Legal Aspects of Business

Legal Aspects of Business

by Susana Bernhardt

​Sherman Antitrust Act of 1890

The Sherman Antitrust Act of 1890 is a United States antitrust law which prescribes the rule of free competition among those engaged in commerce. It was passed by Congress and is named for Senator John Sherman, its principal author. Wikipedia

​The Clayton Antitrust Act of 1914, is a part of United States antitrust law with the goal of adding further substance to the U.S. antitrust law regime; the Clayton Act seeks to prevent anticompetitive practices in their incipiency. The Clayton Antitrust Act is a piece of legislation, passed by the U.S. Congress and signed into law in 1914, that defines unethical business practices, such as price fixing and monopolies, and upholds various rights of labor.Wikipedia

​Robinson-Patman Act, in full Robinson-Patman Act of 1936, also called Anti-Price Discrimination Act, U.S. law enacted in 1936 that protects small businesses from being driven out of the marketplace by prohibiting discrimination in pricing, promotional allowances, and advertising by large franchised companies.

The Robinson–Patman Act of 1936 is a United States federal law that prohibits anticompetitive practices by producers, specifically price discrimination. Wikipedia

​The Wheeler–Lea Act of 1938 is a United States federal law that amended Section 5 of the Federal Trade Commission Act to proscribe "unfair or deceptive acts or practices" as well as "unfair methods of competition." It provided civil penalties for violations of Section 5 orders.

​Federal Trade Commission Act of 1914

The Federal Trade Commission Act of 1914 was a United States federal law which established the Federal Trade Commission. The Act was signed into law by US President Woodrow Wilson in 1914 and outlaws unfair methods of competition and unfair acts or practices that affect commerce. Wikipedia

Originally published: 1914

​The Federal Power Act is a law appearing in Chapter 12 of Title 16 of the United States Code, entitled "Federal Regulation and Development of Power". Overview. The act created the Federal Power Commission (FPC) (now the Federal Energy Regulatory Commission) as the licensing authority for these plants. The FPC regulated the interstate activities of the electric power and natural gas industries, and coordinated national hydroelectric power activities.

​A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start. Dec 2, 2019

www. uscourts.gov

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​In many cases, Chapter 7 bankruptcy is a better fit than Chapter 13 bankruptcy. For instance, Chapter 7 is quicker, many filers can keep all or most of their property, and filers don't pay creditors through a three- to five-year Chapter 13 repayment plan. Debt collectors cannot try to collect on debts that were discharged in bankruptcy. Also, if you file for bankruptcy, debt collectors are not allowed to continue collection activities while the bankruptcy case is pending in court. Oct 25, 2017

​www.uscourts.gov

​A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.

​https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-13-bankruptcy-basics

​If your request to pay off Chapter 13 early is approved by a court, you'll be required to pay 100 percent of the debt claims on your bankruptcy case. This includes unsecured debt, such as credit cards, which would've been discharged if you'd kept making Chapter 13 plan payments on the original schedule.Jul 13, 2021

​A chapter 7 bankruptcy case does not involve the filing of a plan of repayment as in chapter 13. Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in accordance with the provisions of the Bankruptcy Code.

​www.uscourts.gov

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​What does liquidation mean?

Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due. General partners are subject to liquidation. The definition of liquidation is the act of turning assets into cash. When a business closes and sells all of its merchandise because it is bankrupt, this is an example of liquidation. When you sell your investment to free up the cash, this is an example of liquidation of the investment. noun.

​www.investopedia.com

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​There are profound differences between the Japanese patent-law system and the U.S. and European systems. The goal of Western systems is to protect and reward individual entrepreneurs and innovative businesses, to encourage invention and the advancement of practical knowledge. The intent of the Japanese system is to share technology, not to protect it.

​https://hbr.org/1990/09/patent-protection-or-piracy-a-ceo-views-japan

​A patent protects an inventor for 20 years

​A copywrite protects for the life of the author plus 70 years

​A trademark is used to protect the name of a business or its symbol/logo

​zoning regulations - show where a business can operate

Multiple Choice

Which Act enacted in 1914 prevents anti-competitive practices and forbids a business to require buyers to buy other products in order to get what they want?

• Clayton Act

• Robinson-Patman Act

• Sherman Antitrust Act

• Federal Power Act

Multiple Choice

Which Act enacted in 1938 outlaws unfair practices such as false advertising?

• Clayton Act

• Robinson-Patman Act

• Sherman Antitrust Act

• Wheeler-Lea Act

Multiple Choice

Which law is a business breaking if it sells the exact same used tires at $50 each to one buyer and $60 to another buyer?

• Wheeler-Lea Act

• Sherman Antitrust Act

• FTC Act

• Robinson-Patman Act

Multiple Choice

Which law allows a business owner to sell their personal assets to pay off what they owe?

• liquidation

• licensing

• consolidation

• bankrupcy

Multiple Choice

When a business owner files for Chapter 7 bankruptcy and has no more cash to pay off debts, which of the following is true?

• The court excuses the business from paying all the remaining unpaid debts upon completion of the bankruptcy process.

• The court demands that the business establish a 3 - 5 year plan to pay all unpaid debts.

Multiple Choice

Which of the following is true about patents?

• Japan's patents promote the sharing of technology; US Patents protects the inventors.

• Japan's patents do not promote technology sharing; US Patents promote technology sharing.

Multiple Choice

A patent can be considered a/an

• temporary monopoly

• permanent monopoly

• fair-use guarantee

• protection against recall

Multiple Choice

For how many years does a copyright protect an author of literary or artistic work?

• For the life of the author

• 50 years only

• for the life of the author plus 70 years

• 20 years

Multiple Choice

A trademark is used to protect

• a poem

• an invention

• a movie

• a business's name and symbol

Multiple Choice

Food and Drug Administration (FDA) prohibits the sale of food that

• makes health claims

• is properly labelled

• carries no expiration date

• lists all ingredients

Multiple Choice

Regulations that identify where specific types of businesses can be located are known as

• Partnerships

• Franchises

• zoning

• licenses

Multiple Choice

Which of the following would the government allow to operate as a natural monopoly?

• a telephone company

• a restaurant

• a retail store

• a gas and electric company

Multiple Choice

When only one company provides a product or service, it operates as a/an

• patent

• zoning

• monopoly

• public franchise

Multiple Choice

Which of the following protects an inventor for 20 years?

• trademark

• patent

• copyright

Multiple Choice

Which of the following is a symbol or mark that can only be used by the business who created it?

• trademark

• copyright

• patent

• license

Multiple Choice

Which of the following does a poet and songwriter use to protect their work?

• Patent

• Copyright

• Trademark

• Zoning

Multiple Choice

Which of the following laws protect against unfair and deceptive practices in the marketplace?

• Food and Drug Administration (FDA)

• Consumer Product Safety Act 1972

• Federal Trade Commission (FTA)

• Copyright

Multiple Choice

Which of the following intends to reduce the risk of injury and death from consumer products?

• Food and Drug Administration (FDA)

• Federal Trade Commission (FTC)

• Consumer Product Safety Act 1972

• Copyright

Multiple Choice

Which of the following laws ensures that everything that will be consumed or used by the human body is safe.

• Food and Drug Administration (FDA)

• Federal Trade Commission (FTA)

• Consumer Product Safety Act 1972

• Copyright

Multiple Choice

This specifies which land areas may be used for homes or for businesses.

• patent

• zoning

• copyright

• trademark