Lecture 1 Flashcards
Why is there law?
What is the purpose of the law?
To provide a _______________for life
framework
General definition of the law
Provides requirements for ____________ that apply to all persons within a specific jurisdiction
human conducts
Law is NOT to control your life
Law in France vs United States is different
Upon what is law based on?
Factors legislatures use, courts apply, or executives use in reaching decisions (“making law”)
Fundamental notions of __________
________ involved, norms or customs
_________or politics
fairness, history, power
Why Regulate a Free Market System?
Because a free market system tends to fail in certain market situations
1) Providing _________goods
2) Externalities
3) Natural _________
4) Information asymmetry
public
monopolies
Legislative creates ___________
statutory law
US Congress (federal laws) consists of Senate and___________
House of Representatives
State Legislatures create states laws in MA called the __________
General Assembly
Local political subdivisions create
ordinances
Legislative Branch
Produce Statues- Normal Order:
Bill is introduced into either chamber by a legislator
Bill is referred to ___________
Bill can die or be reported out of committee
Majority leadership place bill on a ____________
Floor debate
Vote-__________decides passage or rejection
Same procedure in other chamber either simultaneously or after first chamber
committee
calendar
majority
Any bill that involves money has to start in the _________ and not the senate
House
States have constitutions as well as the federal government
Normal Order of Bill Passage
_____________conference and final vote
Pass to executive branch
1)Sign into law (called an Act)
2) Pass into law (do nothing and congress in session for _____days)
3)_________-reject bill
4)________(do nothing and congress adjourns within 10 days)
joint chamber
10 days
Veto
Pocket veto
Executive branch
State (governor)
federal level (president)