MGMT 311 EXAM 1 STUDY GUIDE UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

MGMT 311 EXAM 1 STUDY GUIDE UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS

Question:
1. Law
Answer:
Enforceable rules governing relationships among individuals and between individuals and society

Question:
2. Sources of Law
Answer:
Constitutions, statutory law, administrative law, and common law

Question:
3. U.S. Constitution
Answer:
Supreme law of the land that creates the national government and limits its powers

Question:
4. State Constitution
Answer:
Highest form of law within a state, subject to the U.S. Constitution

Question:
5. Statutory Law
Answer:
Laws created by Congress and state legislatures

Question:
6. Federal Statutes
Answer:
Apply to everyone in the United States

Question:
7. State Statutes
Answer:
Apply only within the state that enacted them

Question:
8. Administrative Law
Answer:
Law created by administrative agencies through rulemaking, investigation, and enforcement

Question:
9. Executive Agencies

, Answer:
Federal agencies within the executive branch, usually cabinet departments

Question:
10. Independent Regulatory Agencies
Answer:
Agencies outside executive departments that regulate specific areas

Question:
11. Common Law
Answer:
Law developed by courts through judicial decisions

Question:
12. Uniform Laws
Answer:
Model laws adopted voluntarily by states

Question:
13. Uniform Commercial Code (UCC)
Answer:
Most widely adopted uniform law governing commercial transactions

Question:
14. Courts at Law
Answer:
Courts that award money damages

Question:
15. Legal Remedies
Answer:
Money damages awarded to compensate for harm

Question:
16. Compensatory Damages
Answer:
Damages intended to make the injured party whole

Question:
17. Special Damages
Answer:
Quantifiable losses such as lost wages or property damage

Question:
18. General Damages