Final Exam Study Cards for Legal Environment
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- 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.
- Disclaimers
- 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
- 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.
- Superfund
- 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.
- 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
- Tipper
- person giving the information
- Tippee
- person obtaining the information
- Sarbanes-Oakley Act
- Act passed in 2002 regarding ethics