Business Law Test IV
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63 terms
Terms | Definitions |
|---|---|
 Uniform Consumer Credit Code (UCCC) | uniform law adopted by states governing th amount of interest and charges that can be assessed on consumer loans |
| Fair Credit Billing Act (FCBA) | 1975; only applies to open-ended credit; allows 60 days to appeal errors in statements, 30 days for a response, and 90 more days for a correction |
| Fair Debt Collection Practices Act (FDCPA) | 1978; stopped harassment of borrowers by bill collectors |
| Truth in Lending Act | 1968; all interest rates be stated in terms of an APR; all finance charges in a dollar amount; buyer can cancel within 3 days of using a home as collateral |
| purchase money security interest | a security interest in the collateral specifically financed by the creditor |
| Chapter 7 of Bankruptcy Act | appoint a trustee who is responsible for paying the debt with whatever is available; unsecured creditors paid prorata |
| Chapter 11 of Bankruptcy Act | debtor appointed debtor in possession; 120 days to present a reorganization plan which gets 2/3 approval of creditors; |
| Chapter 13 of Bankruptcy Act | used by debtor with a job; trustee pays prepetition debt in three years and postpetition debt on time |
| automatic stay | a stay that comes into operation upon the filing of a bankruptcy petition in accordance with bankruptcy law that prevents creditors from attempting to collect from the debtor for debts incurred before the filing |
| divestiture orders | court orders requiring firms to separate or "undo" a merger |
| dissolution orders | court orders requiring a monopolist firm to split up into several firms |
| consent decrees | settlement agreements allowing firms to cease allegedly anticompetitive conduct without admitting to a violation of the law |
| rule of reason | judicial approach to antitrust law that holds certain conduct illegal only if it unreasonably restricts competition |
| per se rule | judicial approach to antitrust law that holds certain conduct illegal regardless of its actual effect on competition |
| monopoly | a single firm that is the sole supplier of a product; a firm that has power over price and output |
| Sherman Act | 1890; prohibits conspiracy in restraint of trade; criminal penalties |
| oligopoly | industry dominated by a few large firms |
| concerted activity | firms acting together, or collectively, on purpose |
| horizontal mergers | mergers among firms that compete with each other |
| vertical mergers | mergers involving firms that are suppliers or or customers of each other |
| conglomerate mergers | mergers that are neither horizontal nor vertical |
| vertical restrictions | restrictions imposed by a manufacturer or supplier on firms that distribute its product |
| tying arrangement | vertical restriction that requires one product to be sold with another |
| exclusive dealing arrangement | agreement prohibiting a firm from dealing with other suppliers of a particular product |
| patent | a legal right of the creator or inventor of a product, process, or invention. the patent holder has the exclusive right to use, develop, and license the subject of the patent for 20 years |
| copyright | the legal right of an author, composer, or artist to prevent others from copying or reproducing his or her work |
| "fair use" doctrine | a legal principle, an exception to a copyright owner's exclusive rights, that allows another to make some limited ("fair") use of the copyrighted work without permission |
| Key Fair Use Factors | 1. the purpose and character of the use. 2. the nature of the copyrighted work. 3. the amount and substantiality of the amount taken. 4. the economic effect of the second use on the copyright owner. |
| trademark | a word, phrase, or symbol that identifies and distinguishes a product |
| trade secrets | intellectual property assets of a business, such as a formula or a customer list, which are kept secret |
| Uniform Trade Secrets Act (UTSA) | 1979; protects against actual and threatened misappropriation of a trade secret |
| Economic Espionage Act (EEA) | 1996; made it a criminal act to misappropriate a trade secret |
| Blue Ocean Preservation Case | Ordered the preparation of an environmental impact statement and that all defendants cease participation in the project until EIS was prepared. |
| EPA responsibilities | Establish standards for air pollution, regulate emissions sources, regulate SIPs, issue permits for new emission sources, create regulations and enforce them |
| State Implementation Plan (SIP) | each state may develop its own plan for meeting the federal standards |
| Environmental Impact Statement (EIS) | Include: 1) the environmental impact of the proposed action; 2) any adverse environmental effects of the project that cannot be avoided; 3) alternatives to the proposed action; 4) the relationship between short-term uses of the environment and the maintenance of long-term productivity; 5) any irreversible and irretrievable commitments of resources involved |
| Council on Environmental Quality (CEQ) | a three-member agency which advises the president on environmental matters |
| likelihood of confusion | the possibility that the average consumer is likely to be confused about the origin of a product with a trademark that looks very similar to another one and would it be confusing to tell who actually made the product |
| how can acid rain be reduced | using coal with a lower sulfur content and installing "scrubbers" in utility plants |
| Equal Credit Opportunity Act (ECOA) | prohibits creditors from discriminating based on sex, marital status, race, color, religion, national origin, and age |
| Fair Credit Reporting Act (FCRA) | requires credit bureaus to maintain accurate information. adverse information can only be used for seven years; after seven years it must be purged; bankruptcy information can only remain on record for 10 years; info purged every 3 months; reports can only be furnished for credit, insurance, employment, government license or benefit, or any business need. |
| cybersquatting | Act of registering a domain name that is the same as, or confusingly similarto, the trademark of another and then offering to sell that domain name back to the trademark owner. |
| Clayton Act | 1914; prohibits conduct that injures competition and provides civil penalties |
| Robinson-Patman Act | basically an anti-price discrimnation act prohibit potential abuses by retail chain; grant allowance for brokerage services in connection with the sale of a product unless the services are perform by the firm receiving discount; prohibit paying promotional fees to only some customers |
| inevitable disclosure doctrine | in some cases, the job that an employee held with company #1 is so similar to the job he/she has accepted with company #2 that it is "inevitable" that trade secrets of company #1 will be revealed and it is therefore automatically assumed and illegal |
| BPT | the average of the best existing technology of industrial plants of various sizes |
| BAT | best technology that now exists or is capable of being achieved |
| endangered species | in danger of becoming extinct |
| threatened species | slightly less serious than endangered |
| Lanham Act | Established an action for damages for any false description or representation of one's good or services, which may damage a competitor. |
| price fixing | an agreement among firms to charge one price for the same good |
| sales effort restriction | subject to the rule of reason; restrictions that pertain to the right of a retailer/distributor to sell in particular areas or to particular people |
| National Pollutant Discharge Elimination System | imposes tough standards on the discharge of pollutants from point sources into navigable waterways and public sewage systems |
| National Ambient Air Quality Standards | maximum allowable amounts of seven types of pollutants |
| defamation in cyberspace | ISP providers not liable |
| Digital Millenium Copyright Act (DMCA) | 1998; provides copyright protection for music, books, software, movies, and other creative works transmitted in digital form on the Internet; illegal to distribute copy devices or to circumvent antipiracy measures; ISP providers immune |
| Resource Conservation & Recovery Act (RCRA) | a federal law requiring that certain hazardous wastes be documented and tracked from the time they come into existence until proper disposal |
| Toxic Substances Control Act (TSCA) | a federal law that requires the notification to, and approval of, the EPA before chemicals can be made or imported |
| Superfund Act | gave EPA the right to sue owners of hazardous waste sites who illegally dump hazardous waste and allows EPA to force owners to pay for cleanup |
| Hart-Scott-Rodino Act | instituted a premerger requirement for mergers involving firms of acquirer-100 and acquieree-10 million |
| bubble policy | an EPA rule that allows a company to expand and emit more pollution from one source of the plant, if it reduces pollution from another source. The plant is said to be under an imaginary "bubble." |
| bankruptcy exemptions | burial plot; automobile; household furnishings and clothing; jewelry; books and tools; any other property plus any unused homestead exception, not including the house; unmatured life insurance; pension, profit sharing, annuity plans, like social security, alimony, etc; payments from an award in a personal injury lawsuit |
| conscious parallelism | firms acting similarly without doing so on purpose |
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