Government Agencies
What does the FTC do?
Keep things fair and make sure advertising is honest and true.
What Law makes companies label products clearly?
Fair Packaging and Labeling Act (1966)
What is Tort law (another name for it)?
Civil law.
What is contingency planning?
Backup plans in case something goes wrong.
What do intellectual property laws protect?
Intangible creations (ideas).
What is the purpose of the FDA?
Ensure that food, drugs, cosmetics, medical devices, etc. are up to par.
This ensures that lenders clearly explain the cost of borrowing, including interest rates.
Truth in Lending act.
This is a social movement seeking to increase buyers' rights.
Consumerism.
What is a corporation?
Business entity that is separate from its shareholders (Owners).
How long is a patent good for?
What does the EPA deal with?
Pollution.
The Dodd Wall Street Reform and Consumer Protection Act was created to increase what after the financial crisis of 2008?
Financial Regulation.
What makes a contract Voidable?
If it can be cancelled by a party that is involved.
What things may be protected by a copyright?
Plays, song lyrics, books, stories.
What agency would be involved in a change in gas prices?
FERC.
Bonus (Kinda because you know it)* This law/organization requires employees to provide a safe and healthy working environment.
OSHA
Arbitration is binding and arbitrator makes the decision, while mediation in non-binding and the mediator helps both parties come to a conclusion.
Define consumer price index.
Evaluating price changes based on common purchases (Basket of goods) compared to previous years.
What element of a contract says that parties must voluntarily agree without coercion?
Mutual assent
What agency would be responsible for regulating what is broadcasted over the radio for children to hear?
FCC
What is the series of laws that prevent monopolies? (MUST LIST ALL)
Sherman Antitrust Act, Clayton Act, Celler Kefauver Act.
What is the difference between design defect and manufacturing defect?
Design defect is a flaw in the entire idea of the product, while manufacturing defect is a problem with assembly and only affects a certain amount of product.
Difference between M1 and M2?
M1 is narrow and consists of currency and demand deposits while M2 is broad and consists of M1 and time deposits like checking accounts.
Mutual assent (agreement w/ no coercion), Capacity (can't be minors, incompetent, or mentally disabled), Consideration (exchange of something with value), and Legal form (a written official legal document).