MGMT 311 (TAMU) Exam 1 WITH
QUESTIONS AND ANSWERS REVIEWED
AND APPROVED BY EXPERT NEWLY
UPDATED 2025.
What is law?
ANSWER ✔✔ consists of enforceable rules governing relationships among individuals and between
individuals and their society.
What are the four sources of law?
ANSWER ✔✔ constitutions, statutory law, administrative law, common law
What do constitutions do?
ANSWER ✔✔ establish the organization, powers, and limits of governments.
SUPREME LAW OF THE LAND
What does the 10th Amendment state?
ANSWER ✔✔ reserves all powers not granted to the federal government to the states.
we are mostly governed by the state we live in
What is statutory law?
ANSWER ✔✔ created by the U.S. Congress or state legislatures
"S"tatutory = "S"pecial people create it
What is the highest form of law within a state?
ANSWER ✔✔ state constitutions
What are federal statutes?
ANSWER ✔✔ laws passed that apply to ALL states
What are state statutes?
ANSWER ✔✔ laws passed that only apply WITHIN that state
What does municipal/county government do?
ANSWER ✔✔ enacts ordinances to govern matters not covered by state or federal law
What are uniform laws?
ANSWER ✔✔ model laws developed for states to consider adopting
Can a state modify uniform laws?
ANSWER ✔✔ yes, a state may adapt all or part of this type of law as written or rewrite it
What is the UCC?
ANSWER ✔✔ Uniform Commercial Code
most accepted uniform law; adopted in all 50 states
, What is administrative law?
ANSWER ✔✔ body of law created by administrative agencies in the form of rules, regulations,
orders, and decisions
What are executive agencies?
ANSWER ✔✔ subject to the authority of the president who appoints and removes their officers
Ex) Federal Drug Administration
What are independent regulatory agencies?
ANSWER ✔✔ not under full presidential power; serve a fixed term and officers don’t change with
presidency
Ex) Federal Trade Commission, SEC
What is common (case) law?
ANSWER ✔✔ a body of unwritten laws based on court precedents and customs
What are courts of law and remedies at law?
ANSWER ✔✔ courts that award money or property as compensation
What are special damages?
ANSWER ✔✔ specific, out-of-pocket expenses like medical bills or lost wages
also known as "hard" damages
What are general damages?
ANSWER ✔✔ non-monetary aspects like pain and suffering or disfigurement
also known as "soft" damages
What are punitive/exemplary damages?
ANSWER ✔✔ damages awarded to punish a wrongdoer
What are nominal damages?
ANSWER ✔✔ small amount (like $1) awarded when no actual harm was done
What are courts of equity and remedies at equity?
ANSWER ✔✔ courts that award non-monetary remedies when legal remedies are inadequate
What is specific performance?
ANSWER ✔✔ court awards a specific item or action, e.g., a house in a divorce
What is an injunction?
ANSWER ✔✔ court order to stop or undo an action
What is rescission?
ANSWER ✔✔ unmaking of a contract to return parties to pre-contract positions
What are equitable maxims?
ANSWER ✔✔ general legal principles rooted in fairness
Can both legal and equitable remedies be requested today?
ANSWER ✔✔ yes, in the same action
QUESTIONS AND ANSWERS REVIEWED
AND APPROVED BY EXPERT NEWLY
UPDATED 2025.
What is law?
ANSWER ✔✔ consists of enforceable rules governing relationships among individuals and between
individuals and their society.
What are the four sources of law?
ANSWER ✔✔ constitutions, statutory law, administrative law, common law
What do constitutions do?
ANSWER ✔✔ establish the organization, powers, and limits of governments.
SUPREME LAW OF THE LAND
What does the 10th Amendment state?
ANSWER ✔✔ reserves all powers not granted to the federal government to the states.
we are mostly governed by the state we live in
What is statutory law?
ANSWER ✔✔ created by the U.S. Congress or state legislatures
"S"tatutory = "S"pecial people create it
What is the highest form of law within a state?
ANSWER ✔✔ state constitutions
What are federal statutes?
ANSWER ✔✔ laws passed that apply to ALL states
What are state statutes?
ANSWER ✔✔ laws passed that only apply WITHIN that state
What does municipal/county government do?
ANSWER ✔✔ enacts ordinances to govern matters not covered by state or federal law
What are uniform laws?
ANSWER ✔✔ model laws developed for states to consider adopting
Can a state modify uniform laws?
ANSWER ✔✔ yes, a state may adapt all or part of this type of law as written or rewrite it
What is the UCC?
ANSWER ✔✔ Uniform Commercial Code
most accepted uniform law; adopted in all 50 states
, What is administrative law?
ANSWER ✔✔ body of law created by administrative agencies in the form of rules, regulations,
orders, and decisions
What are executive agencies?
ANSWER ✔✔ subject to the authority of the president who appoints and removes their officers
Ex) Federal Drug Administration
What are independent regulatory agencies?
ANSWER ✔✔ not under full presidential power; serve a fixed term and officers don’t change with
presidency
Ex) Federal Trade Commission, SEC
What is common (case) law?
ANSWER ✔✔ a body of unwritten laws based on court precedents and customs
What are courts of law and remedies at law?
ANSWER ✔✔ courts that award money or property as compensation
What are special damages?
ANSWER ✔✔ specific, out-of-pocket expenses like medical bills or lost wages
also known as "hard" damages
What are general damages?
ANSWER ✔✔ non-monetary aspects like pain and suffering or disfigurement
also known as "soft" damages
What are punitive/exemplary damages?
ANSWER ✔✔ damages awarded to punish a wrongdoer
What are nominal damages?
ANSWER ✔✔ small amount (like $1) awarded when no actual harm was done
What are courts of equity and remedies at equity?
ANSWER ✔✔ courts that award non-monetary remedies when legal remedies are inadequate
What is specific performance?
ANSWER ✔✔ court awards a specific item or action, e.g., a house in a divorce
What is an injunction?
ANSWER ✔✔ court order to stop or undo an action
What is rescission?
ANSWER ✔✔ unmaking of a contract to return parties to pre-contract positions
What are equitable maxims?
ANSWER ✔✔ general legal principles rooted in fairness
Can both legal and equitable remedies be requested today?
ANSWER ✔✔ yes, in the same action
