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business law final

Terms in this set (102)

sherman act
anti trust law that makes certain monopolistic and trade illegal
clayton act
anti trust laws that regulate mergers and certain exclusive arrangements
FTC act
prohibits unfair methods of competiiton
Robinson-patman act
prohibits price discrimination
Section 4 of the clayton act
anyone injured in their business may bring private civil suit and recover damages
government judgement
judgement obtained by the government against a defendant for an anti trust violation
section 16 of clayton act
permits government or private plaintiff to obtain an injunction against anti-competitive behavior
Sec 1 of the sherman act
prohibits contracts combinations and conspiracies in restraint of trade
Rule of Reason
hold that only unresonable restraints of trade violate sherman act
Per se rule
applicable to restraints of trade considered inherently anticompetitive
horizontal restraint of trade
occurs when two or more competitors at the same level of distribution enter into a contract to restrain trade
price fixing
restraint on trade that occurs when when competitors in the same line of business agree to the set prices of goods
division of markets
restraint of trade in which competitors agree they will only serve a designated portion of the market
group boycott
restraint of trade where two competitors at one distribution level decide not to not to deal at another level
vertical restraint of trade
occurs when two or more parties on different levels of distribution enter into a contract
resale price maintenance
occurs when a party at one level of distribution enters into an agreement with another party at another level of distribution to adhere to price schedule that stabilizes
nonprice vertical restraint
restraints of trade that are unlawful under sherman act sec 1 if their anti competitive effect outweighs their pro-competitive effect
unilateral refusal to deal
unilateral choice by one party not to deal with another party
conscious parallelism
doctrine that states that if two or more firms act the same but no contorted act is shown there is no violation under sherman act
noerr doctrine
two or more person can petition the executive, legislative, or judicial branch of government to enact laws without violating antitrust laws
sham exception
petitioners are not protected if petition is baseless
section 2 of the sherman act
prohibits any attempt at monopolization successful suit is brought if possess monoply power in the relevant market has engaged in it willfully
innocent acquisition
acquisition due to superior business performance
natural monopoly
small market such as hometown newspaper
section 7 of clayton act
unlawful for person of one business to aquire stocks of another
line of commerce
includes products and services that will be affected by a merger
section of country
division of country that is based on the relevant geographical market
horizontal merger
merger between two or more companies that compete in the same business and geographical market
vertical merger
merger that integrates the operations of the supplier and a customer
market exclusion merger
a merger between two companies in similar fields whose sales do not overlap
conglomerate merger
merger that does not fit into any category totally unrelated to business
failing company doctrine
defense to section 7 under clayton that says a competitor may merge with a failing company if there is no other reasonable alternative no purchaser and assets from the company would disapper from the market
small company doctrine
defense to section 7 under clayton that says when two smaller companies intend to merge in order to better compete with a larger company
Hart scott rodino antitrust improvement
requires certain firms to notify the federal trade commission and department of justice before merger
sec 3 clayton act
prohibits tying arrangements involving sales and leases goods
tying arrangement
restraint of trade in which a seller refuses to sell one product to a customer unless the customer purchases another product
sec 2 of clayton act
prohibits price discrimination in the sale of goods if certain requirements are met
sec 2 a of the robinson patman act
prohibits direct and indirect price discrimination by sellers of a commodity of a like grade and quality
direct price discrimination
defendant sold commodities of like grade and quality to two or more purchasers at different price at approximately the same time and the plaintiff suffered injury because of it
indirect price discrimination
less readily apparent than direct price discrimination
cost justification defense
provides a sellers price discrimination is not unlawful if the price differential is due to difference in the cost
changing conditions defense
a defense that claims prices were lowered in the response to the market
meeting the competition defense
a defense that says a seller may lawfully engage in price discrimination to meet a competitors price
section 5 of the federal trade commission
prohibits unfair methods of competition and unfair deceptive acts or practices affecting commerce
federal trade commission
federal government administrative agency that is empowered to enforce the federal trade commission act
statutory exemption
labor unions railroads and utilites etc.
implied exemption
airlines and pro sports
state action exemption
states may set up utilites price etc.
united states department of agriculture usda
regulates meat poultry and food
FDCA
food drug and cosmetitcs act regulates testing manufacture etc of food drug and cosmetics
CPSA
consumer product safety act product safety is regulated
CPSC
consumer product safety commission enforce the rules and regulations
sect 5 of the federal trade commission act
prohibits false and deceptive advertising bait and switch and aggressive door to door sales
EPA
environmental protection agnecy coordinates the implementation and enforcement of the federal environmental protection laws
EIS
environmental impact statment is a documnet that prepared for any proposed legislation or federal action that affects the environment
clean air act
deals with pollution
national ambient air quality standards
set polluters standards
clean water act
addresses water pollution including thermal pollution
toxic substances control act
authorize epa to regulate toxic substances
insecticide fungicide and rodenticide act
allows epa to regulate facilities that deal with these substances
resource conservation and recovery act
regulates the disposal of new hazardous waste
NRC
nuclear regulatory commission helps regulate nuclear power plants and their attnedant waste
Superfund
comprehensive environmental response compensation and liability act assist the feds in dealing with hazardous wastes
real property
land itself and anything attached to it builidings trees etc
freehold estate
estate land in which owner has a present possessory interest in real property
fee simple absolute
grants the owner fullest bundle of legal rights that a person can hold in real property
fee simple defeasible
grants the owner all the incidents of a fee simple absolute except that it may be taken away if a specified condition occurs or does not occur
life estate
an interest in real property for a persons lifetime which is transferred to another person at the end of their lifetime
estate pour autre vie
life estate measured by the life of a third party
joint tenancy
co-owners have the right to survivorship which provides upon death of one joint tenant the other one receives all of the estate
tenancy in common
a form of co ownership in which the interest of a surviving tenant in common passes to the deceased tenants estate
tenancy by the entirety
co ownership of real property that can only be for married couples
community property
each spouse owns half share of income and everything acquired during marriage
condominiums
multi dwelling building where purchasers own common area
cooperatives
corporation owns the buildings and residents own a share of the corporation
reversion
form of future interest where a right of possession that returns to a grantor after the expiration of a limited or a contingent state
remainder
a right of possession that returns to a third party upon the expiration of a limited estate
sale of real estate
using a deed to convey property
judicial sale
to satisfy tax liens defaulted mortgages judgements
gift will or inheritance
type of transfer of ownership in real property
adverse possession
when a person wrongfully possesses someone elses real property obtains title by meeting statutory requirements statutorily prescribed time. open visible notorious. actual and exclusive. continuous and peaceful. hostile and adversary.
tenancy for years
continues for the duration of the lease and terminates upon stated term without requiring notice does not terminate on death
periodic tenancy
continues from payment interval to payment interval it may be terminated by either party with notice does not terminate upon death
tenancy at will
continues at the will of the parties and may be terminated with notices. terminates at death
tenancy at sufferance
arises when a tenant wrongfully occupies real property after the expiration of another tenancy or life estate
civil rights act of 1866
prohibits discrimination in the selling and renting of property based on race or color
fair housing act of 1968
makes it unlawful for a party to refuse to sell rent finance or advertise housing to any person
americans with disabilities act of 1990
prohibits discrimination on the basis of physical or mental disability in places of a public accomodation operated by private citizens
foreign commerce clause
gives congress the power to regulate commerce with foreign nations
treaty clause
grants the president the power by and with the advise and consent of the senate to make treaties
General assembly
legislative body of the un
security council
composed of 15 nations 5 of whom permanently sit usa russia china uk france
secretary general
ban ki moon heads the un from south korea
eu
is a regional international organization that comprises many countries in europe and was created to promote peace and security
euro
single monetary unity of eu
Nafta
north american free trade agreement between mexico usa canada
opec
organization of petroleum exporting countries comprised of worlds oil producing countries
Asean
Association of Southeast Asian nations provide for economic and other coordination among members
wto
world trade organization an international organization of 153 member nations created to promote trade
Act of state doctrine
states that judges of one country cannot question the validity of an act committed by another country within that other countrys borders
doctrine of sovereign immunity
states that countries are granted immunity from suits in courts of other countries
FSIA
foreign sovereign immunities act exclusively governs suits against foreign nations that are brought in federal or state court in the us
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