Terms Flashcards
0
Q
Federalism
A
Idea of dual-sovereignty – federal and state levels; cities and counties are considered creatures of the state
1
Q
Conflict of Laws
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When laws of the states conflict with federal laws –> federal prevails
2
Q
Constitution
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Highest level of government in a country and the basic outline for which all else is hung; not all are written, but most have a guiding principle (i.e. England and the Magna Carta)
3
Q
Codes
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when laws of the country are organized by subject matter and published, often in outline form (i.e. Uniform Commercial Code, Juvenile Code)
4
Q
Burden of Proof
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What level of evidence needs to be proven for a guilty verdict – criminal: beyond a reasonable doubt;
civil: preponderance of the evidence (more evidence against the defendant than in favor)
5
Q
Common Law
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law created by the courts in written judicial opinions; only exists in appellate and supreme courts; written judgements become law that can be pulled upon for future cases; dates back 700ish years to England; judge-made case law
6
Q
Administrative Law
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all rules, regulations and judicial decrees of administrative agencies – if want to fight this, need to exhaust administrative remedies before going to court
7
Q
Civil Law
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resolves private disputes between two private parties
8
Q
Criminal Law
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issued by the government (federal or state) against those who have broken society’s laws
9
Q
Procedural Law
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Governs how the courts operate
10
Q
Substantive Law
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“the meat of the law” – the subject matter
11
Q
Social Compact
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Theory that the people give the government the power to govern them; Thomas Hobbs introduced and John Locke edited to say there are certain personal rights that can’t be given away to the government
12
Q
Statutory Construction
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process the court goes through when interpreting a statute and how it’s going to apply to a case (i.e. What were the legislators trying to say or accomplish?) The specific follows the general.
13
Q
Original Jurisdiction
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the first court to hear a case and, therefore, where the facts are established; trial court
14
Q
Default Judgement
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Awarded when a summons is not responded to
15
Q
Commerce Clause
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most important article of the Constitution to regulate business (article 1, section 8 and deals with interstate, international and Indians)
16
Q
Enumerated Powers
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Congress can only do things listed in the Constitution and nothing else; any powers that have arisen outside of Constitution are from statutory construction (how the courts have interpreted the Constitution)
17
Q
Equal Protection
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the laws of a state must treat an individual in the same manner as others in similar conditions and circumstances; does not address equality – addresses equal application of the law
18
Q
Due Process
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Constitutional guarantee that all legal proceedings will be fair and that one will be given notice; two kinds – procedural and substantive
procedural: right to notice and a hearing
substantive: is there basic fairness or does it arbitrarily take away a person’s rights to a law?
19
Q
Police Power of the States
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right to regulate for health and welfare within their borders (ex: make zoning laws, regulate deceptive advertising)
20
Q
Federal Administrative Procedure Act
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sets forth guidelines by which agencies can create rules and regulations
21
Q
Federal Register
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daily publication that includes and new laws, regulations and executive orders that are proposed
22
Q
Organic Acts
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rule of the legislature that creates an agency; enabling provisions give them the power to make laws re: their subject matter
23
Q
Freedom of Information Act
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guarantees citizens the right to have access to government decisions; required to provide response with in 10 days
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Sunset Laws
agencies will cease to exist and get funding on a specific date; keeps agencies from continuing to exist once a problem has been resolved
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Sunshine Laws
states meetings must be open to the public -- "let the sun shine in"
26
Informal Rulemaking
process by which proposals are issued in the Federal Register and no hearing takes place; how much administrative law is handled -- posted and then given 30-day comment period
27
Ultra Vires
a way to challenge an agency's law; means "outside the life of an agency" and challenges that the ruling is outside of the agency's scope
28
International Law
based on treaties that countries agree to be a part of and then abide by the rules of them; customs and traditional ways of doing business can become a form of international law; can only be enforced if the countries have agreed to abide by it
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Act of State Doctrine
U.S. will accept the laws of other countries at face value and won't investigate their legitimacy as long as they don't violate international law
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Sovereign Immunity
idea that you can't sue a government when acting in its soverign/governmental capacity
31
Theory of Competitive Advantage
idea that the flow of goods across international boundaries is good for everyone; let everyone make what their good at
32
Letter of Credit
issued by bank to assure seller that they will get paid by the buyer; ensures money flows in commerce
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Correspondent Bank
manages the letter of credit/bill of lading process in a transaction
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Bill of Lading
contract to take possession of goods and transport them to a buyer; proves goods have been shipped
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Quotas
restrictions on trade to limit imports of products; usually used to protect a threatened domestic industry, but can often lead to trade wars, so they're used sparingly
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Tariffs
restriction on trade when a country imposes a tax on certain imported goods to protect a threatened national industry; often can lead to trade wars, so used sparingly
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NAFTA
treaty made by U.S., Canada and Mexico to reduce tariffs on goods made in North America; been around 15-20 years
38
Grey Market Goods
when goods legally enter a country even though rules exist to prohibit them (ex: U.S. company negotiates exclusivity rights for a French company's products in the U.S. The French company has contract with a German company who then enters the U.S. and sells the goods. That's OK and legal.)
39
Repatriation
Ability to remove profits from foreign operations and bring the money back to your own country
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FCPA
created to limit U.S. citizens from bribing foreign officials; has a lot of exclusions and doesn't limit grease payments
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Comity
reciprocity -- government will accept the actions of another government as long as the same is done for them
42
Uniform Commercial Code
ensures uniformity state to state in managing business; most significant of model statutes adopted by the states; article 2 is the most prominent and deals with sales of goods
43
Offer
first step in making a contract -- needs to be clear and unequivocal with intent to make an offer; if reply varies from offer, then the offer is off the table (ex: I make offer to by red pens and you reply with offer to sell blue pens, then my offer is no longer valid.)
44
Acceptance
rescinding to terms of the offer and has to be clearly communicated to the person who made the offer; federal law states you can't force someone to accept by silence
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Contract Option
when a person purchase the right to revoke a contract; can exercise option to get out of it
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Illusory Contract
agreement to agree on something; not enforceable in the courts
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Objective Theory of Contracts
idea that courts can't look into the minds of the people who made a decision, so there has to be evidence of writing that the agreement/decision was made
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Express Contract
acceptance of a contract
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Consideration
exchange of value
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Implied In-Fact Contract
actions imply acceptance (ex: I offer you money to paint my house, and you show up to paint the house. It's implied you accepted my offer.)
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Void Contract
illegal contract (ex: can't sue someone for failing to pay for drugs in a drug deal because dealing drugs is illegal)
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Voidable Contract
contract goes through, but one of the parties has the right to void it (ex: not mentally sound at time of making the deal, a minor made the deal, etc.)
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Unenforceable Contract
when a contract exists, but it's missing some sort of legal requirements
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Contract Ratification
when one follows through on a contract, even if wasn't able to at time of making the deal; typically an agent of the person made the deal, and then the person follows through
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Contract Recession
withdrawal of an offer
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Executed Contract
offer has been fully performed
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Executory Contract
part of the offer is still in process
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Statue of Frauds
common law concept of what contracts have to have in writing
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Contractual Capacity
person has to be of sound mind and legal age to enter into a contractual agreement
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Defamation
an intentional tort that occurs when something is printed and harms a reputation
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Slander
oral defamation
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Libel
defamation in print; damages are more than with slander
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Intentional Tort
person's actions are intentional and there is no negligence; often gives rise to punitive damages
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False Imprisonment
intentional tort; holding someone against their wishes, but the person has to be aware they're being held
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Trespassing
intentional tort that prohibits someone from the enjoyment of their own personal property
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Reasonable Care
standard that has to be established not to be negligent
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Contributory Negligence
person suing for negligence was also negligent -- and had they not been, the other person's negligence wouldn't have had an impact
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Assumption of Risk
person who knows they're about to take a risk accepts responsibility and proceeds with agreement -- cannot then sue for result of the risk later
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Res Ipsa Loquitor
"the thing speaks for itself" -- when negligence can't be proven, but without negligence, the action wouldn't have happened (ex: elevator cable snaps, then the owner of the building is liable because his negligence to have elevator inspected led to cable snapping)
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Wrongful Interference with Contractual Relations
when a valid, enforceable contract is in place between two parties and a knowledgeable third party convinces one of the others to break the contract (ex: non-compete agreements in employment -- only interference if new employer knows it exists)
71
Trespass to Personal Property
preventing someone from enjoying their own property (i.e. blocking driveway so can't leave); intentional tort
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Fraud
misrepresenting a fact intentionally so someone acts on it to their detriment (ex: selling swampland as "ocean front property" so someone will put an offer on it)
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Strict Liability
even without fault, negligence or intent a party is going to be held liable for actions because they're engaged in harmful activity or created a dangerous product (ex: dynamite manufacturer); many factor in cost of insurance against this when pricing/selling product
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Negligence Per Se
negligence can be proven even if law is broken, even if there's no evidence; only valid in certain jurisdictions
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Privity
proof a contractual relationship existed; used to be necessary but dropped largely because of automobile industry -- a buyer of a used car never had contractual relationship with original dealer, therefore can't hold original dealer responsible; standard now is "seller beware"
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Express Warranty
expressed statements about the nature of a product (i.e. pharmaceutical ads)
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Implied Warrant of Merchantability
the goods will pass without objection in trade and will be able to do the normal things that product should do (ex: cups sold won't leak); only applies to those acting as merchants, not private individuals; can be disclaimed if product is sold "as-is" and without warranty
78
Implied Warranty of Fitness
if selling something and know what the buyer is going to use it for, then the goods need to meet that purpose; does not only apply to merchants -- applies to individuals as well
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Puffing
sales talk that does not create warranty (ex: "This is going to be great." or "The best you've ever seen.")
80
Eminent Domain
right of the government to take property from citizens, but has to compensate the citizens appropriately
81
Profit (in the property sense)
the right to enter onto someone's land to remove minerals, oils, crops, etc.
82
License
non-possessory right in property but have the rights to use it for a specific purpose (ex: suites at sporting venues -- owned by venue, but can purchase a license to use it yourself)
83
Easement
non-possessory interest in land to allow passing over, under or through; often granted to utility companies or access to roads that cross through one's property to get to another's
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Mechanics Lien
workers can file a lien on your property to ensure before you can sell the property, you have to clear all debt with them; have to give buyer notice of the lien
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Tenancy in Common
way of holding real property such that each person has right to the whole thing, but there's no survivorship in death because individual's ownership goes to each individual's estate
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Joint Tenancy
ownership of one transfers to surviving owner
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Fixture
what goes with property once it's sold; determining factor is often how firmly it's affixed to the property and what function it provides (ex: statues in yards, items on walls, etc.)
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Fee Simple Absolute
highest interest allowed in property where you own it completely and can do with it as you wish; best way to own property
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Life Estate
you own something during your lifetime and it doesn't transfer by will upon death; most often discussing trusts when referred to today
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Warranty Deed
deed you want to have when purchasing property because it protects against defects
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Quickclaim Deed
selling someone the interest you have in land, but there's no record of legal ownership; often not insured by title companies
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Lease Assignment
transfer complete interest of least to another person
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Sublease
tenant all or part of property for a period of time with intent to return the possession
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Standing
the right to file a lawsuit
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Complaint
the first document filed with the court by a person or entity claiming legal rights against another; usually the plaintiff filing it; must state factual and legal basis
96
Answer
a written pleading filed by a defendant to respond to a complaint in a lawsuit filed and served to that defendant
97
Compensatory Damages
sum of money awarded in civil cases to repay person for the particular loss, detriment or injury suffered as a result of unlawful conduct of another; provide plaintiff with monetary amount necessary to replace what was lost and nothing more
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Punitive Damages
monetary compensation awarded to an injured party that goes beyond that which is necessary to compensate the individual for losses and that is intended to punish the wrongdoer; also known as exemplary damages
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Nominal Damages
minimal money damages awarded to an individual in an action where the person has not suffered an substantial injury or loss for which he or she must be compensated; awarded to show plaintiff he/she was right
100
Summons
the paper that tells a defendant he or she is being sued and asserts the power of the court to hear and determine the case; a form of legal process that commands the defendant to appear before the court on a specific day and to answer the complaint made by the plaintiff; officially starts the lawsuit
101
Jurisdiction In Rem
a lawsuit against an item of property, not against a person; object of lawsuit is to determine the disposition of the property, regardless of who the owner is or who else might have an interest in it
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Jurisdiction In Personam
a lawsuit against a person
103
Arbitration
submission of a dispute to an unbiased third party designated by the parties to the controversay, who agree in advance to comply with the award -- a decision to be issued after a hearing at which both parties have an opportunity to be heard; takes place out of court; not litigation
104
Mediation
A settlement of a dispute or controversy by setting up an independent person between two contending parties in order to aid them in the settlement of their disagreement
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Negotiation
give-and-take discussion or conference in an attempt to reach an agreement or settle a dispute
106
Contingent Fee
payment to an attorney for legal services that depends upon there being some recovery or award in the case; payment is often a percentage of amount recovered; valid only in civil cases; often regulated by court rules and statutes
107
Res Judicata
a rule that a final judgment on the merits by a court having jurisdiction is conclusive between the parties to a suit as to all matters that were litigated or that could have been litigated in that suit; in essence double jeopardy in civil disputes
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Probate Court
a court limited to the jurisdiction of probating wills and administering estates
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Dissenting Opinion
a justice's refusal to concur with the opinion of a majority, as on a higher court (ex: Supreme Court)
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Concurring Opinon
an opinion that agrees with the court's disposition of the case but is written to express a particular judge's reasoning
111
Courts of Record
a court whose proceedings and decision are retained on permanent record
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Class Action
a lawsuit brought by one or more plaintiffs on behalf of a large group of others who have a common legal claim
113
Writ of Execution
a routine court order that attempts to enforce the judgment that has been granted to a plaintiff by authorizing a sheriff to carry it out; generally deals with collection of funds or property
114
Writ of Attachment
a court order directing a sheriff (or other law enforcement official) to seize property of a defendant which would satisfy a judgment against that defendant
115
Remedies
the manner in which a right is enforced or satisfied by a court when some harm or injury, recognized by society as a wrongful act, is inflicted upon an individual; four types -- damages, restitution, coercive remedies and declaratory remedies; intended to compensate the injured party for harm suffered
116
Motion to Dismiss
asks the court to decide that a claim, even if true as stated, is not one for which the law offers a legal remedy; can also be used when a case is presented after the statute of limitations has expired; "throwing out" the case; if dismissed, opposing side does not present evidence
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Discovery
the efforts of a party to a lawsuit and his/her/its attorneys to obtain information before trial; often much of the fight between two sides in a suit takes place during the discovery period
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Litigation
any lawsuit or other resort to the courts to determine a legal question or matter
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Federal District Court
general trial courts of the U.S. federal court system; both civil and criminal cases are tried; established by Congress
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Federal Court of Appeal
intermediate appellate courts of the U.S. federal court system; decides appeals from district courts; considered among the most powerful and influential courts in the U.S. b/c serves as final arbiter on most federal cases and through case law has much policy influence on U.S. law
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Judicial Review
idea that the actions of the executive and legislative branches of government are subject to review and possible invalidation by the judicial branch; allows Supreme Court to ensure the other branches of gov't abide by the Constitution
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Supremacy Clause
establishes that the federal constitution, and federal law generally, take precedence over state laws and constitutions
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Pre-Emption
doctrine based on the Supremacy Clause that holds that certain matters are of such a national character that states may not pass laws inconsistent with the federal law
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Commerce Clause
provision of the Constitution that gives Congress exclusive power over trade activities among the states and with foreign countries and Indian tribes
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Enumerated Powers
list of items in the Constitution that set forth the authoritative capacity of Congress
126
Equal Protection
14th Amendment; no state shall deny any person within its jurisdiction the equal protection of the laws; primary motivation was to validate and perpetuate the equality provisions in the Civil Rights Act of 1866
127
Enabling Acts
legislative act conferring certain specified powers on a person or organization; creates agencies
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Foreign Sovereign Immunities Act
U.S. law that establishes the limitations as to whether a foreign sovereign nation may be sued in U.S. courts -- federal or state; provides basis and means to bring a lawsuit against a foreign nation in the U.S.
129
Gift Inter Vivos
gift during life: three conditions must exist to be a gift -- donated with intent, delivery, acceptance
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Gift Causa Mortis
gift in contemplation of death (oftentimes a battlefield situation); if person makes a gift when thinks they're dying and then does not die, the gift is no longer valid
131
Bailments
when you entrust your property to someone else for safekeeping; only involves transfer of possession -- not ownership
132
Copyright
protects ideas expressed in various forms (written, spoken, performed)
133
Trademark
word, letter, number, design, picture, logo, etc. to designate someone's goods; registered with the government to prevent others from using it
134
Patent
government gives legal monopoly to private party for a process, machine or improvement on an existing invention; must be novel, unique and useful to get patent; can't be obvious
135
Infringement
violation of someone's copyright or patent that gives rise to legal actions (pay damages or cease and desist order issued)
136
Dilution
type of unlawful trademark use outside of the relevant market; lessening of capacity of a trademark (ex: South Butt)
137
Digital Millennium Copyright Act
provides safe haven to internet hosts against copyright actions of users -- as long as they have a policy to terminate repeat offenders when they're identified
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Cybersquatting
one person registers an internet domain on a person's trademark before the trademark owner can do so; can give rise to damages if proven they were trying to extort money from owner
139
Joint Venture
two or more parties pool resources for a specific project of a limited time period (as opposed to partnership, which is permanent)
140
Dissolution
winding up of the affairs of a corporation or partnership; divvy up the assets
141
Duty of Care
legal obligation imposed on an individual requiring they adhere to a standard of reasonable care while performing any acts that could foreseeably harm others; first element that must be established to proceed with a negligence claim
142
Sole Proprietorship
one owner of a company or business; creditors can come after personal assets because there is no liability shield
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Corporation
legal entity; most efficient form of business when there are multiple owners; sets up a liability shield to protect the owners' personal assets; always governed by state law
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Partnership
two or more people operating a business for a profit; have right to share in management decisions; disadvantage is liability to one for the actions of the other
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Limited Liability Partnership
partnership in which some or all partners have limited liabilities; one partner is not responsible for another's misconduct or negligence; often used by doctors and lawyers so all are collectively responsible for property and salaries, but each is responsible for own malpractice
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Board of Directors
group charged with ultimate responsibility for running a corporation; they are elected by shareowners and have to avoid conflicts of interest
147
Corporate Officers
elected by board of directors to manage day-to-day affairs of the corporation
148
Business Judgment Rule
specifies the court will not review the business decisions of directors who performed their duties in good faith, with the care that an ordinary prudent person in a like position would, and in a manner the directors reasonably believe to be in the best interest of the corporation; frees directors and officers from liability to decisions that may harm the corporation
149
Double Taxation
levying of tax by two or more jurisdictions on the same declared income, asset or financial transaction; corporate profits are taxed and the shareholders are usually subject to personal taxation when they receive dividends or distributions from those profits, which is why many companies pay bonuses or reinvest to prevent it
150
Prospectus
disclosure document that describes a financial security for potential buyers; provides fact and material information, but not buying recommendations
151
Equity Ownership
common stock; common stakeholders have ownership of a corporation
152
Fixed Income Security
stocks that create no obligation to pay dividends or any other form of income; in essence it's a corporate bond where the company raises money for projects by selling bonds
153
Preferred Stock
special class of stock a company will issue, usually to raise money, and contains a combination of features not possessed by common stock holders; shares are superior to common stock, but subordinate to bonds in terms of claim; can be a means of estate planning for privately owned companies
154
Securities Act of 1933
act passed after the Great Depression to regulate the initial offering of securities; first major federal legislation to regulate the offer and sale of securities
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Securities Act of 1934
regulates the secondary market of stock that's already existing; section 10.b.5 tries to prevent fraud in the buying and selling of securities (insider trading)
156
Sarbanes Oxley Act of 2002
set new and enhanced standards for public company boards and financial statements and stated they have to be true; put fiduciary responsibility on management and accounting firms
157
Duty of Loyalty
members of a board or corporation must put the corporation's interests ahead of their own; generally OK if director makes decision that benefits company and him/herself -- problems arise when put needs of self in front of corporation's
158
Duties of Agents
agent has duty to use reasonable are and skill with property they're caring for and to follow instructions; employees are considered to be agents of a company
159
Duties of Employer
Employer has duty to employees and agents to provide a safe place to work, the tools necessary to do the jobs and to pay reasonable fees for services
160
Agency Creation (ways to create)
Three ways:
1) expressed authority: right of someone to do something because of law or contract
2) implied authority: ability of individual to make a contract on behalf of an organization by way or uniform or interaction w/public (ex: waitress offering free soda with a meal)
3) apparent authority: a reasonable person would understand that an agent had authority to act (ex: has uniform, company car, business cards, etc.)
161
Agency Termination (ways to terminate)
1) expressed statement
| 2) death of a principal
162
Respondeat Superior
owner/manager of a company is legally responsible for the torts of the employee or agent within the scope of employment
163
Vesting
when an employee has an unalterable right to some employee benefit he/she has earned
164
Disparate Impact/Title VII
most important of civil rights actions; protect people against employment discrimination for sex, national origin, race religion; says a company can discriminate with or without intent (if the practices have disparate impact); sex or merit can be used to argue against this
- Disparate impact: employment actions inadvertently have an impact against a group of people
165
Sexual Harrassment
employer has obligation not to allow harassment to go on and to stop a hostile environment; companies have to have a policy against it and supervisors should be trained in how to deal with it
2 kinds:
- Quid Pro Quo: "this for that" -- job is contingent upon person putting up with uncomfortable situations
- hostile environment: "locker room" environment for women
166
Workers Compensation
company pays a certain amount of wages and medical expenses as long as you can establish the injury occurred on the job and all injuries you have were a result of the action; no longer has need to show negligence on part of employer to get money
167
Fair Labor Standards Act
ensures people have reasonable hours of work and are paid fairly for overtime
168
Unemployment Compensation
when people get paid a portion of their salary after losing a job; can't get if quit or were fired for serious cause (employer has 10 days to protest); only employers pay taxes to fund this
169
ERISA
Employee Retirement Income Security Act -- regulates the operation of private pensions and benefit plans; deals w/employee benefits and establishes fiduciary responsibility to make sure companies use funds for employee benefits
170
Americans with Disabilities Act
law that provides fair treatment of people who are disabled in some way as long as they can perform the work; the employer is required to make reasonable accommodations to make sure the person can work
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Age Discrimination in Employment Act
law that states employers can't discriminate against people 40 years of age and older in hiring decisions; also states there can't be a mandatory retirement age unless it's a safety issue for the job (i.e. pilots)
172
COBRA
allows people to continue to buy health insurance through a former employer for up to 18 months if leave their job; employer does not contribute any funds
173
Family and Medical Leave Act
passed in the early 90s and states people have the right to take up to 12 weeks of non-paid leave to deal with a serious medical condition that impacts them or someone in their immediate family and still have their job or a comparable job when they return; employer is required to cover its portion of insurance/benefit costs during that time
174
National Labor Relations Act
passed after Great Depression and started to give rights to employees to form unions; prevented companies from firing or intimidating employees for discussion forming unions; also formed the National Labor Relations Board, which supervises unions
175
Unfair Labor Practice
act a company or union takes that violates union election; employer must negotiate with unions and unions can't require employer to hire workers the company doesn't need
176
Authorization Cards
how union representation gets started; petition-like concept where group has to get 51% of employees to say they want to vote on the creation of a union; if passes, the union has a 4-year contract to provide labor stability and peace
177
Certification
process of getting a union certified
178
Decertification
Getting a union thrown out
179
Clayton Act
second of great anti-trust acts -- put teeth into the Sherman Act and gives government the power to go after combinations of businesses who were establishing monopolies and lessening competition; largely focused on price discrimination
180
Tying Contracts
illegal attempt to control distribution by restricting access to related things (i.e. oil company using market power to require its customers to buy barrels from a certain vendor); "tie" sales together
181
Price Fixing
concerted effort by competitor to fix prices in an industry; reduces competition
182
Group Boycott
people/companies agree not to patronize a manufacturer to put a squeeze on them to do something you want
183
Antitrust in International Markets
if actions happen overseas but impact competition in the U.S., the claims can be filed in U.S. courts
184
Market Division
illegal agreement by two or more companies to stay out of each other's way and reduce competition in the agreed-upon areas
185
Horizontal Merger
mergers of companies at the same level of the value chain and reduce competition (ex: Lowe's and Home Depot merge and Menards, True Value and Ace have reasonable claim with DOJ)
186
Vertical Merger
company merges with others up and down the value chain (ex: Ford Motor Company buys companies who make car parts)
187
Consolidation
when two companies merge and a new entity is formed (ex: Ford and GM merge and create a new company)
188
Interlocking Directorate
illegal activity of a director serving on two competing companies' boards and influencing the market; also violates duty of loyalty
189
Monopolization
illegal activity when a firm has too much power in a specific market
190
Traditional vs. Chicago Schools of Anti-Trust
Traditional: aggressive enforcement of anti-trust and protect small business
Chicago: laissez-faire and let business be business
191
Sherman Act
original federal statue passed in 1890; prohibits certain business activities the government deems to be anticompetitive and requires the federal government to investigate and pursue trusts, companies and organizations suspected of being in violation
192
Robinson-Patman Act
law from the 1930s that went after price discrimination; arose during the start of large chain stores when they were allowed to purchase goods cheaper than other retailers; still used today
193
Voluntary Bankruptcy
a debtor declares bankruptcy to obtain relief from debt by either discharging or restructuring the debt
194
Bankruptcy Claims
period of time when people owed money by debtor claim how much the person/entity owes them; notice of period filed in paper by bankruptcy trustee
195
Involuntary Bankruptcy
creditors come together and force a person or entity into bankruptcy
196
Discharge of Bankruptcy
when debts are forgiven and entity goes free
197
Truth in Lending Act
act focused on consumers; Regulation Z is part that spells out the true cost of credit (rates)
198
Fair Debt Collection Act
focused on consumers; prevents abusive acts of debt collectors by regulating when they can/can't call you and what actions they can take to get your money)
199
Franchisee
person given a franchise to market a company's goods or services in a specified market
200
Equal Credit Opportunity Act
law enacted in 1974 that prevents creditors from discriminating against a class of people
201
National Environmental Policy Act
established Council on Environmental Quality; requires an EIS when starting new programs; has been called the modern-day equivalent of an "environmental Magna Carta"
202
Clean Air Act
set standards for air quality standards; controls air pollution
