©JUSTTRACY EXAM SOLUTIONS
07/11/2024 1:38
LEGL 2700 Jason Epstein UGA Exam Questions
And Revised Answers
law - answers✔✔rules issued by the state
rule of law - answers✔✔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 - answers✔✔law is specifically designed in a way that we can use to our
adv (ex: intellectual property, tax incentives)
compliance in law - answers✔✔use compliance as a selling point (HIPAA compliant texting
app)
strong Rule of law = - answers✔✔good economy
property - answers✔✔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 - answers✔✔-judge made; case made
stare decisis: let the prior decision stand
VS
heavily focused on legislature; little interpretation of law
Criminal vs. Civil Law - answers✔✔state v defendant
VS
plaintiff vs defendant
intangible property rights - answers✔✔freedom of speech, religion, etc.
downsides to the rule of law - answers✔✔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 - answers✔✔us constitution and amendments
, ©JUSTTRACY EXAM SOLUTIONS
07/11/2024 1:38
federal statutes
federal regulations
state constitutions
state statutes
state regulations
local ordinances
case law
corporations - answers✔✔-personhood by way of legal fiction
-owned by shareholders
-larger companies may have board of directors
specific sense of Corporate Governance - answers✔✔-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 - answers✔✔-expand CoGo to include responsibility
of company to customers/vendors/society/etc.
-this is a huge focus for companies (diversity, environmental sustainability, etc.)
constitution - answers✔✔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... - answers✔✔-branches of govt
-state and federal authorities
-state v state
-people & govt
-freedom & justice
separation of powers - answers✔✔horizontal: branches of govt
-legal = make
-exec = enforce
-jud = interpret (judicial review is NOT in the constitution; marbury v madison)
vertical: federal - state/local
-federalism
-10th amendment
Supremacy Clause - answers✔✔constitution is supreme over all laws -> federal law is
supreme over state law -> preemption -> state law is invalid if it conflicts with federal law
preemption - answers✔✔federal preemption
07/11/2024 1:38
LEGL 2700 Jason Epstein UGA Exam Questions
And Revised Answers
law - answers✔✔rules issued by the state
rule of law - answers✔✔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 - answers✔✔law is specifically designed in a way that we can use to our
adv (ex: intellectual property, tax incentives)
compliance in law - answers✔✔use compliance as a selling point (HIPAA compliant texting
app)
strong Rule of law = - answers✔✔good economy
property - answers✔✔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 - answers✔✔-judge made; case made
stare decisis: let the prior decision stand
VS
heavily focused on legislature; little interpretation of law
Criminal vs. Civil Law - answers✔✔state v defendant
VS
plaintiff vs defendant
intangible property rights - answers✔✔freedom of speech, religion, etc.
downsides to the rule of law - answers✔✔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 - answers✔✔us constitution and amendments
, ©JUSTTRACY EXAM SOLUTIONS
07/11/2024 1:38
federal statutes
federal regulations
state constitutions
state statutes
state regulations
local ordinances
case law
corporations - answers✔✔-personhood by way of legal fiction
-owned by shareholders
-larger companies may have board of directors
specific sense of Corporate Governance - answers✔✔-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 - answers✔✔-expand CoGo to include responsibility
of company to customers/vendors/society/etc.
-this is a huge focus for companies (diversity, environmental sustainability, etc.)
constitution - answers✔✔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... - answers✔✔-branches of govt
-state and federal authorities
-state v state
-people & govt
-freedom & justice
separation of powers - answers✔✔horizontal: branches of govt
-legal = make
-exec = enforce
-jud = interpret (judicial review is NOT in the constitution; marbury v madison)
vertical: federal - state/local
-federalism
-10th amendment
Supremacy Clause - answers✔✔constitution is supreme over all laws -> federal law is
supreme over state law -> preemption -> state law is invalid if it conflicts with federal law
preemption - answers✔✔federal preemption
