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41 Cards in this Set

  • Front
  • Back
Fair Labor Standards Act
established minimum wage requirements and over-time standards. Also prohibits certain types of child labor.
Workman's Comp
provides economic protection for workers who are injured on the job. Worker also recieves disabilty pay until he can return to the job
Family and Medical Leave Act
provides that employees can take up to 12 weeks of unpaid leave for the adoption or birth of a new child, for the care of an immediate family member, or for a serious health condition.
Drug Testing
the problem is testing of people who work in non-sensitive jobs. States are split in this issue
Product Liability
ways to protect your company: Buy liability insurance, Use disclaimer agreements, Use the Uniform Commercial code
Express Warrany
a seller can create by making representations concerning the quality, condition, description, or performance potention of the goods.
Implied Warrantys
two types: implied warranty of merchantability and implied warranty of fitness for a particular purpose.
defenses against implied warranty liability
Fair Credit Reporting Act
Consumers are entitled, on request, to be informed of the nature and scope of a credit investigation, the kind of information that is compiled, and the names of people who will receive the report.
Equal credit opportunity act
If a person can repay a loan, he/she cannot be denied credit on the basis of race, color, religion, national origin, sex, marital status, age, or the fact that her income is derived from public assistance.
Fair Debt Collection Practices Act
This act applies to anyone who is in the business of consumer debt collection for others. Invasion of a persons privacy or intentionally causing a person emotional distress is illegal.
Trade Regulation Ru le
A statement by the agency that has general applicability. The rule's effect is to implement the agency's law, policy, or practice. A rule has the force of law.
Multiple Product Order
Requires all future advertisements for all of the firms products to be accurate.
Deceptive Advertising
Includes false statements or claims or Failure to disclose important facts
Unsupported Claims
Firms must supply reasonable, scientific evidence to substantiate unsupported claims. If someone says their product is safer or faster than another's product they must supply testing to prove this.
Illegal multilevel marketing schemes
This includes the pyramid scheme where firms reward participants for inducing other people to join the program. over time the hierarchy of particpants looks like a pyramid.
Bait and Switch
specify a very low price for a particular item. The low price is the bait to lure the consumer into the store. The salesperson then tries to switch the consumer for a more expensive item.
Deceptive Testimonials and Endorsements
Telemarketing Fraud, Telephone consumer protection act: prohibits faxs of ads, and Do not call list, do not spam list
Consumer product safety act
protects consumers for unreasonable risk of injury from hazardous products.
Formation of the agency relationship
Formation by agreement:consensual relationship--Agency by ratification:Ratification is determined by intent if someone made a relationship without permission
Menard inc. Vs. DAGE-MTI, inc.
menard owned 30 acres of land and some1 in DAGE was accused of not having the power to buy it but they did anyway so the court ruled in favor of Dage saying everything they did was ok.
Agents duty to principal
These include: The duty of performance, the duty of loyalty, the duty of obedience, the duty of notification, the duty of accounting
Duty of Loyalty
The agenty has the duty to act solely for the prinipals benefit and nto for themself or a third party
Duty of Notification
"All the agent knows, the principle knows"
National Air Quality Standards
Air quality standards to protect public health. There are 6 factors that are looked at.
if hazardous waste finds its way into the soil, the polluter must pay for cleanup until it meets drinking water standards.
Regulations by federal government
started becoming strict in 1960s. Over 1,100 indictments by DOJ since then.
Practical Tips
when purchasing real property, you must take into consideration the various federal statutes concerning environment protection.
Liability of Partially Disclosed
when a company is too large if they want to purchase land the price will be higher, so they higher disclosed agents to purchase it for them
Scope of Employment
rules determining whether an employee was on the job and if the employer is liable if the employee commits a crime
Respondent Superior
latin for "let the master answer" Determines if the employer is liable
Intentional Torts
The employer may be liable for its emloyee's intentional torts when the employee commits those acts within the scope of employment. 4 reasons: 1)employer was negligent in hiring or retaining the employee 2)employer is liable for certain types of employees' intention torts 3)employer ratifies the intentional tort 4) employer helps to commit the intentional tort
Independant Contractors
not an employee, but may be an agent under certain limited situations. Two major issues with ICs are liability issues and payments to the IRS
Modern View on Termination of Employees
An employer cannot terminate an employee if they have been ordered to commit a crime by an employer and refused to do so
What is a Security?
1)an investment of money or other consideration 2) in a common enerprise, 3) with the investor expecting a profit, and 4) with the profit derived primarily from through the effors of a promoter or a third party other than the investor.
Security act of 1933
two aspects:1) the disclosure of information and and the prohibition of fraud and deceit. Every new issue new issue of securities must be registered with the SEC.
Securities act of 1934
1)to ensure the integrity of stock and securities sold through national stock exchanges and over-the-counter markets, 2) to inform the investing public of the financial condition of a business, and 3) to protect the public from fraudulent activity.
Insider Trading Fraud
when employers and employees use an advance of important information to make money
person giving the information
person obtaining the information
Sarbanes-Oakley Act
Act passed in 2002 regarding ethics