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Business Law Ch 15

Business Law with UCC Applications Ch 15

QuestionAnswer
Annual Percentage Rate (APR) The true rate of interest on a loan.
Bait-and Switch Confidence Game An illegal promotional practice in which a seller attracts consumers by promoting a product (bait) that he or she does not intend to sell and then directs the consumers' attention to a higher-priced product (switch).
Balloon Payment A large final payment on a mortage that has relatively low fixed payments during the life of the mortgage.
Buyer's Guide A window sticker that is required by the Federal Trade Commission Act to be placed in the window of each used car offered for sale by a used car dealer. It discloses the warranties that are made with the sale of the car and consumer protection info.
Can Spam Act A federal law designed to reduce the use of unsolicited email, commonly known as spam, on the internet.
Class-Action Lawsuit A lawsuit that is brought by one or more plaintiffs on behalf of a class of persons.
Commerce Trade among the several states or between any foreign country and any state or territory.
Consent Order Under the Federal Trade Commission Act, an order under which a company agrees to stop a disputed practice without necessarily admitting that the practice violated the law.
Consumer Somone who buys or leases real estate, goods, or services for personal, family, or household purposes.
Cooling-Off Rule A Federal Trade Commission rule under which sales of consumer goods or services over $25 made away from the seller's regular place of business may be canceled within three business days after the sale occurs.
Dunning Letter A letter representing payment for goods.
Finance Charge The actual cost of the loan in dollars and cents.
Interstate Commerce Business activities that touch more than one state.
Intrastate Commerce Business activites that have no out-of-state connections.
Slamming The illegal practice of changing a consumer's telephone service without permission.
Spam Unsolicited e-mail.
Used Car Rule A rule established by the Federal Trade Commission requiring used car delears to place a sticker, called a Buyer's Guide, in the window of each used car they offer for sale. The sticker provides consumer protection information.
Cancellation Form Under the Federal Trade Commission's Cooling-Off Rule, a document that can be filled out to terminate an order for consumer goods or services made at the buyer's home for consumer goods or services valued at $25 or more.
Continuity Plan In sales law, an arrangement by which the seller of goods ships the goods to the subscriber on a regular basis without first sending an anouncement of the upcoming delevery.
Mail and Telephone Order Rule The Federal Trade Commission rule that states that sellers must ship orders within the time promised in their advertisements.
Product Liability A law that imposes liability on the manufacture and the seller of a product produced and sold in a defective condition.
Public Interest The idea that certain activities affect the entire social structure and must, therefore, be regulated by the government.
Public Policy The general legal principle that says no one should be allowed to do anything that tends to injure the public at large.
Strict Liability The doctrine under which people may be liable for injuries to others whether or not they have been negligent or committed an international tort. (Also called Absolute Liability.)
Created by: dengler on 2010-11-02



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