LEGL (UGA) 2700 Jason Epstein Assessment 1 Question and Answers [100% Correct] 2024/2025 ALREADY PASSED
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Course
LEGL
Institution
LEGL
LEGL (UGA) 2700 Jason Epstein
Assessment 1 Question and Answers
[100% Correct] 2024/2025 ALREADY
PASSED
law
regulations set forth by the state
rule of law
assists in lowering "transaction costs"; it provides certainty and predictability; laws are
applied broadly and equi...
LEGL (UGA) 2700 Jason Epstein
Assessment 1 Question and Answers
[100% Correct] 2024/2025 ALREADY
PASSED
law regulations set forth by the state
rule of law assists in lowering "transaction costs"; it provides certainty and predictability; laws are
applied broadly and equitably; no individual is above the law, although the law is not flawless
advantages of law the law is crafted in a manner that allows us to leverage it to our benefit (e.g.,
intellectual property rights, tax advantages)
compliance in law utilize compliance as a marketing tool (HIPAA-compliant messaging application)
strong Rule of law = a robust economy
property distinct from resources (items); it denotes the entitlement to possess resources and
protect them from others; property rights form the foundation for a private market and contemporary
commerce
common law vs. civil law -established by judges; based on judicial decisions
stare decisis: respect prior rulings
VS
heavily centered on legislative processes; limited interpretation of laws
1
, Criminal vs. Civil Law state against defendant
VS
plaintiff against defendant
intangible property rights freedoms of speech, religion, etc.
downsides to the rule of law 1. possible significant compliance costs (large versus small
enterprises)
2. evolving nature of laws (technology, politics, ethics)
3. inconsistencies in laws across states/federal/local levels
Hierarchy of Law U.S. Constitution and amendments
federal laws
federal regulations
state constitutions
state laws
state regulations
local ordinances
case law
corporations -legal entity status through legal fiction
-owned by shareholders
-larger corporations may have a board of directors
specific sense of Corporate Governance -establishes rules to safeguard the property interests of
owners in the business
2
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