The ________ Requires Formal Rule Making When an Enabling Statute

question 47

Multiple Choice

The ________ requires formal rule making when an enabling statute or other legislation mandates all regulations or rules to be enacted by an agency as part of a formal hearing process that includes a complete transcript.

• A)Interstate Commerce Commission
• B)Uniform Commerce Commission
• C)Uniform Commercial Code
• D)Uniform Procedures Act
• E)Administrative Procedures Act

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Definitions:

Moral Hazard

A situation where one party engages in risky behavior knowing that it is protected against the consequences, often due to asymmetric information.

Recklessly

Acting with a lack of concern for the risk or negative consequences of one's actions.

Airbags

Safety devices in vehicles designed to inflate rapidly in the event of a collision to prevent or reduce injury to passengers by limiting direct impact.

Asymmetric Information

A situation in which one party in a transaction has more or superior information compared to another, leading to potential advantages or disadvantages in the transaction.