LEGL 2700 Exam 1 UPDATED ACTUAL Questions
and CORRECT Answers
law the rule of the states backed up by enforcement
the rule of law the general and equal application of laws, even to
lawmakers
property a bundle of private, exclusive rights in people to
acquire, possess, use, and trasnfer scarce
resources
public property applies to public resources owned by the
government
private property applies to reosurces that you own as an individual
common property applies to resources like land that more than one
individual owns jointly
tort law A form of private law that compensates owners
whose resourcess are wrongfully harmed by the
actions of others
criminal law punished those who harm an owner's resources in a
particular way
regulatory law protects ownership and sets limits on private
resource use
, securities law regulate the transfer of ownershup in certain profit-
making oppurtunities
antitrust law forbids owners from monopolizing classes of
resources and sets rules for how business can
compete to acquire wonership in new resources
environmental law controls how owners can use thier resources when
creating pollution
corporate governance concerns the law protecting the owners of a
buiness organization, and limiting private owners
jurisprudence the science of the law and giving a wise
interpretation of the law
natural law law contains universal moral principles
positive law beleives that 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
sociological jurisprudence supports the idea that law can and should change
to meet new developments in society
legal realism tries to go beyond the words of law to examine
what police, administrators, prosecutors, and
judges are actually doing as they enfore, interpret,
and apply laws
and CORRECT Answers
law the rule of the states backed up by enforcement
the rule of law the general and equal application of laws, even to
lawmakers
property a bundle of private, exclusive rights in people to
acquire, possess, use, and trasnfer scarce
resources
public property applies to public resources owned by the
government
private property applies to reosurces that you own as an individual
common property applies to resources like land that more than one
individual owns jointly
tort law A form of private law that compensates owners
whose resourcess are wrongfully harmed by the
actions of others
criminal law punished those who harm an owner's resources in a
particular way
regulatory law protects ownership and sets limits on private
resource use
, securities law regulate the transfer of ownershup in certain profit-
making oppurtunities
antitrust law forbids owners from monopolizing classes of
resources and sets rules for how business can
compete to acquire wonership in new resources
environmental law controls how owners can use thier resources when
creating pollution
corporate governance concerns the law protecting the owners of a
buiness organization, and limiting private owners
jurisprudence the science of the law and giving a wise
interpretation of the law
natural law law contains universal moral principles
positive law beleives that 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
sociological jurisprudence supports the idea that law can and should change
to meet new developments in society
legal realism tries to go beyond the words of law to examine
what police, administrators, prosecutors, and
judges are actually doing as they enfore, interpret,
and apply laws
