Competition Law Overview
24 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What does the Right to Deletion allow consumers to do?

  • Request access to their personal data
  • Correct inaccurate personal data
  • Opt out of data collection
  • Request the deletion of personal information (correct)

Which act regulates the collection of personal information from children under 13?

  • Children's Online Privacy Protection Act (correct)
  • Gramm-Leach-Bliley Act
  • Fair Credit Billing Act
  • Health Insurance Portability and Accountability Act

Which law allows consumers to request corrections of inaccurate personal data in some states?

  • California Consumer Privacy Act (correct)
  • Equal Credit Opportunity Act
  • Truth in Lending Act
  • Dodd-Frank Act

What is the primary focus of the Dodd-Frank Act in consumer protection?

<p>Prohibiting predatory lending practices (B)</p> Signup and view all the answers

How does the Equal Credit Opportunity Act support fair lending practices?

<p>Prohibits discrimination based on specific characteristics (D)</p> Signup and view all the answers

Under the Fair Credit Billing Act, what is the maximum liability for consumers if their card is lost or stolen?

<p>$50 (A)</p> Signup and view all the answers

Which of the following does NOT fall under the financial consumer protection laws?

<p>Online Data Protection Regulations (C)</p> Signup and view all the answers

The Health Insurance Portability and Accountability Act (HIPAA) primarily protects what type of information?

<p>Health information (D)</p> Signup and view all the answers

What is the primary purpose of the Federal Trade Commission Act?

<p>To protect consumers and promote fair competition (B)</p> Signup and view all the answers

What responsibility do businesses have under consumer protection laws?

<p>To provide accurate information and disclosures (D)</p> Signup and view all the answers

State consumer protection laws are typically designed to address what?

<p>Specific issues within the state and provide additional protections (B)</p> Signup and view all the answers

Which of the following is a key action the government takes to enforce consumer protection?

<p>Investigating violations and imposing penalties (D)</p> Signup and view all the answers

What main action can consumers take if they feel their rights have been violated?

<p>Seek legal recourse and file complaints (D)</p> Signup and view all the answers

What does the Fair Debt Collection Practices Act primarily regulate?

<p>The behavior of debt collectors (B)</p> Signup and view all the answers

Which major consumer protection law established the FTC?

<p>Federal Trade Commission Act (C)</p> Signup and view all the answers

What is a fundamental expectation consumers have regarding the safety of products?

<p>Products must be safe and as advertised (A)</p> Signup and view all the answers

What is the primary federal agency responsible for protecting consumer privacy and enforcing actions against unfair practices in data handling?

<p>Federal Trade Commission (FTC) (C)</p> Signup and view all the answers

Which of the following would be considered an unfair practice under consumer protection laws?

<p>Including hidden fees in a service contract (C)</p> Signup and view all the answers

In a product liability lawsuit, what must a family prove to seek damages for an injury caused by a hazardous toy?

<p>The toy had no warnings attached (C)</p> Signup and view all the answers

Under the Consumer Product Safety Act (CPSA), which agency can order a recall of hazardous toys?

<p>U.S. Consumer Product Safety Commission (CPSC) (D)</p> Signup and view all the answers

What constitutes a deceptive practice according to consumer protection laws?

<p>Making claims that are misleading enough to influence decision-making (B)</p> Signup and view all the answers

Which of the following is an example of a mechanical safety standard for toys?

<p>Ensuring toys have no sharp edges (D)</p> Signup and view all the answers

Which scenario would likely not be covered under consumer protection laws regarding product safety?

<p>A consumer using a toy in an unintended way (B)</p> Signup and view all the answers

Which of the following served as an example of a deceptive practice in marketing?

<p>Misrepresenting the effectiveness of a product (C)</p> Signup and view all the answers

Flashcards

Consumer rights

The rights of consumers to expect safe and fairly advertised products, report violations, and seek legal remedies.

Federal Trade Commission Act (FTCA)

A U.S. law that created the FTC to protect consumers and promote fair competition by prohibiting unfair/deceptive practices.

Consumer Protection Laws

Federal and state laws designed to protect consumers from unsafe/unfair business practices and provide a path to recourse.

Fair Debt Collection Practices Act

A U.S. federal law that sets standards for how debt collectors can interact with consumers.

Signup and view all the flashcards

FTC (Federal Trade Commission)

A U.S. government agency that enforces consumer protection laws, investigates violations, and educates consumers.

Signup and view all the flashcards

State consumer protection laws

Laws at the state level that complement federal regulations, often providing additional protections for consumers within specific areas.

Signup and view all the flashcards

Deceptive business practices

Actions by businesses that mislead consumers, often involving false advertising or misrepresentation.

Signup and view all the flashcards

Consumer product safety

The safety of products offered for sale to customers, encompassing regulatory standards and consumer expectations of safe products.

Signup and view all the flashcards

HIPAA

A law that protects health information.

Signup and view all the flashcards

COPPA

A law that protects children's online privacy.

Signup and view all the flashcards

GLBA

A law that protects financial information for consumers.

Signup and view all the flashcards

Right to Access

Consumers can get information about their personal data from companies.

Signup and view all the flashcards

Right to Deletion

Consumers can ask companies to delete their personal information.

Signup and view all the flashcards

TILA (Truth in Lending Act)

Credit card companies must clearly explain interest rates, fees, and repayment.

Signup and view all the flashcards

CARD Act

Limits sudden interest rate increases and overdraft fees for credit cards.

Signup and view all the flashcards

Predatory Lending

Loan practices with high fees or hidden terms.

Signup and view all the flashcards

Unfair Practice

Business actions causing substantial consumer harm, avoiding reasonable avoidance, and not outweighed by benefits to consumers or competition.

Signup and view all the flashcards

Deceptive Practice

Misleading or likely to mislead consumers, with material enough information to affect decision making.

Signup and view all the flashcards

Product Safety

Standards and regulations ensuring product safety for consumers.

Signup and view all the flashcards

Product Liability

Legal responsibility of a manufacturer for injuries caused by a defective product.

Signup and view all the flashcards

Online Privacy

Consumer rights surrounding the handling of personal data online.

Signup and view all the flashcards

FTC

Federal agency that protects consumers' privacy and enforces actions against unfair data handling practices.

Signup and view all the flashcards

Study Notes

Competition Law

  • Competition law aims to promote fair competition, prevent monopolies, and protect consumers from anti-competitive practices.
  • Core principles are rooted in key statutes and legal doctrines.
  • The Sherman Antitrust Act (1890) prohibits unreasonable restraints of trade and monopolization.
  • The Clayton Act (1914) addresses specific practices not clearly prohibited by the Sherman Act.
  • The Federal Trade Commission Act (1914) created the FTC to enforce antitrust laws.
  • Monopolies, when one company dominates a market, can lead to higher prices, reduced output, and less consumer choice.
  • Monopolies can come from exclusive resources, technology, market success, economies of scale, or collusion.
  • Anti-competitive practices like price-fixing, market allocation, bid-rigging, and abuse of dominant position are prohibited.
  • Predatory pricing is an antitrust violation where companies deliberately lower prices to eliminate competition and raise them later.

Consumer Protection Law

  • Consumer protection laws aim to protect consumers from unfair, deceptive, or fraudulent practices.
  • Laws aim to ensure that businesses operate fairly, provide accurate information, and uphold safety standards.
  • Key purposes:
    • Ensuring fair trade practices.
    • Protecting consumers from harm (unsafe products).
    • Providing accurate information for informed decisions.
    • Providing legal remedies for consumer rights violations.
  • Major U.S. consumer protection laws include the Federal Trade Commission Act, the Fair Debt Collection Practices Act, and the Consumer Product Safety Act.
  • Agencies like the Federal Trade Commission (FTC) and the Consumer Product Safety Commission (CPSC) enforce these laws.
  • Consumer protection laws often vary by state, offering additional protections beyond federal levels.
  • Examples of consumer protection issues include defective products (like the case of a toy with choking hazards), unfair practices, deceptive practices, fraudulent practices, and issues concerning warranties.
  • Case studies illustrate how consumer protection laws apply to real-world situations.

Online Privacy and Data Protection

  • Federal Trade Commission (FTC) is a key federal agency for protecting consumer privacy.
  • Sector-specific regulations, like the Health Insurance Portability and Accountability Act (HIPAA) and Children's Online Privacy Protection Act (COPPA) provide additional protection.
  • Consumers have rights to access, deletion, opt-out, and correction of their personal data.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Related Documents

Competition & Consumer Protection Laws PDF

Description

This quiz explores the fundamental principles of competition law, including key statutes like the Sherman Antitrust Act and the Clayton Act. It addresses the implications of monopolies and anti-competitive practices, highlighting how these laws aim to protect consumers and promote fair competition. Test your knowledge on the essential concepts of antitrust regulations and their enforcement.

More Like This

Use Quizgecko on...
Browser
Open
Browser
Browser