LEGL 2700 Jason Epstein UGA Exam Study Guide Questions and Answers 2024
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LEGL 2700
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LEGL 2700
law -Correct Answer rules issued by the state
rule of law -Correct 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 -Correct Answer law is specifically designed in a...
LEGL 2700 Jason Epstein UGA Exam
Study Guide Questions and Answers
2024
law -Correct Answer ✔rules issued by the state
rule of law -Correct 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 -Correct Answer ✔law is specifically designed in a way that we can
use to our adv (ex: intellectual property, tax incentives)
compliance in law -Correct Answer ✔use compliance as a selling point (HIPAA
compliant texting app)
strong Rule of law = -Correct Answer ✔good economy
property -Correct 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 -Correct 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 -Correct Answer ✔state v defendant
VS
plaintiff vs defendant
intangible property rights -Correct Answer ✔freedom of speech, religion, etc.
downsides to the rule of law -Correct 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
LEGL 2700 Jason Epstein UGA
, LEGL 2700 Jason Epstein UGA
Hierarchy of Law -Correct Answer ✔us constitution and amendments
federal statutes
federal regulations
state constitutions
state statutes
state regulations
local ordinances
case law
corporations -Correct Answer ✔-personhood by way of legal fiction
-owned by shareholders
-larger companies may have board of directors
specific sense of Corporate Governance -Correct 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 -Correct 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 -Correct 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... -Correct Answer ✔-branches of govt
-state and federal authorities
-state v state
-people & govt
-freedom & justice
separation of powers -Correct Answer ✔horizontal: branches of govt
-legal = make
-exec = enforce
-jud = interpret (judicial review is NOT in the constitution; marbury v madison)
vertical: federal - state/local
-federalism
-10th amendment
Supremacy Clause -Correct Answer ✔constitution is supreme over all laws -> federal
law is supreme over state law -> preemption -> state law is invalid if it conflicts with
federal law
LEGL 2700 Jason Epstein UGA
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