Intro to Law - Mod Cons. Prot, Employ., & Entrepreneur. Law Test

"Let the buyer beware"

• caveat emptor
• business registration
• business license

"Let the seller beware"

• caveat venditor
• caveat emptor
• business registration

laws that govern various types of business transactions including the sale of goods

• Uniform Commercial Code (UCC)
• caveat venditor
• caveat emptor

a business or person who deals regularly in the sale of goods or has specialized knowledge of those goods

• merchant
• Uniform Commercial Code (UCC)
• caveat venditor

an occasional seller

• nonmerchant
• merchant
• Uniform Commercial Code (UCC)

colluding to control pricing and eliminate competitition

• price fixing
• nonmerchant
• merchant

intentionally deceiving, making untrue claims of quality or effectiveness, or failing to reveal critically important facts

• false and misleading advertising
• price fixing
• nonmerchant

improper advertising when businesses use understocked, abnormally low-priced "come on" ads to lure prospective buyers and then it's "sold out" or induced to buy another higher price product

• bait and switch
• false and misleading advertising
• price fixing

gambling scheme that requires payment to participate, chance, and a prize

• illegal lotteries
• bait and switch
• false and misleading advertising

a legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay

• bankruptcy
• illegal lotteries
• bait and switch