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16 Cards in this Set

  • Front
  • Back
Sherman Act
Prevents monopolies
Clayton Act
Amended Sherman Act
Robinson-Patman Act
Forbids price discrimination
Fair Debt collection Act (FDCA)
Provides guidelines for collection agencies
Forbids unethical practices
Equal Credit Opportunity Act (ECOA)
race , color , creed etc.
Describe aspects of a negotiable instrument
Written document
signed by maker
contains unconditional ptp
certain sum of $$
definite time
Name two types of negotiable instruments
Drafts (checks, cashier's checks, cert checks)
Notes (promissory notes, demand notes, CD's)
Name three requirements of negotiability
to be converted to cash
Assignment
Negotiation
Endorsement
Name three legal forms of business
Corp
partnership
Sole proprietorship
What are common elements of business
Continuity
Capital
Liability
Management
What does Article 3 of the UCC pertain to?
Commercial paper
What does article 9 of the UCC pertain to?
Secured transactions
Name some pros and cons of voluntary settlement
Pro- simple, out of court, economical, more creditor assets

Con-Not practical in partnership
Mediation
Non binding
Mediator is referee
Arbitration
binding on both parties
What is an automatic stay?
Creditors are forbidden to take legal or collection action