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Week 3 Chapters
Business Law
| Term | Definition |
|---|---|
| Sherman Anti-Trust Act | Controls monopolistic behavior. 1) every contract in the form of trust/restraining trade among states or nations is illegal 2) every person trying to monopolize is guilty of felony (prohibits companies and individuals from monopolizing) |
| Market Power | The ability to control price and exclude competitors |
| Divestiture Order | A court order to dispose of interests that could lead to a monopoly |
| Clayton Act | A federal law that prohibits price discrimination |
| Robinson-Patman Act | A federal statute designed to eliminate price discrimination in interstate commerce |
| Price Discrimination | The charging practice by a seller of different prices to different buyers for commodities of similar grade and quality, resulting in reduced competition or a tendency to create a monopoly |
| Tying | The anti-competitive practice of requiring buyers to purchase one product in order to get another |
| Treble damages | Three times the damages actually sustained |
| Administrative Agency | Government body charged with administering and implementing legislation |
| Administrative Law | Law governing administrative agencies |
| Administrative Procedure Act | Federal law that establishes the operating rules for administrative agencies |
| Freedom of Information Act | Federal law permitting citizens to request documents and records from administrative agencies |
| Open Meeting Law | Law that requires advance notice of agency meeting and public access |
| Federal Register Act | Federal law requiring agencies to make public disclosure of proposed rules, passed rules, and activites |
| Federal Register | Government publication issued five days a week that lists all administrative regulations, all presidential proclamations and executive orders, and other documents and classes of documents that the president or congress direct to be published |
| Administrative Law Judge | Judicial figure who hears administrative agency actions |
| Informal Settlements | Negotiated disposition of a matter before an administrative agency, generally without public sanctions |
| Consent Decrees | Informal settlements of enforcement actions brought by agencies |
| Hearing Officier | Another name for an administrative law judge |
| Intervenors | In administrative actions, third parties who have an interest in the issues being determined by the ALJ |
| Cease-and-desist order | Order issued by a court or administrative agency to stop a practice that it decides is improper |
| Exhaustion of administrative remedies | Requirement that an agency makes its final decision before the parties can go to court |
Created by:
scott5
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