Major Factors of Economic Strength in a Nation -Correct Answer Poverty, The Dependency Theory, Climate, Education and Technology, Law & The Legal System, Natural Resources, The Private Market
The Dependency Theory -Correct Answer The idea that strong nations exploit the labor and resources of we...
LEGL 2700 Exam Study Questions and
Answers 2024-2025
Major Factors of Economic Strength in a Nation -Correct Answer ✔Poverty, The
Dependency Theory, Climate, Education and Technology, Law & The Legal System,
Natural Resources, The Private Market
The Dependency Theory -Correct Answer ✔The idea that strong nations exploit the
labor and resources of weaker nations. It argues that some nations grow and prosper at
the expense of others. This leads to weaker nations becoming overly dependent on
foreign goods and services, thus perpetuating their weakness.
Law -Correct Answer ✔A set of rules put in place by the state that those under the
state's jurisdiction agree to abide by. Backed up through legal enforcers. Exists as a
formal social force.
Rule of Law -Correct Answer ✔The idea that laws must be generally and equally
applicable to all members of a society, including lawmakers. This gives an incentive to
those in power to make laws that are in the best interest of everyone. This concept is
only really applicable to democracies.
Property -Correct Answer ✔A legal right to exclude others from your resources. It
makes what is yours, "yours."
Public Property -Correct Answer ✔Resources owned by the government (or "state") like
most roads, public buildings, monuments etc.
Private Property -Correct Answer ✔Resources owned by an individual or organization.
Common Property -Correct Answer ✔Resources like land that more than one individual
owns jointly.
Public Law -Correct Answer ✔Usually involves the regulation of society in general and
not individuals interacting. Subtypes: Administrative, Criminal, Constitutional
Private Law -Correct Answer ✔Usually deals with disputes between individuals.
Subtypes: Property, Contract, Tort
Substantive Law -Correct Answer ✔Defines the legal relationship of people with other
people or between them and the state
Procedural Law -Correct Answer ✔Deals with the method and means by which
substantive law is made and administered.
LEGL 2700 Exam
, LEGL 2700 Exam
Constitutional Law -Correct Answer ✔Establishes the framework of the state whose
purpose is to protect property in its broadest sense.
Tort Law -Correct Answer ✔Compensates owners whose property is wrongly harmed by
the actions of another.
Criminal Law -Correct Answer ✔Punishes those who harm another's property in
particular ways, such as theft.
The Law of Business Organizations -Correct Answer ✔Dictates how individuals can own
and use private resources in a group.
Regulatory Law -Correct Answer ✔Protects ownership and sets limit on private resource
use.
Antitrust Law -Correct Answer ✔Forbids organizations from monopolizing certain
classes of resources and sets rules for how organizations compete for ownership of
new resources.
Securities Law -Correct Answer ✔Regulate the transfer of ownership in certain profit-
making opportunities
Environmental Law -Correct Answer ✔Controls how owners can use their resources
when creating pollution
Jurisprudence -Correct Answer ✔The philosophy of law, attempts at explaining the
origins of law
Natural Law -Correct Answer ✔Asserts that law contains universal moral principles.
These principles are observable in nature, and we can determine them through human
reason
Positive Law -Correct Answer ✔The belief that law is simply the commands of the state
backed up by force and punishments. It is contrary to the philosophy of natural law.
Historical School -Correct Answer ✔Emphasizes that contemporary law should focus on
legal principles that have withstood the test of time in a nation.
Sociological Jurisprudence -Correct Answer ✔Supports the idea that law can and
should change to meet new developments in society
LEGL 2700 Exam
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