Jeopardy commercial law


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Jeopardy commercial law

  1. 1. Shipping &State Laws Federal Laws Credit Laws Warehousing 100 100 100 100 200 200 200 200 300 300 300 300 400 400 400 400
  2. 2.  Oppressive or bad-faith conduct
  3. 3.  What is prohibited unfair acts? Home
  4. 4.  Fraud, deceit, and misrepresentation
  5. 5.  What are deceptive acts? Home
  6. 6.  Unfair methods of competition
  7. 7.  What are antitrust violations like price fixings and group boycotts? Home
  8. 8.  Behaviors focused on in state unfair trade practices acts and unfair claim settlement acts (name 4 of 8)
  9. 9. 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
  10. 10.  This Anti-trust Act prohibits unfair methods of competition and unfair or deceptive acts or practices in interstate commerce
  11. 11.  What is the Federal Trade Commission (FTC) ActFTC does not apply to insurance industryFTC overlaps Sherman Act Home
  12. 12.  How FTC Act differs from Sherman Act
  13. 13. What is FTC Act is broader FTC Act prohibits all unfair or deceptive acts including those with no relationship to competition Home this 1934 cartoon, monopolies block the "highway of competition," creating a barrier to small business. The Federal Trade Commission has fallen by the waysidet is criticized here as "an idle threat." (© MICHAEL J. SANDERS/USAF/GETTY IMAGES) - See more at: eference/federal-trade- commission-act-1914
  14. 14.  This Act prohibits behaviors that would hinder competition such as unlawful restraints of trade, price discrimination, price fixing, and unlawful monopolies.
  15. 15.  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
  16. 16.  This federal act exempts the business of insurance from most federal regulation, including federal anti-trust laws to a limited extent.
  17. 17.  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
  18. 18.  Parties to a bankruptcy (5)
  19. 19. Who are: the debtor, creditors (secured and unsecured), a trustee, a bankruptcy judge, and attorneys? Home
  20. 20.  (3) Acts protecting consumers in credit transactions
  21. 21. 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
  22. 22.  The two avenues of relief in bankruptcy
  23. 23. 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
  24. 24.  Type of loan not discharged in bankruptcy
  25. 25.  What is an educational loan? 1. The Brunner Test 2. "Totality of the Circumstances" Test 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
  26. 26.  Purpose of bill of lading (4)
  27. 27. 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
  28. 28.  Lemon Law
  29. 29.  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
  30. 30.  Codified implied warranties of merchantability and fitness for intended purpose
  31. 31.  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.
  32. 32.  Difference between implied, express, and full warranty
  33. 33. 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