Influenced and Corrupt Organizations Act (RICO) A
federal statute enacted in 1970 and designed to prevent infiltration of
organized crime into legitimate businesses. It includes provisions covering
both criminal and civil violations; its civil provisions have been held to
apply to a broad range of enterprises and commercial activities.
A principal's retroactive approval of an agent's
action, which, at the time it was taken, was without the principal's authority.
Land and everything attached to it, including the air
above it and the minerals below its surface.
Practice in which a company refuses to buy anything
from another company unless the other company buys something in return.
The process of recording a copyright or trademark
with the appropriate federal or state office. If a copyrighted work is
registered within five years of original publication, the copyright is presumed
to be valid.
A document disclosing a company's financial data
that, under the federal securities laws, generally must be filed with the
Securities and Exchange Commission before the company can issue securities to
the public.
A regulation issued by the Securities and Exchange
Commission exempting private stock offerings from certain registration
requirements.
A regulation issued by the Federal Reserve Board
which contains detailed requirements for compliance with the Truth in Lending
Act.
Action by which an appellate court returns a case to
a lower court for further proceedings.
The means used to enforce a right or obtain
compensation for an injury.
A device whereby a financially distressed corporation
restructures itself, developing a plan for retiring its debt and returning to
profitable operations. A corporation may seek a reorganization voluntarily, or
it may be sought by the corporation's creditors. The reorganization plan must
be approved by a bankruptcy court.
A plan that may be filed by debtors who owe less than
a certain amount of debt. Under such a plan, debt is wiped out after an
agreed-upon amount is repaid.
A court proceeding to recover specific property in a
debtor's possession.
A pleading that the plaintiff may use to respond to
the defendant's answer.
Arrangement whereby a buyer agrees to purchase all it
needs of a particular product from a particular supplier at a specified price.
Practice whereby a company requires that its
customers sell its products at specified prices. Resale price maintenance is a
per se violation of the antitrust laws if it applies to interstate commerce.
A doctrine imposing liability on an employer for
injuries committed by his or her employees within the scope of their
employment.
The party against whom an appeal is filed. Also
called the appellee.
A form of equitable remedy available to a party to a
contract when the other party has breached. Restitution allows the party to
cancel the contract and be restored to the position he or she was in before the
contract was formed.
A theory of criminal punishment that holds that
offenders should receive a punishment commensurate with their crimes in order
to redeem the values of society. Its underlying premise is that humans are
responsible agents who can choose between right and wrong.
Preferential treatment in which opportunities in
hiring, promotion, or admissions are extended to minorities or women over
members of the "majority, " that is, white males. Such treatment is
held to be justified in some cases in order to remedy the effects of past
discriminatory practices.
Laws effective in a number of states that make it
illegal to require union member ship in order to get a job.
Refers to the doctrine that to be decided by a court,
a case must be ripe, or ready for adjudication; that is, it must not be
hypothetical or based on an anticipated rather than an active conflict.
Term referring to the successful industrialists and
financiers of the late 19th century.
A 1936 amendment to the Clayton Act, outlawing
specific practices relating to price discrimination.
An SEC rule designed to limit insider trading. The
rule makes it illegal to use any device, scheme, or artifice to defraud in
connection with the purchase or sale of any security.
An SEC rule that prohibits false or misleading proxy
statements from being issued to shareholders.
An SEC rule that exempts from registration
requirements certain stock offerings that will be sold for a total of $500,000
or less within any 12-month period. Part of Regulation D.
An SEC rule that exempts from registration
requirements certain securities that are to be sold for $5 million or less
annually, 'so long as the securities are offered to no more than a specified
number of investors. Part of Regulation D.
An SEC rule that exempts certain securities from
registration requirements, so long as the investors involved are sufficiently
sophisticated or are represented by a knowledgeable person. Part of Regulation
D.
The process by which an administrative agency
considers and adopts new rules and regulations. The process, which may be
classified as "formal" or "informal, " allows interested
citizens an opportunity to comment before new rules are adopted.
In antitrust law, a doctrine formulated by the U.S.
Supreme Court to determine when a trade practice violated Section I of the
Sherman Act. The Court declared that certain restraints of trade are not
illegal per se; instead, the legality of a particular agreement may depend on
whether its consequences were "reasonable" or
"unreasonable."
In the philosophy of legal positivism the secondary
rules that tell us how to settle disputes.
In the philosophy of legal positivism, the secondary
rules that explain how the system can be modified.
In the philosophy of legal positivism, the secondary
rules that determine whether a particular law is valid.
Sales Puffing: Claims by the seller about the quality
of a product that merely express the seller's opinion or recommendation. Such
claims are not definite enough to create an express warranty, even though in
some cases they are hard to distinguish from express warranties.
