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LEGL 2700 Jason Epstein UGA Exam Questions with Answers
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LEGL 2700 Jason Epstein UGA ExamQuestions with Answers
law - -rules issued by the state
-rule of law - -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 - -law is specifically designed in a way that we can use
to our adv (ex: intellectual property, tax incentives)
-compliance in law - -use compliance as a selling point (HIPAA compliant
texting app)
-strong Rule of law = - -good economy
-property - -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 - --judge made; case made
stare decisis: let the prior decision stand
VS
heavily focused on legislature; little interpretation of law
-Criminal vs. Civil Law - -state v defendant
VS
plaintiff vs defendant
-intangible property rights - -freedom of speech, religion, etc.
-downsides to the rule of law - -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 - -us constitution and amendments
federal statutes
federal regulations
, state constitutions
state statutes
state regulations
local ordinances
case law
-corporations - --personhood by way of legal fiction
-owned by shareholders
-larger companies may have board of directors
-specific sense of Corporate Governance - --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 - --expand CoGo to include
responsibility of company to customers/vendors/society/etc.
-this is a huge focus for companies (diversity, environmental sustainability,
etc.)
-constitution - -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... - --branches of govt
-state and federal authorities
-state v state
-people & govt
-freedom & justice
-separation of powers - -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 - -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 - -federal preemption
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