Cpcu 530 chapter 4 acts & ucc

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Cpcu 530 chapter 4 acts & ucc

  1. 1. CPCU 530 Commercial LawThe Sherman Act (1890) Ananti-trust Act that makes it illegal for competitors to makeagreements with each other that would limit competition, e.g. price fixing. The Act also makes it illegalfor a business to be a monopoly if that company is cheating or not competing fairly. Corporateexecutives sanctions include huge fines& jail time15 U.S.C.A. § 1 et seq.The Clayton Act (1914)Companies started to merge instead of forming trusts—as a way tocontrol prices and production. The Clayton Act protects American consumers by preventing mergers oracquisitions that are likely to stifle competition.15 U.S.C.A. § 12 etseqThe FTC Act (1914)The Federal Trade Commission was created by Congress and given thepower to investigate and stop unfair methods of competition and deceptive practices. The FTC stillenforces antitrust laws, as does the Antitrust Division of the Department of Justice.15 U.S.C.A. §§ 41–51United States v. South-Eastern Underwriters Assn (1944)The SupremeCourt held that an insurance company that conducted substantial business across state lines wasengaged in interstate commerce and thus was subject to federal antitrust regulations, 322 U.S. 533,64 S. Ct. 1162, 88 L. Ed. 1440 (1944).The McCarran-Ferguson Act (1945)The act provides that the "business of insurance,and every person engaged therein, shall be subject to the laws of the several States which relate tothe regulation or taxation of such business" 15 U.S.C. §§ 1011-1015.UCC Article 2Governs the law of sale of goods. Sales contract. Goods are property that istangible and moveable, other than moneyUCC Article 3 Governs negotiable instruments payable to order (designated payee) or to Bearer(holder of paper) UCC Article 9Governs secured transactions Sales of Accounts and Chattle paper, like pledges,Chattle mortgages & conditional sales Donna M Kesot, CPCU ©2013 Chapter 4

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