The document discusses various laws related to commerce including antitrust laws, consumer protection acts, bankruptcy law, commercial transactions, and warranties. It specifically addresses the Sherman Antitrust Act, Federal Trade Commission Act, McCarran-Ferguson Act, Truth in Lending Act, Fair Credit Billing Act, Fair Debt Collection Practices Act, Uniform Commercial Code, Magnuson-Moss Warranty Act and differences between implied, express, and full warranties.

2. Shipping &
State Laws Federal Laws Credit Laws
Warehousing
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3.  Oppressive or bad-faith conduct

4.  What is prohibited unfair acts?
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5.  Fraud, deceit, and misrepresentation

6.  What are deceptive acts?
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7.  Unfair methods of competition

8.  What are antitrust violations like
price fixings and group boycotts?
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9.  Behaviors focused on in state unfair
trade practices acts and unfair claim
settlement acts (name 4 of 8)

10. What are
1. Unfair/deceptive , e.g. misrepresentation & false
advertising of policies
2. Defamation of competitors
3. Boycott, coercion, and intimidation
4. Creation of false financial statements
5. Unfair discrimination
6. Rebating Issuing capital stock, certificates, or
securities
7. Using advisory board/contracts
8. Promising return of profits as an inducements to
purchase insurance?
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11.  This Anti-trust Act prohibits unfair methods
of competition and unfair or deceptive
acts or practices in interstate commerce

12.  What is the Federal Trade Commission
(FTC) Act
FTC does not apply to insurance industry
FTC overlaps Sherman Act
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13.  How FTC Act differs from Sherman Act

14. What is
 FTC Act is broader
 FTC Act prohibits all unfair or
deceptive acts including those with no
relationship to competition
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this 1934 cartoon, monopolies block the "highway of competition," creating a barrier to small
business. The Federal Trade Commission has fallen by the waysidet is criticized here as "an idle
threat." (© MICHAEL J. SANDERS/USAF/GETTY IMAGES) - See more at:
http://www.enotes.com/federal-trade-commission-act-1914- eference/federal-trade-
commission-act-1914

15.  This Act prohibits behaviors that would
hinder competition such as unlawful
restraints of trade, price
discrimination, price fixing, and unlawful
monopolies.

16.  What is the Sherman
Anti-trust Act?
A trust is a centuries-old form of a contract whereby
one party entrusts its property to a second party. The
property is then used to benefit the first party.
In 1879, C. T. Dodd, an attorney for the Standard Oil
Company of Ohio, devised a new type of trust
agreement to overcome prohibitions in Ohio against
corporations owning stock in other corporations.
The Sherman Act is essentially a "competition law."
The purpose of the Act was to oppose the
combination of entities that could potentially harm
competition, such as monopolies or cartels.
The law attempts to prevent the artificial raising of
prices by restriction of trade or supply.
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17.  This federal act exempts the business of
insurance from most federal regulation,
including federal anti-trust laws to a
limited extent.

18.  What is the McCarran-Ferguson Act?
The McCarran–Ferguson Act was passed by Congress in 1945 after
the Supreme Court ruled in United States v. South-Eastern
Underwriters Association that the federal government could
regulate insurance companies under the authority of
the Commerce Clause in the U.S. Constitution.
The South-Eastern Underwriters Association controlled 90% of
the market for fire and other insurance lines in six southern
states and set rates at non-competitive levels. Furthermore, it
used intimidation, boycotts, and other coercive tactics to
maintain its Monopoly.
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19.  Parties to a bankruptcy (5)

20. Who are:
 the debtor,
 creditors (secured and
unsecured),
 a trustee,
 a bankruptcy judge,
 and attorneys?
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21.  (3) Acts protecting consumers in credit
transactions

22. What are:
 Truth in Lending Act
Purpose: consumers know terms and interest rates
 Fair Credit Billing Act
Purpose - person dissatisfied with credit card purchase has right
to not pay if good faith effort item returned and provides
merchant a chance to make things right
 Fair Debt Collection Practices
Act?
Purpose prohibit unfair and deceptive collection practices
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23.  The two avenues of relief in bankruptcy

24. What are
1. Liquidation of debtor’s assets and
distribution of proceeds to creditors
2. Reorganization of the debtor’s affairs, free
of creditors claims during the
process, and partial or full repayment of
their debts.
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25.  Type of loan not discharged in
bankruptcy

26.  What is an educational loan?
1. The Brunner Test
2. "Totality of the Circumstances" Test
http://www.lexisnexis.com/community/bankruptcylaw/blogs/bankruptcycommentary/archive/2 Home
012/08/30/quot-undue-hardship-quot-under-section-523-a-8-can-the-debtor-s-student-loans-be-
discharged.aspx#sthash.XU3sCZWP.dpuf

27.  Purpose of bill of lading (4)

28. What is
 Contract for the carriage
(transportation) of goods
 Receipt of the goods by the carrier
for delivery
 Title to goods, under certain
circumstances
 To identify the terms of agreement:
Goods by type & amt., the consignor, the carrier,
provisions of the agreement for shipping, any special
instructions, the consignee, date shipped, terms of
delivery, and freight terms (prepaid, collect, or from a
third party).
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29.  Lemon Law

30.  What is Magnuson-Moss?
1975 federal statute that governs warranties on consumer
products.
The statute is remedial in nature and is intended to protect
consumers from deceptive warranty practices. Consumer products
are not required to have warranties, but if one is given, it must
comply with the Magnuson-Moss Act
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31.  Codified implied warranties of
merchantability and fitness for intended
purpose

32.  What is the Unified Commercial Code?
The UCC’s goal is substantial uniformity in commercial laws and, at
the same time, providing states the flexibility to meet local
circumstances by modifying the UCC's text as enacted in each
state. Sales contracts are legally enforceable agreements.
• The UCC deals primarily with transactions
involving personal property (movable
property), not real property (immovable
property).
• As with all models (uniform laws), a state
could adopt the UCC verbatim or adopt the Home
UCC with specific changes.

33.  Difference between implied, express,
and full warranty

34. What are:
 Implied warranties come in two general types:
merchantability and fitness. unwritten and unspoken guarantee
that merchantable goods are goods fit for the ordinary purposes
for which they are to be used.
 Express warranties are a written or oral contractual
guarantee that a specific statement is true and is supported by
legally enforceable consequences should the promise be
broken.
 Full warranties are a warranty that completely covers the repair
or replacement of any defect in a consumer product. Implied
warranties cannot be limited when a full warranty accompanies
The product?
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