Business Law

Insurance

A contract in which one person, in return for a fee, agrees to guarantee another loss caused by a specific type of danger.

Insurable Intrest

A person has an insurable interest if she would be harmed by the danger that she has insure against.

Person

An individual, corporation, partnership, or any other legal entity.

Insurance Contracts

An insurance policy must meet all the common law requirements for a contract - offer, acceptance, consideration, and legal capacity.

Consumer Protection

Chapter 25

Environmental Law

Chapter 26

Intellectual Property

Chapter 28

Insurance

Chapter 32

Unordered Merchandise

Consumers may keep as a gift any unordered merchandise that they receive in the mail.

Credit Card Fees

Credit card companies are not allowed to increase fees and interest rates on any charges already incurred until cardholder has missed two consecutive payments.

Types of Patents

Design Patent, Plant Patent, Utility Patent

EPA

Environmental Protection Agency

The Consumer Finance Protection Bureau

Has the authority to take action against those committing "abusive acts" against consumers. (True)

Qualified Mortgages

If lenders give a qualified mortgage, they are deemed to have complied with TILA.

Truthful In Lending Act

In all loans regulated by TILA, the lender must disclose information clearly.

Credit Card Disputes with A Merchant

In the event of a dispute between a customer and a merchant, the credit care company cannot bill the customer if: She makes a good faith effort to resolve the dispute. The dispute is for more than $50 The merchant is in the same state where she lives or is within 100 miles of her house.

Material Misrepresentation

Insured have the right to void a policy if the insured makes a material misstatement or conceals a material fact.

Mortgages

Lenders must make a good faith effort to determine whether a borrower can afford to repay the loan. They may not coerce or bribe an appraiser into misstating a home's value. Nor may they charge prepayment.

Bad Faith By Insurer

Many courts have held that insurance policies contain a covenant of good faith and fair dealing and have found insurance companies liable for compensatory and punitive damages if they commit fraud, refuse to pay legitimate claims in a timely manner, or wrongfully refuse to settle a claim.

National Environmental Policy Act

NEPA requires all federal agencies to prepare an environmental impact statement (EIS) for every major federal action significantly affecting the quality of the environment.

Property Insurance

Property insurance covers physical damage to real estate, personal property (boats, furnishings), or inventory from causes such as fire, smoke, lightning, wind, riot, vandalism, or theft.

Patent

Protects: An invention that is the tangible application of an idea. Requirements: Application approved by the PTO Duration: 20

Copyright

Protects: The tangible expression of an idea, but not the idea itself. Requirements: Automatics once it is in tangible form. Duration: 70 years after death of the author or corporation; 95 years from publications or 120 years from creation, whichever is shorter.

Trademark

Protects: Words and symbols that a business used to identify its products or services. Requirements: Must be used on the product in interstate commerce. Duration: 10 years, but can be renewed an unlimited number of times.

Trade Secrets

Protects: information that when used in business, gives its owner an advantage over competitors. Requirements: Must be kept confidential. Duration: As long as it is kept confidential.

Wet Lands

The Clean Water Act prohibits any discharge or dredge and fill material into wetlands without permit.

Do-Not-Call Registry

The Federal Trade Commission prohibits telemarketers from calling or texting numbers listed on its do-not-call registry.

Unfair Practices

The Federal Trade Commission prohibits unfair and deceptive acts or practices. (True)

Bait-And-Switch

The Federal Trade Commission rules prohibit bait-and-switch advertisement. A merchant may not advertise a product and then disparage it (or make it unavailable) to consumers in an effort to sell a different item.

Resource Conservation And Recovery Act

The Resource Conservation and Recovery Act establishes rules for treating both hazardous and nonhazardous forms of solid waste.

Premium

The consideration that the owner pays under the policy.

Owner

The person who enter into the insurance contract and pays the premiums.

Insurer

The person who issues the insurance policy and serves as guarantor.

Beneficiary

The person who receives the proceeds from the insurance policy.

Insured

The person whose loss is the subject of the insurance policy.

Telephone Consumers Protection Act

The telephone consumer protection act prohibits telemarketers from making autodialed and or prerecorded calls or texts to cell phones and prerecorded calls to residential landlines unless the consumer unambiguously consents in writing.

Comprehensive Environment Response, Compensation and Liablity Act (Cercla or Superfund

Under CERCLA anyone who has ever owned or operated a site on which hazardous wastes are found, who has transported wastes to the site, or who has arranged for the disposal of wasted that were released at the side is liable for: 1) the cost of cleaning up the site 2) any damage done to natural resources 3) any required health assessments

Clean Air Act

Under the Clean Air Act, the EPA has the authority to regulate both the total amount of existing air pollution and its ongoing production. The EPA must also regulate greenhouse gases.

Clean Water Act

Under the Clean Water Act, any discharge into navigable water from a point source is illegal without permit (from the EPA or a state). The EPA must set national standards for water quality generally, and then each state has to develop plans to achieve these standards. States must also develop a plan for nonpoint source pollution.

Fair Credit Billing Act

Under the Fair Credit Billing Act, a credit card company must promptly investigate and respond to any consumer complaints about a credit card bill.

Merchandise bought by mail, by telephone, or online

Under the Federal Trade Commission rules for this type of merchandise, sellers must ship an item within the time stated or, if no time is given, within 30 days after receipt of the order.

Toxic Substances Control Act

Under the TSCA, manufacturers must register new chemicals with the EPA.