The Law the Legal System Objectives Exam 1 Flashcards
1
Q
Identify the reasons why society regulates medications
A
- medicinal drugs post high potential risks to users
- Free market is not always efficient in promoting happiness maximizing behavior
- government interfere w/ private choice of medicine based on market failures
2
Q
What are the market failures?
A
- public good
- externalities
- natural monopolies
- information asymmetry
3
Q
How are laws limited?
A
they can be overruled in court
4
Q
What are laws made by the legislature called?
A
Statutory law
5
Q
What are the sources that law can come from?
A
- US congress
- state constitutions
- state legislation
- political subdivision (ordinances)
6
Q
How can administrative agencies create law?
A
by authority to enact regulations and render decisions at hearings
7
Q
Judicial review and substantial evidence
A
- if decision is based on substantial evidence, court will look at the appropriateness of the decision
- if there is not substantial evidence, then court will do their own hearing
8
Q
judicial opinions
A
- expanding common law or interpreting statutes and regulations
- makes law through this
9
Q
Stare Decisis
A
- previous opinions carrying on
- serves two purposes: establishes continuity of decision, expedites judicial decision making
10
Q
What must be taken into consideration when interpreting statutes?
A
legislative intent
11
Q
responsibilities of administrative agencies
A
- Implement desired changes in policies or administer body of law
- Have broad authority
- Enact regulations and render decisions at hearings
- Interpret and define statutes
- Determine how legislative policy will be implemented on day to day basis
