Term
| What administrative agency regulates the environment? |
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Definition
| The Environmental Protection Agency |
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Term
| What are three functions of an administrative agency? |
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Definition
Rule Making
Judicial authority
Licensing |
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Term
| What are false and deceptive practices? What law does it stem from and what does it provide? |
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Definition
omitting information, and misinformation, makes an unsubstantiated
Advertising, bait and switch, door-to-door sales. It stems from the Federal Trade Commission Act (FTC Act) it is used to regulate business conduct. Prohibits false advertising. |
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Term
| What is the Federal Trade Commission? |
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Definition
Enforces the FTC Act as well as other federal consumer protection statutes.
Regulates business. |
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Term
| What is the Anticyber squatting Consumer Protection Act? |
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Definition
It shuts down cyber squatters (when a person registers an internet domain name in the name of a famous person)
1. The name must be famous and registered in bad faith. |
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Term
| What does the Securities Act of 1933 require to be filed and describe it. |
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Definition
A written registration statement
Contains required information about the issuer, the securities to be issued, and other relevant information |
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Term
| What is the Public Company Accounting Oversight Board (PCAOB) and what law created it? |
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Definition
Oversees audits of public companies.
Sarbanes Oxley Act created it. |
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Term
| What law requires the signing of the Principal Executive’s Oath and what must the oath certify? |
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Definition
| The principal executive officer and the principal financial officer must verify that the based on his or her knowledge there are no untrue statements of material facts or omissions. Requires a report on internal controls. Based on the executive’s knowledge the financial statements fairly present financial condition. |
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Term
| What is the punishment for document destruction? |
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Definition
| A fine and possibly imprisonment for up to 20 years |
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Term
| What is the maximum jail term for securities fraud under Securities Exchange Act of 1934? |
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Definition
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Term
| What is Insider Trading ? |
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Definition
| When you sell or buy stock because you have inside information that the general public does not have. |
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Term
| What are the things required by the Sarbanes Oxley Act? |
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Definition
| PCAOB requires audit committees. Internal controls strengthened, enhanced financial disclosures (loans to officers and other transactions must be properly disclosed), and the principal executive oath. |
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Term
| What is the role of the Securities and Exchange Commission(SEC)? |
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Definition
| Administer the federal securies laws (registration statement and company has to file audited financial statements yearly and quarterly) enforce the anti fraud commissions. |
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Term
| What are private placements and what is the significance of “private placement” status? |
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Definition
| Stock offers only offered to 35 unauthorized |
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Term
| What is Rule 10b of the Securities Act of 1934? |
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Definition
| Prohibits the use of manipulative and deceptive representations to sell securities. fraud |
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Term
| What is strict liability? |
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Definition
| makes manufacturers, wholesalers, retailers, and others in chain of distribution of a defective product liable for the damages caused by the defect, irrespective of fault. |
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Term
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Definition
| The threat of immediate harm or offensive contact or any action that creates a reasonable apprehension of imminent harm. (Creating a fear) |
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Term
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Definition
| It is mental state. For example, for murder 1, typically the required mental state must be malevolent state of mind – premeditated murder – |
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Term
| What are the three different categories of torts? |
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Definition
| intentional, unintentional (negligence) and strict liability |
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Term
| What type of tort is false imprisonment? |
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Definition
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Term
| What is false imprisonment? |
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Definition
| Intentional confinement or restraint of another person without their consent |
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Term
| What type of tort is negligence? |
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Definition
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Term
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Definition
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Term
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Definition
failing to do something that a reasonable person would do
ex: failing to shovel snow and ice from the sidewalk |
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Term
| What are the essential elements that must be proved in a negligence lawsuit? |
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Definition
the plaintiff must prove that the defendant owed a duty of care to the plaintiff
the defendant breached this duty of care
the plaintiff suffered injury
the defendant’s negligent act caused the plaintiff’s injury |
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Term
| What is comparative negligence? |
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Definition
| damages are apportioned according to fault. Also known as comparative fault. |
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Term
| What is contributory negligence? |
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Definition
| a plaintiff who is partially at fault for his or her own injury cannot recover against the negligent defendant |
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Term
| What is the standard of judicial review of a government activity or regulation that classifies persons based on a suspect class(ie race)? |
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Definition
| Strict scrutiny test- a test that is applied to classifications based on race. |
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Term
| What does Title VII of the Civil Rights Act f 1964 now prohibit? |
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Definition
| Eliminate job discrimination based on five protected classes: race, color, religion, sex, and national origin. |
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Term
| What was the primary problem the Civil Rights Act of 1964 was originally enacted to address? |
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Definition
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Term
| What is the Americans With Disabilities Act? |
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Definition
| Imposes obligations on employers and providers of public transportation, telecommunications, and public accommodations to accommodate individuals with disabilities |
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Term
| What is the Age Discrimination Act? |
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Definition
| Cannot discriminate employees at age 40+ |
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Term
| How can commercial speech be regulated? |
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Definition
| To time, place, and manner restrictions. |
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Term
| What is the role of the jury? |
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Definition
| The jury weighs the evidence and finds the defendant guilty or not guilty. |
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