LEGL 2700 Roessing Test 1 UPDATED ACTUAL Questions
and CORRECT Answers
JPMorgan and Chase During the housing crisis in 2010, JPMorgan and Chase didn't let their shareholders
in on information that may have impacted their stock decisions. They settled a
wide array of cases costing more than $20 billion.
Law Brings people together.
Stated by state and backed up by enforcement.
Made up of rules.
Written ad Accessable
Hammurabi's Code The first written set of laws
Rule of Law Laws that apply to everyone equally
Property A legal fence that keeps others our without your permission
Ownership Fences Private Property
Public Property
Common Property
Private Property Owned by an individual
Public Property Owned by the government
Common Property Owned by more than one person jointly
Contract Law Enables owner to exchange resources
Tort Law Protects and compensates owner when their resources are wrongfully harmed by
the actions of others
Criminal Law How to convict the accused people for their wrong doings
Regulatory Law Protects ownership and sets private resource limitations
Antitrust Law Forbids owners fro monopolizing resources and sets rules for how businesses can
compete to acquire ownership of new resources
Constitutional Law Involves the interpretation and application of either the federal or state
constitutions
, Jurisprudence and its schools Philosophy of law:
-Natural Law
-Positive Law
-Historical School
-Sociological Jurisprudence
-Legal realism
Natural Law Contains the universally moral principles
Positive Law Law is simply the commands of the state backed up by force and punishments
Historical School Emphasizes that contemporary law should focus on legal principles that have
withstood the test of time in a nation
Sociological Jurisprudence Supports the idea that law can and should change to meet new developments in
society
Common Law Emphasizes the role of judges in determining the meaning of laws and how they
apply
Civil Law Relies on legislation more than judicial decisions to determine what the law is
Precendents Previous judge decisions in past court cases
Administrative Law Covers the legal principles that apply to government agencies, bureaus, boards,
or commissions
Private Law Covers those legal problems and issues that concern your private resource
relationships
Bank of America Sold morgages and faces substantial losss because of the 2010 recession
Substantive Law Defines the legal relationship between the people and the state
Procedural Law How the law works
Stare Decisis Doctrine of prior precedents
Constitutional Relativity Interpreting the Constitution as a living document and applying it in the present
Originalism The idea that the courts should interpret the Constitution by the writers intentions
Sanctions A form of punishment for violating the law often used as a preventative function
Remedy Right of a person to use another person's resources because they fail to meet a
law requirement (ex: breech of contract)
Crime A public wrongdoing against society
and CORRECT Answers
JPMorgan and Chase During the housing crisis in 2010, JPMorgan and Chase didn't let their shareholders
in on information that may have impacted their stock decisions. They settled a
wide array of cases costing more than $20 billion.
Law Brings people together.
Stated by state and backed up by enforcement.
Made up of rules.
Written ad Accessable
Hammurabi's Code The first written set of laws
Rule of Law Laws that apply to everyone equally
Property A legal fence that keeps others our without your permission
Ownership Fences Private Property
Public Property
Common Property
Private Property Owned by an individual
Public Property Owned by the government
Common Property Owned by more than one person jointly
Contract Law Enables owner to exchange resources
Tort Law Protects and compensates owner when their resources are wrongfully harmed by
the actions of others
Criminal Law How to convict the accused people for their wrong doings
Regulatory Law Protects ownership and sets private resource limitations
Antitrust Law Forbids owners fro monopolizing resources and sets rules for how businesses can
compete to acquire ownership of new resources
Constitutional Law Involves the interpretation and application of either the federal or state
constitutions
, Jurisprudence and its schools Philosophy of law:
-Natural Law
-Positive Law
-Historical School
-Sociological Jurisprudence
-Legal realism
Natural Law Contains the universally moral principles
Positive Law Law is simply the commands of the state backed up by force and punishments
Historical School Emphasizes that contemporary law should focus on legal principles that have
withstood the test of time in a nation
Sociological Jurisprudence Supports the idea that law can and should change to meet new developments in
society
Common Law Emphasizes the role of judges in determining the meaning of laws and how they
apply
Civil Law Relies on legislation more than judicial decisions to determine what the law is
Precendents Previous judge decisions in past court cases
Administrative Law Covers the legal principles that apply to government agencies, bureaus, boards,
or commissions
Private Law Covers those legal problems and issues that concern your private resource
relationships
Bank of America Sold morgages and faces substantial losss because of the 2010 recession
Substantive Law Defines the legal relationship between the people and the state
Procedural Law How the law works
Stare Decisis Doctrine of prior precedents
Constitutional Relativity Interpreting the Constitution as a living document and applying it in the present
Originalism The idea that the courts should interpret the Constitution by the writers intentions
Sanctions A form of punishment for violating the law often used as a preventative function
Remedy Right of a person to use another person's resources because they fail to meet a
law requirement (ex: breech of contract)
Crime A public wrongdoing against society
