LEGL 2700 Roessing Test 1 Questions And
100% Correct Answers
JPMorgan and Chase - ANSWER 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- ANSWER Brings people together.
Stated by state and backed up by enforcement.
Made up of rules.
Written ad Accessable
Hammurabi's Code- ANSWER The first written set of laws
Rule of Law - ANSWER Laws applied to everyone equally
Property - ANSWER A legal fence that keeps others out without your permission
Ownership Fences - ANSWER Private Property
Public Property
Common Property
Private Property - ANSWER Owned by an individual
Public Property - ANSWER Owned by the government
,Common Property - ANSWER Owned by more than one person jointly
Contract Law - ANSWER Allows owner to exchange resources
Tort Law- ANSWER Protects and compensates owner when their resources are
wrongfully harmed by the actions of others
Criminal Law - ANSWER How to convict the accused people for their wrong doings
Regulatory Law - ANSWER Protects ownership and sets private resource limitations
Antitrust Law - ANSWER Forbids owners fro monopolizing resources and sets rules for
how businesses can compete to acquire ownership of new resources
Constitutional Law - ANSWER Deals with the interpretation and application of either the
federal or state constitutions
Jurisprudence and its schools - ANSWER Philosophy of law:
-Natural Law
-Positive Law
-Historical School
-Sociological Jurisprudence
-Legal realism
Natural Law - ANSWER Comprise the everlasting moral principles
Positive Law - ANSWER There is no such thing as law. Law is simply the commands of
the state backed up by force and punishments
, Historical School - ANSWER Emphasize that existing law today should be concerned
with those legal principles surviving the test of time in a nation
Sociological Jurisprudence - ANSWER Believe that law can and should change as new
developments occur in society
Common Law - ANSWER Emphasize the role of judges in determining what laws mean
and how they should be applied
Civil Law - ANSWER Depends more on legislation than judicial decisions to determine
what the law is
Precendents - ANSWER Previous judge decisions in past court cases
Administrative Law - ANSWER Covers legal principles applicable to government
agencies, bureaus, boards, or commissions
Private Law - ANSWER Covers those legal problems and issues that concern your
private resource relationships
Bank of America - ANSWER Sold morgages and faces substantial losss because of the
2010 recession
Substantive Law - ANSWER Describes the legal relationship between the people and the
state
Procedural Law - ANSWER How is a law carried out
Stare Decisis - ANSWER Doctrine of prior precedents
100% Correct Answers
JPMorgan and Chase - ANSWER 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- ANSWER Brings people together.
Stated by state and backed up by enforcement.
Made up of rules.
Written ad Accessable
Hammurabi's Code- ANSWER The first written set of laws
Rule of Law - ANSWER Laws applied to everyone equally
Property - ANSWER A legal fence that keeps others out without your permission
Ownership Fences - ANSWER Private Property
Public Property
Common Property
Private Property - ANSWER Owned by an individual
Public Property - ANSWER Owned by the government
,Common Property - ANSWER Owned by more than one person jointly
Contract Law - ANSWER Allows owner to exchange resources
Tort Law- ANSWER Protects and compensates owner when their resources are
wrongfully harmed by the actions of others
Criminal Law - ANSWER How to convict the accused people for their wrong doings
Regulatory Law - ANSWER Protects ownership and sets private resource limitations
Antitrust Law - ANSWER Forbids owners fro monopolizing resources and sets rules for
how businesses can compete to acquire ownership of new resources
Constitutional Law - ANSWER Deals with the interpretation and application of either the
federal or state constitutions
Jurisprudence and its schools - ANSWER Philosophy of law:
-Natural Law
-Positive Law
-Historical School
-Sociological Jurisprudence
-Legal realism
Natural Law - ANSWER Comprise the everlasting moral principles
Positive Law - ANSWER There is no such thing as law. Law is simply the commands of
the state backed up by force and punishments
, Historical School - ANSWER Emphasize that existing law today should be concerned
with those legal principles surviving the test of time in a nation
Sociological Jurisprudence - ANSWER Believe that law can and should change as new
developments occur in society
Common Law - ANSWER Emphasize the role of judges in determining what laws mean
and how they should be applied
Civil Law - ANSWER Depends more on legislation than judicial decisions to determine
what the law is
Precendents - ANSWER Previous judge decisions in past court cases
Administrative Law - ANSWER Covers legal principles applicable to government
agencies, bureaus, boards, or commissions
Private Law - ANSWER Covers those legal problems and issues that concern your
private resource relationships
Bank of America - ANSWER Sold morgages and faces substantial losss because of the
2010 recession
Substantive Law - ANSWER Describes the legal relationship between the people and the
state
Procedural Law - ANSWER How is a law carried out
Stare Decisis - ANSWER Doctrine of prior precedents
