MGMT 309 (MGMT309)

Contract CORRECT ANSWER A legal agreement of the parties to do something not obligated to do or to refrain from doing something legally entitled to do. ____ consist of a promise, but not all promises are ___. (promises-manifestation of intent to do or not do something) Standard CORRECT ANSWER Apparent intention of a party to enter into a contract is determined by the objective, outward manifestation of his or her assent as it would be interpreted by a reasonable person, rather than by tha...

NLRB v. Mackay Radio & Telegraph Co. CORRECT ANSWER This doctrine clearly establishes the legality of using permanent strike replacements in economic strikes NLRB v. Washington Aluminum Co. CORRECT ANSWER non-unionized workers walk off job and protest due to poor conditions = fired = firing is ruled illegal by NLRB due to activity of mutual aid/ protection Anti-Injunction Act CORRECT ANSWER see Norris- LaGuardia Act of 1932. 1) Outlawed "yellow dog contracts". 2) makes it difficult for emp...

Is contract law statutory or common law? CORRECT ANSWER Usually common law Can vary state by state, but is becoming more uniform Can be supplemented by State statutes Two functions of contracts CORRECT ANSWER Dictate Performance Allocate Risk Contract law definition CORRECT ANSWER System of rules for enforcing promises and the breaking of promises Least cost avoider of risks CORRECT ANSWER Better at minimizing costs associated with risks Efficient legal rules are one that enforce ...

What is litigation? CORRECT ANSWER Disputes that arise due to the belief by one party that the other party has committed a wrong or violated some law that cannot be resolved through mutual agreement and compromise; it is a lawsuit that is filed What are the three types of judicial systems in which businesses might become involved? Which is used less than the other two systems? CORRECT ANSWER 1) A criminal court (if accused by the state or fed. gov. of violating a criminal statute). This is pr...

Two major roles of law in the business world CORRECT ANSWER 1. Dispute Resolution Role 2. Regulation (Regulatory) Role Dispute Resolution role CORRECT ANSWER - Settles differences between two or more parties - Mainly covered in a Business Law class Regulation (Regulatory) role CORRECT ANSWER - Government interferes with private business - Directs and standardizes business activities (Government becomes an active third party) Definition of Law CORRECT ANSWER Law is a collection of rul...

What are the purposes of tort law? CORRECT ANSWER - Appeasement - Justice - Deterrence - Social Insurance A tort's purpose it to make guilty party pay Appeasement CORRECT ANSWER the purpose of the law is to limit the negative impact of the infliction of injury to the event of the injury itself Justice CORRECT ANSWER Ethical retribution and Ethical compensation Ethical retribution CORRECT ANSWER places emphasis on the fact that the payment of compensation is harmful to the tortfeas...

Chapter 1 CORRECT ANSWER Introduction to Law and Sources of Law You get angry at your roommate and decide to kill him/her. If you do, what type of law have you violated? A) Statutory B) State C) Criminal D) Public E) All of the above CORRECT ANSWER E) All of the above There are two major functions of the legal system. When you are sued in Court this is an example of what type of major function of the legal system? A) Gov. regulation B) Dispute resolution C) Civil Law D) Crimin...

You get angry at your roommate and decide to kill him/her. If you do, what type of law have you violated? CORRECT ANSWER Statutory, State, Criminal, and Public law is violated There are two major functions of the legal system. When you are sued in Court this is an example of what type of major function of the legal system? CORRECT ANSWER Dispute Resolution Which of the following are sources of law? CORRECT ANSWER Administrative, Judge Made, Statutory, and Judicial interpretation When th...

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 ...

Chapter 1 CORRECT ANSWER Two Main Functions of Law CORRECT ANSWER 1. Dispute Resolution 2. Government Regulation Law CORRECT ANSWER Collection of rules and regulations that govern how we interact with each other and with the government, and the enforcement thereof, gray areas What does Enforcement of Law lead to? CORRECT ANSWER Predictability and Stability, want uniformity 5 Sources of Law CORRECT ANSWER 1. Constitutional Law 2. Congress 3. Executive Creation of Law 4. Courts 5...