LEGL 2700 Roessing Test 1 Study Questions and Answers
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Course
LEGL 2700
Institution
LEGL 2700
JPMorgan and Chase -Correct 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 -Correct Answer Brings people together.
St...
LEGL 2700 Roessing Test 1 Study
Questions and Answers 2024-2025
JPMorgan and Chase -Correct 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 -Correct Answer ✔Brings people together.
Stated by state and backed up by enforcement.
Made up of rules.
Written ad Accessable
Hammurabi's Code -Correct Answer ✔The first written set of laws
Rule of Law -Correct Answer ✔Laws that apply to everyone equally
Property -Correct Answer ✔A legal fence that keeps others our without your permission
Ownership Fences -Correct Answer ✔Private Property
Public Property
Common Property
Private Property -Correct Answer ✔Owned by an individual
Public Property -Correct Answer ✔Owned by the government
Common Property -Correct Answer ✔Owned by more than one person jointly
Contract Law -Correct Answer ✔Enables owner to exchange resources
Tort Law -Correct Answer ✔Protects and compensates owner when their resources are
wrongfully harmed by the actions of others
Criminal Law -Correct Answer ✔How to convict the accused people for their wrong
doings
Regulatory Law -Correct Answer ✔Protects ownership and sets private resource
limitations
Antitrust Law -Correct Answer ✔Forbids owners fro monopolizing resources and sets
rules for how businesses can compete to acquire ownership of new resources
LEGL 2700 Roessing Test 1
, LEGL 2700 Roessing Test 1
Constitutional Law -Correct Answer ✔Involves the interpretation and application of
either the federal or state constitutions
Jurisprudence and its schools -Correct Answer ✔Philosophy of law:
-Natural Law
-Positive Law
-Historical School
-Sociological Jurisprudence
-Legal realism
Natural Law -Correct Answer ✔Contains the universally moral principles
Positive Law -Correct Answer ✔Law is simply the commands of the state backed up by
force and punishments
Historical School -Correct Answer ✔Emphasizes that contemporary law should focus on
legal principles that have withstood the test of time in a nation
Sociological Jurisprudence -Correct Answer ✔Supports the idea that law can and
should change to meet new developments in society
Common Law -Correct Answer ✔Emphasizes the role of judges in determining the
meaning of laws and how they apply
Civil Law -Correct Answer ✔Relies on legislation more than judicial decisions to
determine what the law is
Precendents -Correct Answer ✔Previous judge decisions in past court cases
Administrative Law -Correct Answer ✔Covers the legal principles that apply to
government agencies, bureaus, boards, or commissions
Private Law -Correct Answer ✔Covers those legal problems and issues that concern
your private resource relationships
Bank of America -Correct Answer ✔Sold morgages and faces substantial losss because
of the 2010 recession
Substantive Law -Correct Answer ✔Defines the legal relationship between the people
and the state
Procedural Law -Correct Answer ✔How the law works
LEGL 2700 Roessing Test 1
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