LEGL 2700 Jason Epstein UGA Exam Questions With Correct Answers
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Course
LEGL 2700
Institution
LEGL 2700
LEGL 2700 Jason Epstein UGA Exam
Questions With Correct Answers
Law - answerrules issued by the state
rule of law - answerhelps reduce "transaction costs"; there's certainty & predictability; laws are
generally and equally applied; no one's above the law, law isn't perfect
advantages of law - ...
LEGL 2700 Jason Epstein UGA Exam
Questions With Correct Answers
Law - answer✔rules issued by the state
rule of law - answer✔helps reduce "transaction costs"; there's certainty & predictability; laws are
generally and equally applied; no one's above the law, law isn't perfect
advantages of law - answer✔law is specifically designed in a way that we can use to our adv (ex:
intellectual property, tax incentives)
compliance in law - answer✔use compliance as a selling point (HIPAA compliant texting app)
strong Rule of law = - answer✔good economy
property - answer✔NOT the same as resources (things); the right to possess resources and shield from
others; right to property = basis for a private market and modern business
common law vs. civil law - answer✔-judge made; case made
stare decisis: let the prior decision stand
VS
heavily focused on legislature; little interpretation of law
Criminal vs. Civil Law - answer✔state v defendant
VS
plaintiff vs defendant
intangible property rights - answer✔freedom of speech, religion, etc.
downsides to the rule of law - answer✔1. potential high financial cost of compliance (big v little
companies)
2. changing nature of laws (technology, politics, morals)
3. non-uniformity in laws between states/federal/local
Hierarchy of Law - answer✔us constitution and amendments
federal statutes
federal regulations
state constitutions
state statutes
state regulations
local ordinances
case law
corporations - answer✔-personhood by way of legal fiction
-owned by shareholders
-larger companies may have board of directors
specific sense of Corporate Governance - answer✔-rules that protect the property interest that owners
have in the biz
-try to prevent ppl inside company from abusing their positions for personal advantage to detriment of
the owners
-ethical & legal are NOT same thing
General sense of corporate governance - answer✔-expand CoGo to include responsibility of company to
customers/vendors/society/etc.
-this is a huge focus for companies (diversity, environmental sustainability, etc.)
constitution - answer✔replaced articles of fed which was...
strong sovereignty of the states; weak fed govt; concern over economic issues (states could impose
protectionist measures hurting other states)
came together for compromises between... - answer✔-branches of govt
-state and federal authorities
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