JeopardyCPCU 530 Commercial Law

Donna M. Kesot, CPCUFebruary 27, 2013

100 100 100 100

State Laws Credit Laws

Shipping & WarehousingFederal

Laws

400400400

300 300 300

200 200 200200

300

400

C1 100 Question

Oppressive or bad-faith conduct

C1 100 Answer

What is prohibited unfair acts?

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C1 200 Question

Fraud, deceit, and misrepresentation

C1 200 Answer

What are deceptive acts?

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C1 300 Question

Unfair methods of competition

C1 300 Answer

What are antitrust violations like price fixings and group boycotts?

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C1 400 Question

Behaviors focused on in state unfair trade practices acts and unfair claim settlement acts (name 4 of 8)

C1 400 AnswerWhat are 1. Unfair/deceptive , e.g. misrepresentation & false

advertising of policies2. Defamation of competitors3. Boycott, coercion, and intimidation4. Creation of false financial statements5. Unfair discrimination6. Rebating Issuing capital stock, certificates, or

securities7. Using advisory board/contracts 8. Promising return of profits as an inducements to

purchase insurance?

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Daily Double

C2 100 Question

This Anti-trust Act prohibits unfair methods of competition and unfair or deceptive acts or practices in interstate commerce

C2 100 Answer

What is the Federal Trade Commission (FTC) Act

FTC does not apply to insurance industryFTC overlaps Sherman Act

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C2 200 Question

How FTC Act differs from Sherman Act

C2 200 AnswerWhat is FTC Act is broader FTC Act prohibits all unfair or

deceptive acts including those with no relationship to competition

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this 1934 cartoon, monopolies block the "highway of competition," creating a barrier to small business. The Federal Trade Commission has fallen by the waysidet is criticized here as "an idle threat." (© MICHAEL J. SANDERS/USAF/GETTY IMAGES) - See more at: http://www.enotes.com/federal-trade-commission-act-1914- eference/federal-trade-commission-act-1914

C2 300 Question

This Act prohibits behaviors that would hinder competition such as unlawful restraints of trade, price discrimination, price fixing, and unlawful monopolies.

C2 300 Answer What is the Sherman

Anti-trust Act?

A trust is a centuries-old form of a contract whereby one party entrusts its property to a second party. The property is then used to benefit the first party.

In 1879, C. T. Dodd, an attorney for the Standard Oil Company of Ohio, devised a new type of trust agreement to overcome prohibitions in Ohio against corporations owning stock in other corporations.

The Sherman Act is essentially a "competition law." The purpose of the Act was to oppose the combination of entities that could potentially harm competition, such as monopolies or cartels.The law attempts to prevent the artificial raising of prices by restriction of trade or supply.

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C2 400 Question

This federal act exempts the business of insurance from most federal regulation, including federal anti-trust laws to a limited extent.

C2 400 Answer What is the McCarran-Ferguson Act?The McCarran–Ferguson Act was passed by Congress in 1945 after the Supreme Court ruled in United States v. South-Eastern Underwriters Association that the federal government could regulate insurance companies under the authority of the Commerce Clause in the U.S. Constitution.

 The South-Eastern Underwriters Association controlled 90% of the market for fire and other insurance lines in six southern states and set rates at non-competitive levels. Furthermore, it used intimidation, boycotts, and other coercive tactics to maintain its Monopoly.

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C3 100 Question

Parties to a bankruptcy (5)

C3 100 Answer

Who are: the debtor, creditors (secured and

unsecured), a trustee, a bankruptcy judge, and attorneys?

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C3 200 Question

(3) Acts protecting consumers in credit transactions

C3 200 AnswerWhat are: Truth in Lending Act Purpose: consumers know terms and interest rates

Fair Credit Billing ActPurpose - person dissatisfied with credit card purchase has right to not pay if good faith effort item returned and provides merchant a chance to make things right

Fair Debt Collection Practices Act?

Purpose prohibit unfair and deceptive collection practicesHome

C3 300 Question

The two avenues of relief in bankruptcy

C3 300 Answer

What are 1. Liquidation of debtor’s assets and

distribution of proceeds to creditors

2. Reorganization of the debtor’s affairs, free of creditors claims during the process, and partial or full repayment of their debts.

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C3 400 Question

Type of loan not discharged in bankruptcy

C3 400 Answer

What is an educational loan?

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1.  The Brunner Test2. "Totality of the Circumstances" Test

http://www.lexisnexis.com/community/bankruptcylaw/blogs/bankruptcycommentary/archive/2012/08/30/quot-undue-hardship-quot-under-section-523-a-8-can-the-debtor-s-student-loans-be-discharged.aspx#sthash.XU3sCZWP.dpuf

C4 100 Question

Purpose of bill of lading (4)

C4 100 AnswerWhat is Contract for the carriage

(transportation) of goods Receipt of the goods by the carrier for

delivery Title to goods, under certain

circumstances To identify the terms of agreement:

Goods by type & amt., the consignor, the carrier, provisions of the agreement for shipping, any specialinstructions, the consignee, date shipped, terms of delivery, and freight terms (prepaid, collect, or from a third party).

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C4 200 Question

Lemon Law

C4 200 Answer

What is Magnuson-Moss?

1975 federal statute that governs warranties on consumer products.

The statute is remedial in nature and is intended to protect consumers from deceptive warranty practices. Consumer products are not required to have warranties, but if one is given, it must comply with the Magnuson-Moss Act

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C4 300 Question

Codified implied warranties of merchantability and fitness for intended purpose

C4 300 Answer What is the Unified Commercial Code?The UCC’s goal is substantial uniformity in commercial laws and, at the same time, providing states the flexibility to meet local circumstances by modifying the UCC's text as enacted in each state. Sales contracts are legally enforceable agreements.

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• The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

• As with all models (uniform laws), a state could adopt the UCC verbatim or adopt the UCC with specific changes.

C4 400 Question

Difference between implied, express, and full warranty

C4 400 AnswerWhat are: Implied warranties come in two general types:

merchantability and fitness. unwritten and unspoken guarantee that merchantable goods are goods fit for the ordinary purposes for which they are to be used.

Express warranties are a written or oral contractual guarantee that a specific statement is true and is supported by legally enforceable consequences should the promise be broken.

Full warranties are a warranty that completely covers the repair or replacement of any defect in a consumer product. Implied warranties cannot be limited when a full warranty accompanies The product?

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