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Peregrine Exam Day 11 Exam/41 Questions and Answers (Legal Environment of Business)
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Peregrine Exam Day 11 Exam/41 Questions and Answers (Legal Environment of Business)
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Peregrine Exam Day 11 Exam/41 Questionsand Answers (Legal Environment of Business)
interstate commerce - -trade between two or more states
-subpoena - -a court order requiring appearance and/or testimony
-Administrative Agency - -a federal, state, or local government agency
established to perform a specific function
-judical review - -the power of the Supreme Court to declare laws and
actions of local, state, or national governments unconstitutional
-Consumer Protection Laws - -variety of laws and goverment agencies
protect the public against harmful products.
-Chapter 7 Bankruptcy - -a filing has been done, and a cease letter is sent
to each employee about three weeks before the close of the company. Next
somebody can buy your company and then no Bankruptcy will happen. If no
buyer happens, the bank or some other entity, will take a look at all the
assets and then try and sell the assets. Typically, only 1/3rd of employees
are kept to finish the loose ends of the company.
-Chapter 11 Bankruptcy - -protects an insolvent firm from creditors during a
period of reorganization to restore profitability
-Chapter 13 Bankruptcy - -a reorganization form of bankruptcy for
individuals that allows the debtors to keep their property and use their
income to pay a portion of their debts over three to five years
-Equal Credit Opportunity Act - -Gives all applicants the same rights. Credit
providers may not discriminate based on: Age, Social Security, Housing
loans.
-Fair Credit Reporting Act - -Act that protects privacy of background
information and ensures that information supplied is accurate.
-Fair Credit and Charge Card Disclosure Act - -An amendment to the TILA
that requires disclosure of certain credit terms on credit card and charge
card solicitations and applications
-Fair Credit Billing Act (FCBA) - -sets procedures for promptly correcting
billing mistakes, refusing to make credit card payments on defective goods,
and promptly crediting payments
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