A federal statute intended to protect consumers by
setting standards for written product warranties and curbing deceptive warranty
practices. The act is enforced by the Federal Trade Commission.
Use of the U. S. mails to perpetrate a fraudulent
scheme; a violation of federal law. The mail fraud statute has been applied
broadly to prosecute a wide range of criminal activities, including insider trading
of securities.
In a collective bargaining agreement, a clause
requiring that workers who voluntarily join a union may not leave it until
shortly before the agreement expires.
The opinion of an appellate court stating the
decision and reasoning of the majority of its members.
A court order to compel an official to perform duties
required of that official by law.
Wages, hours, and other terms and conditions of
employment; employers have a duty to bargain in good faith with respect to
these subjects.
In product liability law, a defect in an individual
product that fails to perform as the' manufacturer intended, or differs from
supposedly identical products from the same lot.
A statute enacted by Congress in 1972 that restricts
dumping of wastes into the ocean.
The belief that competition will allocate resources
correctly, and that a market free from government interference produces the
greatest number of desirable goods. One of the competing economic beliefs
during the late 19th and early 20th centuries; it was propounded in the late
18th century by Adam Smith.
A type of con glomerate merger, in which the products
of the merging firms fill the same functions but are sold in different
geographic areas.
A condition occurring when a market allocates resources
inefficiently or when competition is absent from an industry. Market failure
has been proposed as a justification for government intervention in the economy
by, for example, providing subsidies or regulating prices.
The power to profitably sell goods or services at
prices higher than they would be in a competitive market.
In product liability law, a concept that enables
plaintiffs to hold all the manufacturers in an industry liable for injuries
caused by a certain product. Liability is based proportionately on each
manufacturer's share of the market. The concept may be applied when it is
nearly impossible for the plaintiff to prove which manufacturer actually
marketed the product that the plaintiff used.
A form of business organization combining elements of
a limited partnership and a corporation. It raises capital by selling shares of
stock, but pays no corporate taxes; its income is taxed as income to the
individual partners. The tax advantages of the form are being phased out.
In land use planning, a plan setting forth general
goals for an area on a statewide or regional basis.
A relatively informal method of dispute resolution,
conducted by a third party who may actively intervene in the dispute. Mediators
have no power to bind the parties; the parties themselves control the mediation
process and ran accept or reject the result.
Criminal state of mind; a guilty or wrongful purpose.
The absorption of one company into another; the
purchase by one firm of another firm's assets, or of enough of its stock to
take control of its ownership.
A voluntary dispute resolution process, used
primarily in business disputes, in which the parties exchange information and
present legal arguments before executives from both firms or a neutral adviser.
It may serve to limit the issues in pending litigation or to resolve the
dispute entirely.
In contract law, a traditional rule providing that a
response to an offer that does not exactly mirror the terms of the offer is a
counteroffer, not an acceptance. Applied strictly, the rule would make many
contracts unenforceable; the rule has been modified under the UCC.
An offense less serious than a felony, punishable by
fine or imprisonment of less than one year.
An untrue statement of fact. A misrepresentation will
void a contract if it was material or made with intent to deceive.
In contract law, a defense asserting that a contract
is invalid because one or both parties were mistaken about its terms. In
criminal law, a defense asserting that the act in question would have been
lawful if the facts had actually been as the actor reasonably assumed they
were.
One of the categories of the contractual defense of
mistake. Occurs when an intermediary such as a telegraph operator errs in
transmitting an offer between parties.
One of the categories of the contractual defense of
mistake. Occurs when the terms of an oral agreement are incorrectly written
down.
One of the categories of the contractual defense of
mistake. Occurs when the parties have interpreted the terms of the contract
differently; if the two interpretations are equally reasonable, then the
contract is invalid.
A version of the insanity defense, holding that a
person is insane if, at the time of a criminal act, he or she could not
understand the nature of the act or distinguish whether it was right or wrong.
A statute, drafted by an American Bar Association
committee and adopted in a majority of states, that sets out rules for the
formation, operation, and governance of corporations.
A market structured so that one company controls the
sale of a product or service. Under Section 2 of the Sherman Act, an illegal
monopoly involves two elements: possession of monopoly power in the relevant
market, and willful acquisition or maintenance of that power.
The power to control prices or to exclude competition.
Occurs when the issue raised in a case no longer has
practical consequences for the parties.
A motion by a defendant requesting that the court dismiss
the plaintiff's complaint because, even if everything in the complaint is true,
the plaintiff still is not legally entitled to relief.
The cause of, or reasons behind, a criminal act.
A corporation involved in international commercial or
economic relations; also known as multinational enterprise and transnational
corporation.
In antitrust law, an approach to analyzing the
legality of a merger. Its premise is that the accumulation of assets by a
merged firm is inherently suspect, even if there is no immediate likelihood
that noncompetitive prices would result. Under this analysis, any evidence of
anticompetitive effects tends to show that a merger is illegal.
In contract law, a situation in which both parties
were mistaken about certain factual conditions. Such a situation usually allows
the contract to be voidable.
Magnuson-Moss Warranty Act: