LEGL 2700 Jason Epstein UGA Exam
Questions and Answers 100% Correct
law - ✔✔rules issued by the state
rule of law - ✔✔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 - ✔✔law is specifically designed in a way that we can
use to our adv (ex: intellectual property, tax incentives)
compliance in law - ✔✔use compliance as a selling point (HIPAA compliant
texting app)
strong Rule of law = - ✔✔good economy
property - ✔✔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 - ✔✔-judge made; case made
stare decisis: let the prior decision stand
,VS
heavily focused on legislature; little interpretation of law
Criminal vs. Civil Law - ✔✔state v defendant
VS
plaintiff vs defendant
intangible property rights - ✔✔freedom of speech, religion, etc.
downsides to the rule of law - ✔✔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 - ✔✔us constitution and amendments
federal statutes
federal regulations
state constitutions
state statutes
state regulations
, local ordinances
case law
corporations - ✔✔-personhood by way of legal fiction
-owned by shareholders
-larger companies may have board of directors
specific sense of Corporate Governance - ✔✔-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 - ✔✔-expand CoGo to include
responsibility of company to customers/vendors/society/etc.
-this is a huge focus for companies (diversity, environmental sustainability,
etc.)
constitution - ✔✔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... - ✔✔-branches of govt
-state and federal authorities
Questions and Answers 100% Correct
law - ✔✔rules issued by the state
rule of law - ✔✔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 - ✔✔law is specifically designed in a way that we can
use to our adv (ex: intellectual property, tax incentives)
compliance in law - ✔✔use compliance as a selling point (HIPAA compliant
texting app)
strong Rule of law = - ✔✔good economy
property - ✔✔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 - ✔✔-judge made; case made
stare decisis: let the prior decision stand
,VS
heavily focused on legislature; little interpretation of law
Criminal vs. Civil Law - ✔✔state v defendant
VS
plaintiff vs defendant
intangible property rights - ✔✔freedom of speech, religion, etc.
downsides to the rule of law - ✔✔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 - ✔✔us constitution and amendments
federal statutes
federal regulations
state constitutions
state statutes
state regulations
, local ordinances
case law
corporations - ✔✔-personhood by way of legal fiction
-owned by shareholders
-larger companies may have board of directors
specific sense of Corporate Governance - ✔✔-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 - ✔✔-expand CoGo to include
responsibility of company to customers/vendors/society/etc.
-this is a huge focus for companies (diversity, environmental sustainability,
etc.)
constitution - ✔✔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... - ✔✔-branches of govt
-state and federal authorities
