Terms

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Annual Percentage Rate a percentage rate which includes interest and finance charges for the year.

Antitrust Laws (purpose of) the body of statutes and principles that regulate business conduct so as to promote the forms of competition that benefit society.

Authorization Cards (Union Election) The first step in forming a union is to get the relevant workers to sign authorization cards. At least 0% of the workers to be represented must sign cards.

Bargaining issues and Management issues ????????????????????????????????

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Business polluters (under what theories may lawsuits be brought against business polluters) injured party may sue a business polluter in tort under the negligence, nuisance and strict liability theories.

Caveat Emptor/Caveat Venditor ?????????????????????????????????????????

Clayton Act addresses specific acts that are considered anticompetitive (price discrimination, exclusionary practices, exclusive dealing contracts…)

Clayton Act amended by? The Robinson-Patman Act and the Celler-Kefauver Act

Closed Shop A firm that requires union membership of its workers as a condition of obtaining employment. Made illegal under the LMRA.

Stolen or Lost Credit Cards(credit card rules) limits the liability of a cardholder to $50 per card for unauthorized charges made before the creditor is notifies that the card has been lost or stolen.

Environmental Impact Statement (EIS) requires that for major federal action that significantly affects the quality of the environment and EIS must be prepared. It deals with new construction. A negative report allows for construction.

Equal Credit Opportunity Act prohibits denial of credit solely on the basis of race, religion, national origin, color, gender, marital status, or age. Under this act a creditor may not require the signature of an applicant's spouse, other than as a joint applicant, on a credit instrument if the applicant qualifies.

Exclusive Dealing Contract one in which a seller forbids the buyer from purchasing products from the seller's competitors. Violation of section of the Clayton Act.

Fair Credit Reporting Act consumer credit reporting agencies may issue credit reports to users only for specified purposes, including the extension of credit, the issuance of insurance policies, compliance with a court order, and in response to a consumer's request for a copy of his or her own credit report. Any time a consumer is denied credit the consumer must be notified the fact and the name and address of the credit reporting agency that issued the report.

Fair Trade Agreements ???????????????????????????????????????????????

Federal Trade commission/Deceptive Advertising ???????????????????????????

Interstate Land Sales Full Disclosure Act administered by the Department of Housing and Urban Development for the purpose to ensure disclosure of certain information to consumers. Seller of 100 or more lots advertised interstate must file with HUD. ILSFDA also allows anyone who purchases a lot under this act has a 7-day rescission period.

John D. Rockefeller Standard Oil Trust Most famous of these Trusts (# of small comp. combine into large business organization, many gain considerable market power).

Labor Management Relations Act (Taft-Hartley Act) It provided a detailed list of unfair labor activities that unions as well as management were forbidden to practice.

Land Project 50 or more lots in a rural area of 1500 or less registered voters in California has 14-day rescission period.

Landrum-Griffin Act(Labor-Management Reporting and Disclosure Act) employee bill of rights and reporting requirements for union activities to prevent corruption.

Market Share Test the primary measure of monopoly power. A firm's market share is the percentage of a market that the firm controls.

Relevant Market (can be defined by the "market share test) the relevant market consists of elements 1)a relevant product market, and ) a relevant geographical market. A firm is considered to have monopoly power if its share of relevant market is 70% or more.

Monopolization (defined by the U.S Supreme Court in US v. Grinnell corp) involves elements 1) the possession of monopoly in the relevant market and ) the willful acquisition or maintenance of the power as distinguished from growth or development as a consequence of superior product, business acumen.

Monopoly Power considerable degree or significant degree of power in the relevant market. A firm is considered to have monopoly power if its share of relevant market is 70% or more.

More-than-four installment rule If there are more than four payments made on a consumer loan the lender must disclose 1) the amount of the loan ) total interest to be paid ) Finance charges 4) annual percentage rate 5) Number and amount of payments. Under the Regulation Z, have to disclose all those elements.

National Environment Policy Act regulate the environment through the Environmental Protection Agency.

National Labor Relations Act (Wagner Act) Established the right of employees to form unions, the right to those unions to engage in collective bargaining, and the right to strike. Jones v. Laughlin Steel Corp constitutionality of the Act was tested. The Supreme Court ruled that the act and its application were constitutionally valid.

Norris-LaGuardia Act Congress protected peaceful strikes, picketing, and boycotts. First general law protecting the right to peacefully strike.

Nuisances persons may be liable if they use their property in a manner that unreasonable interferes with others' rights to use or enjoy their own property (Public or Private).

Per Se Violations under Section 1 of Sherman Act Some restraints of trade (=agreement between firms that has the effect of reducing competition in the marketplace) are so blatantly anticompetitive such as agreements to restrict output or fix prices- that they are condemned without inquiry into any business justification that may be advanced in defense or the agreements.

A "Point" in lending is 1% of the loan.

Predatory Pricing Involves an attempt by one firm to drive its competitors from the market by selling its product substantially below normal costs of production. Once the competitors are eliminated, the firm will attempt to recapture its losses and go on to earn very high profits by driving prices up far above the competitive levels.

Prepayment penalties on loan (for residence) for 1-4 owner occupied In California, if loan is more than 7 years, the penalties are no more valid.

Price discrimination occurs when sellers charge different buyers different process for identical goods. Section of the Clayton Act prohibits certain classes of price discrimination for reasons other than differences in production and transportation costs.

Real Estate Settlement Procedures Act (RESPA) requires specific disclosures regarding settlement procedures in buying 1-4 owner occupied in real estate transaction (lender must give estimated of cost w/in bus. days.)

Regulation Z The Federal Reserve board of governors issued this which governs credit provisions associated with sales contracts to implement the provisions of the TILA. Truth in Lending Act a credit disclosure (promulgated by the Federal Reserve board).

Regulation Z Disclosures If the contracting parties are subject to the TILA, the requirements of Regulation Z apply to any transaction involving an installment sales contract in which payment is to be made in more than four installments. Transactions subject to Regulation Z typically include installment loans, retail and installment sales, car loans, home-improvement loans, and certain real estate loans if the amount of financing is less than $5,000.

Resource Conservation and Recovery Act establish regulations to monitor and control hazardous waste disposal.

Remedies under the Sherman Act ????????????????????????????????????

Right to Cancel -day right to cancel on contracts dealing with loans.

Scab (replacement workers)-Substitute workers who cross the picket line of striking workers.

Sherman Act prohibits competitors from making agreements that unreasonably restrain trade and condemns conduct leading to tending to produce monopoly power. Violations of the Sherman Act are criminal offenses, as well as civil ones.

Song-Beverly Consumer Warranty Act This act is California's Lemon Law. It says that a purchaser of a new vehicle may rescind the contract if 1) the vehicle has been in the shop for more than 0 days in the first year of 1,000 miles or ) if the vehicle has been in the shop for 4 or more times for the same problem within the first year (You Got A Lemon)

Superfund/CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act) The basic purpose of the act is to regulate the clean-up of disposal sites in which hazardous waste is leaking into the environment.

Tying Arrangements the seller conditions the sale of a product (tying product) on the buyer's agreeing to purchase another product (tied product) produced or distributed by the same seller.

Union Shop does not require membership as a prerequisite for employment by can require that workers join the recognized union after a specified amount of time on the job. LMRA preserved the legality of the Union Shop.

Used Car Rule (Used Motor Vehicle Registration Rule) this rule requires used car dealers to affix a buyer's guide label to all cars sold on their lots. The label must disclose the following information 1) the car's warranty or a statement that the car is being sold "as is" ) information regarding any service contract or promises being made by the dealer and ) a suggestion that the purchaser obtain both an inspection of the car and a written statement of any promises made by the dealer.

80 day cooling off period/Taft-Hartley Act a provision allowing federal courts to issue injunctions against strikes that would create a national emergency.

Price Fixing, Group Boycotts, Horizontal Market Divisions ??????????????????????????

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