LEGL 2700 Hackleman
Test #1 questions and
answers 2025
What are the three concepts for functioning market - answer law,
rule of law, property
What is Property? - answer It is the legal right to exclude or keep
others from interfering with resources that are originally possessed.
Property is a "legal force"
What are the three types of Property - answer Public, Private, and
Common
What is Public Property? - answer public resources owned by gov't
(i.e roads, monuments)
What is Private Property? - answer individually owned (i.e house,
car)
What is Common Property? - answer resources like land that more
than one individual owns jointly.
What is Constitutional Law? - answer provisions guaranteeing
protection of certain rights of an individual or business from
state/government activities.
, What is Contract Law? - answer determines how resources,
including labor, are exchanged between owners
Law of Business Organizations - answer Identifies how individuals
can own and use resources in groups. Includes corporate
governance.
Tort Law - answer protects and compensates owners through
private civil lawsuits when their resources, including those they
have in themselves, are wrongfully harmed by the actions of others
Criminal Law - answer provides public protection for private
resources and punishes those who harm them
Administrative and Regulatory Law - answer Concerns public laws
that protect, tax, regulate, or redistribute and owner's resources.
What is jurisprudence? - answer the study of law and legal
philosophy
What are the classifications of law? - answer -Common Law and
Civil Law
-Civil or criminal
-Substantial or procedural
-Public or private
Sources of Law: Federal Law - answer -Constitution
-Legislation
-Administrative Law or Regulation
Sources Of Law: State Law - answer -State Constitution
Test #1 questions and
answers 2025
What are the three concepts for functioning market - answer law,
rule of law, property
What is Property? - answer It is the legal right to exclude or keep
others from interfering with resources that are originally possessed.
Property is a "legal force"
What are the three types of Property - answer Public, Private, and
Common
What is Public Property? - answer public resources owned by gov't
(i.e roads, monuments)
What is Private Property? - answer individually owned (i.e house,
car)
What is Common Property? - answer resources like land that more
than one individual owns jointly.
What is Constitutional Law? - answer provisions guaranteeing
protection of certain rights of an individual or business from
state/government activities.
, What is Contract Law? - answer determines how resources,
including labor, are exchanged between owners
Law of Business Organizations - answer Identifies how individuals
can own and use resources in groups. Includes corporate
governance.
Tort Law - answer protects and compensates owners through
private civil lawsuits when their resources, including those they
have in themselves, are wrongfully harmed by the actions of others
Criminal Law - answer provides public protection for private
resources and punishes those who harm them
Administrative and Regulatory Law - answer Concerns public laws
that protect, tax, regulate, or redistribute and owner's resources.
What is jurisprudence? - answer the study of law and legal
philosophy
What are the classifications of law? - answer -Common Law and
Civil Law
-Civil or criminal
-Substantial or procedural
-Public or private
Sources of Law: Federal Law - answer -Constitution
-Legislation
-Administrative Law or Regulation
Sources Of Law: State Law - answer -State Constitution
