What are antitrust violations like price fixings and group boycotts? Home
Behaviors focused on in state unfair trade practices acts and unfair claim settlement acts (name 4 of 8)
What are1. Unfair/deceptive , e.g. misrepresentation & false advertising of policies2. Defamation of competitors3. Boycott, coercion, and intimidation4. Creation of false financial statements5. Unfair discrimination6. Rebating Issuing capital stock, certificates, or securities7. Using advisory board/contracts8. Promising return of profits as an inducements to purchase insurance? Home
This Anti-trust Act prohibits unfair methods of competition and unfair or deceptive acts or practices in interstate commerce
What is the Federal Trade Commission (FTC) ActFTC does not apply to insurance industryFTC overlaps Sherman Act Home
This Act prohibits behaviors that would hinder competition such as unlawful restraints of trade, price discrimination, price fixing, and unlawful monopolies.
What is the Sherman Anti-trust Act?A trust is a centuries-old form of a contract wherebyone party entrusts its property to a second party. Theproperty is then used to benefit the first party.In 1879, C. T. Dodd, an attorney for the Standard OilCompany of Ohio, devised a new type of trustagreement to overcome prohibitions in Ohio againstcorporations owning stock in other corporations.The Sherman Act is essentially a "competition law."The purpose of the Act was to oppose thecombination of entities that could potentially harmcompetition, such as monopolies or cartels.The law attempts to prevent the artificial raising ofprices by restriction of trade or supply. Home
This federal act exempts the business of insurance from most federal regulation, including federal anti-trust laws to a limited extent.
What is the McCarran-Ferguson Act?The McCarran–Ferguson Act was passed by Congress in 1945 afterthe Supreme Court ruled in United States v. South-EasternUnderwriters Association that the federal government couldregulate insurance companies under the authority ofthe Commerce Clause in the U.S. Constitution. The South-Eastern Underwriters Association controlled 90% ofthe market for fire and other insurance lines in six southernstates and set rates at non-competitive levels. Furthermore, itused intimidation, boycotts, and other coercive tactics tomaintain its Monopoly. Home
Parties to a bankruptcy (5)
Who are: the debtor, creditors (secured and unsecured), a trustee, a bankruptcy judge, and attorneys? Home
(3) Acts protecting consumers in credit transactions
What are: Truth in Lending Act Purpose: consumers know terms and interest rates Fair Credit Billing ActPurpose - person dissatisfied with credit card purchase has rightto not pay if good faith effort item returned and providesmerchant a chance to make things right Fair Debt Collection Practices Act?Purpose prohibit unfair and deceptive collection practices Home
The two avenues of relief in bankruptcy
What are1. Liquidation of debtor’s assets and distribution of proceeds to creditors2. Reorganization of the debtor’s affairs, free of creditors claims during the process, and partial or full repayment of their debts. Home
Type of loan not discharged in bankruptcy
What is an educational loan? 1. The Brunner Test 2. "Totality of the Circumstances" Test http://www.lexisnexis.com/community/bankruptcylaw/blogs/bankruptcycommentary/archive/2 Home 012/08/30/quot-undue-hardship-quot-under-section-523-a-8-can-the-debtor-s-student-loans-be- discharged.aspx#sthash.XU3sCZWP.dpuf
Purpose of bill of lading (4)
What is Contract for the carriage (transportation) of goods Receipt of the goods by the carrier for delivery Title to goods, under certain circumstances To identify the terms of agreement: Goods by type & amt., the consignor, the carrier, provisions of the agreement for shipping, any special instructions, the consignee, date shipped, terms of delivery, and freight terms (prepaid, collect, or from a third party). Home
What is Magnuson-Moss?1975 federal statute that governs warranties on consumerproducts.The statute is remedial in nature and is intended to protectconsumers from deceptive warranty practices. Consumer productsare not required to have warranties, but if one is given, it mustcomply with the Magnuson-Moss Act Home
Codified implied warranties of merchantability and fitness for intended purpose
What is the Unified Commercial Code?The UCC’s goal is substantial uniformity in commercial laws and, atthe same time, providing states the flexibility to meet localcircumstances by modifying the UCCs text as enacted in eachstate. Sales contracts are legally enforceable agreements. • The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property). • As with all models (uniform laws), a state could adopt the UCC verbatim or adopt the Home UCC with specific changes.
Difference between implied, express, and full warranty
What are: Implied warranties come in two general types: merchantability and fitness. unwritten and unspoken guarantee that merchantable goods are goods fit for the ordinary purposes for which they are to be used. Express warranties are a written or oral contractual guarantee that a specific statement is true and is supported by legally enforceable consequences should the promise be broken. Full warranties are a warranty that completely covers the repair or replacement of any defect in a consumer product. Implied warranties cannot be limited when a full warranty accompanies The product? Home