KEY TERMS TO KNOW – LAW AND PRACTICE 2 Flashcards
Price fixing
The cooperative setting of prices by competing firms
Group boycott
An agreement between two or more real estate brokers to exclude
other brokers from fair participation in real estate activities.
Tie-in arrangement
—An agreement to sell one product only on the condition that
the buyer also purchases a different product.
Market allocation
—An agreement between brokers not to compete with each other
in certain areas or markets.
Blockbusting
Attempting to induce homeowners to list or sell their homes by predicting
that members of another race or ethnic group, or people with a disability,
will be moving into the neighborhood. Also called panic selling.
Steering
—Channeling prospective buyers or tenants toward or away from particular
neighborhoods based on their race, religion, or national origin, in order to maintain
or change the character of the neighborhoods.
Redlining
—Refusing to make a loan because of the racial or ethnic composition of
the neighborhood in which the security property is located.
Familial status
—A category including persons who have children (under 18 years
old) living with them. It also includes someone who is pregnant or is in the process
of securing custody of a child.
Disability
—A physical disability or mental impairment that substantially limits one
or more major life activities.
Protected class
—A group of people that falls into one of the categories that are
protected against discrimination.
Public accommodation
—A place of public accommodation is any nonresidential
place that is owned, operated, or leased by a private entity and open to the public,
if operation of the facility affects commerce.
Sherman Antitrust Act.
Enacted in 1890, the Sherman Antitrust Act
prohibits restraint of interstate and foreign trade by conspiracy,
monopolistic practice, and certain forms of business combinations, or
mergers. The Sherman Act empowers the federal government to
proceed against antitrust violators.
Clayton Antitrust Act.
The Clayton Antitrust Act of 1914 reinforces
and broadens the provisions of the Sherman Act. Among its prohibitions
are certain exclusive contracts, predatory price cutting to eliminate
competitors, and inter-related boards of directors and stock holdings
between same-industry corporations. The Clayton Act also legalizes
certain labor strikes, picketing, and boycotts.
Anti-competitive behavior.
The effect of antitrust legislation is to
prohibit trade practice and trade restraints that unfairly disadvantage
open competition. Business practices and behaviors which violate
antitrust laws include collusion, price fixing, market allocation, bid
rigging, restricting market entry, exclusive dealing, and predatory
pricing.
Collusion.
Collusion is the illegal practice of two or more businesses
joining forces or making joint decisions which have the effect of putting
another business at a competitive disadvantage. Businesses may not
collude to fix prices, allocate markets, create monopolies, or otherwise
interfere with free market operations
