LEGL 2700 FINAL EXAM 2024 WITH
WITH 100% ACCURATE ANSWERS
Law - correct answersintended to tell members of a society what they can and cannot do
made of of rules and these rules are laid down by the state and backed up by enforcement
Jumpstart Our Business Startups - correct answers(JOBS)
ease advertising restrictions for some private offerings
equity crowdfunding
Natural Law - correct answerslaw contains universal moral principles
observable in nature and determined through human reason
John Locke
formalism
Rule of Law - correct answerslaws that are made generally and equally applicable
apply to all members of society / nobody is above the law
Property - correct answersownership
the right to turn to public authorities to help you keep others from interfering with what you own
private (own as an individual)
common (joint ownership like land)
Exclusionary Right - correct answersproperty included an ownership of individual constitutional and
human rights in ourselves that excludes the state from interfering with these rights (John Locke)
Jurisprudence - correct answersphilosophies of law
natural, positive, historical, sociological, legal realism
,Positive Law - correct answersthe commands of the state backed by force and punishment
Jeremy Bentham
consequentialism
Historical School - correct answersemphasizes that contemporary law should focus on legal principles
that have withstood the test of time in a nation
different nations may have different traditions and laws
Friedrich Savigny
Sociological Law - correct answerslaw can and should change to meet new developments
ex: 2nd Amendment was written when a person that was highly trained only had means of a 25lb rifle
that could only fire 2 rounds a minute
Legal Realism - correct answersenforce, interpret, and apply
"law is what officials do about it"
ex: speed limit
Classifications of Law - correct answerscommon law vs. civil law
public law vs. private law
criminal law vs. civil law
substantive law vs. procedural law
Common Law - correct answersemphasizes the roles of judges in determining the meanings of laws and
how they apply
judicial decisions become precedents
judges can invalidate legislation
Civil Law - correct answersrelies more on legislation than judicial decisions for law
,similar to common in that courts decide the facts in a disputed case BUT these courts do not necessarily
follow precedents
judges don't play as large of a role
Public Law - correct answersincludes matters that involve the regulation of society
government official represents the people
constitutional law: involves interpretation and application of either federal or state constitutions
administrative law: covers the legal principles that apply to government agencies
criminal law: specifies various offenses against the proper oder of the state
Private Law - correct answerscovers those legal problems and issues that concern your private resource
relationships with other people
property law: involves recognition of exclusive right in tangible and intangible resources
contract law: covers the rules of how owners transfer resources by exchanging them
tort law: establishes rules for compensation when an owner's legal boundaries are wrongfully crossed
Criminal Law - correct answersinvolve a representative of government attempting to prove the wrong
committed against society
involves punishment of wrongdoer
Civil Law - correct answersmay include suits for breach of contract or tort cases
involves a request for damages or appropriate relief that does not involve punishment of wrongdoer
Substantive Law - correct answersdefines the legal relationship of people with other people or between
them and the state
Procedural Law - correct answersdeals with method and means by which substantive law is made and
administered
ex: time allowed for a party to sue
, Federal Law - correct answersany law that conflicts with the Constitution is said to be void and has no
legal effect
legislation, also called "acts" or "suits"
State Law - correct answersall federal law prevails over state law
hierarchy of law sources: state constitution, statutes or acts, regulatory law, and county/city ordinances
Case Law - correct answersinterpret the relevant constitutional, legislative, and regulatory laws
precedents
advantages: "stare decisis" - let the prior decision stand
disadvantages: huge volume of cases, conflicting precedents, dicta (whatever else the court said),
rejection of the precedent, conflicts of law (varying state laws)
Law Hierarchy - correct answersUS Constitution and Amendments
statutes of Congress
federal administration regulation
state constitutions
state statutes
state administration regulation
local ordinances
case law
Corporation - correct answersa business chartered by the state to do business as a legal person in a
certain form of organization
Corporate Governance - correct answersrefers to the legal rules that structure, empower, and regulate
the agents of corporations and define the relationships to the owners
protect property interests that the owners have in corporations
need for this because of economic collapse in 2008
WITH 100% ACCURATE ANSWERS
Law - correct answersintended to tell members of a society what they can and cannot do
made of of rules and these rules are laid down by the state and backed up by enforcement
Jumpstart Our Business Startups - correct answers(JOBS)
ease advertising restrictions for some private offerings
equity crowdfunding
Natural Law - correct answerslaw contains universal moral principles
observable in nature and determined through human reason
John Locke
formalism
Rule of Law - correct answerslaws that are made generally and equally applicable
apply to all members of society / nobody is above the law
Property - correct answersownership
the right to turn to public authorities to help you keep others from interfering with what you own
private (own as an individual)
common (joint ownership like land)
Exclusionary Right - correct answersproperty included an ownership of individual constitutional and
human rights in ourselves that excludes the state from interfering with these rights (John Locke)
Jurisprudence - correct answersphilosophies of law
natural, positive, historical, sociological, legal realism
,Positive Law - correct answersthe commands of the state backed by force and punishment
Jeremy Bentham
consequentialism
Historical School - correct answersemphasizes that contemporary law should focus on legal principles
that have withstood the test of time in a nation
different nations may have different traditions and laws
Friedrich Savigny
Sociological Law - correct answerslaw can and should change to meet new developments
ex: 2nd Amendment was written when a person that was highly trained only had means of a 25lb rifle
that could only fire 2 rounds a minute
Legal Realism - correct answersenforce, interpret, and apply
"law is what officials do about it"
ex: speed limit
Classifications of Law - correct answerscommon law vs. civil law
public law vs. private law
criminal law vs. civil law
substantive law vs. procedural law
Common Law - correct answersemphasizes the roles of judges in determining the meanings of laws and
how they apply
judicial decisions become precedents
judges can invalidate legislation
Civil Law - correct answersrelies more on legislation than judicial decisions for law
,similar to common in that courts decide the facts in a disputed case BUT these courts do not necessarily
follow precedents
judges don't play as large of a role
Public Law - correct answersincludes matters that involve the regulation of society
government official represents the people
constitutional law: involves interpretation and application of either federal or state constitutions
administrative law: covers the legal principles that apply to government agencies
criminal law: specifies various offenses against the proper oder of the state
Private Law - correct answerscovers those legal problems and issues that concern your private resource
relationships with other people
property law: involves recognition of exclusive right in tangible and intangible resources
contract law: covers the rules of how owners transfer resources by exchanging them
tort law: establishes rules for compensation when an owner's legal boundaries are wrongfully crossed
Criminal Law - correct answersinvolve a representative of government attempting to prove the wrong
committed against society
involves punishment of wrongdoer
Civil Law - correct answersmay include suits for breach of contract or tort cases
involves a request for damages or appropriate relief that does not involve punishment of wrongdoer
Substantive Law - correct answersdefines the legal relationship of people with other people or between
them and the state
Procedural Law - correct answersdeals with method and means by which substantive law is made and
administered
ex: time allowed for a party to sue
, Federal Law - correct answersany law that conflicts with the Constitution is said to be void and has no
legal effect
legislation, also called "acts" or "suits"
State Law - correct answersall federal law prevails over state law
hierarchy of law sources: state constitution, statutes or acts, regulatory law, and county/city ordinances
Case Law - correct answersinterpret the relevant constitutional, legislative, and regulatory laws
precedents
advantages: "stare decisis" - let the prior decision stand
disadvantages: huge volume of cases, conflicting precedents, dicta (whatever else the court said),
rejection of the precedent, conflicts of law (varying state laws)
Law Hierarchy - correct answersUS Constitution and Amendments
statutes of Congress
federal administration regulation
state constitutions
state statutes
state administration regulation
local ordinances
case law
Corporation - correct answersa business chartered by the state to do business as a legal person in a
certain form of organization
Corporate Governance - correct answersrefers to the legal rules that structure, empower, and regulate
the agents of corporations and define the relationships to the owners
protect property interests that the owners have in corporations
need for this because of economic collapse in 2008
