- punishable up to 12 months
3. Felonies
Class A- 20+ years
Class B- 10-20
Class C- 5-10
4. Treason
Civil Law - ANSWER Addresses the rights, duties and obligations between
individuals, entities, and even the gov't
a. seeking a remedy
b. 9/12 jurors have to agree
Civil Burden of Proof - ANSWER Preponderance of civil evidence
On the plaintiff - they filed the suit
Substantive Law - ANSWER "what we can and can't do"
defines rights & responsibilities ex: traffic laws & tenant laws
Procedural Law - ANSWER Process/methods of enforcing substantive law
"rules to the game"
Ex: statue of limitations; rules of evidence
Law & Equity - ANSWER Law: set of rules we have to follow
Equity: ex: injunction: stops someone from doing something; noisy dog
Public & Private - ANSWER Public: Government interacting with people
Private: Legal relationship with "individuals" (can be entities)
Purpose of Constitution- Roles - ANSWER 1. Structure of federal gov't
2. Specific powers to each branch
3. Specific rights to protect us from gov't
4. Controls relationship between states and government
Purpose of Constitution- Preamble - ANSWER KNOW IT
CORRECT ANSWERS
Law - ANSWER A system of limitations on our actions & posed by the
government
Purposes of Law - ANSWER 1. Order
2. Promotes equality
3. Resolve Conflict
Characteristics of Law - ANSWER 1. Consistent
2. Flexibility
Law in Business Importance - ANSWER Safety, hiring, wages, marketing &
pricing
Counsel - ANSWER 1. In House (general counsel)
2. Outside Counsel
Theory - ANSWER 1. Market Corrects
2. Self Regulation
3. Government Regulation
Primary Sources of Law - ANSWER 1. Constitution
2. Statutory
3. Common Law
4. Administrative Regulations
5. Executive Orders
Constitution - ANSWER A law from which all other laws flow
a. Federal
b. States
Statutory Law (Statutes) - ANSWER 1. Federal: U.S. code; creates legislative
2. State: each state has own code; Kentucky Revised Statutes (KRS)
3. Local- ordinances
Common Law - ANSWER 1. Common Law- judge made law- found in case law
2. Case Law- helps us figure out exactly what the law is
Administrative Regulations - ANSWER -gives consumers protections
-makes corporations difficult bc of certain laws
, -admin agency: IRS
Executive Orders - ANSWER Can occur at state level too
Criminal Law - ANSWER a wrong committed against society
need to maintain order, protect society & rehabilitate perpetrators
Criminal Burden of Proof - ANSWER responsibility of proving the defenses guilt
beyond a reasonable doubt
a. all 12 jurors have to agree
Crime Types - ANSWER 1. Violation- speeding ticket
2. Misdemeanor- punishable up to 12 months
3. Felonies
Class A- 20+ years
Class B- 10-20
Class C- 5-10
4. Treason
Civil Law - ANSWER Addresses the rights, duties and obligations between
individuals, entities, and even the gov't
a. seeking a remedy
b. 9/12 jurors have to agree
Civil Burden of Proof - ANSWER Preponderance of civil evidence
On the plaintiff - they filed the suit
Substantive Law - ANSWER "what we can and can't do"
defines rights & responsibilities ex: traffic laws & tenant laws
Procedural Law - ANSWER Process/methods of enforcing substantive law
"rules to the game"
Ex: statue of limitations; rules of evidence
Law & Equity - ANSWER Law: set of rules we have to follow
Equity: ex: injunction: stops someone from doing something; noisy dog
Public & Private - ANSWER Public: Government interacting with people
Private: Legal relationship with "individuals" (can be entities)
Purpose of Constitution- Roles - ANSWER 1. Structure of federal gov't
2. Specific powers to each branch
3. Specific rights to protect us from gov't
4. Controls relationship between states and government
Purpose of Constitution- Preamble - ANSWER KNOW IT
