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Business Law in Accounting pre-assessment questions ((age discrimination…
Business Law in Accounting
pre-assessment questions
informal agency action
purpose: to provide advance notice that formal rulemaking may be forthcoming
action has the government implemented in order to minimize health care costs
Insurance companies must spend at least 80% of individual premiums on benefits or pay a rebate to the insured.
Federal Drug Administration Act
Federal Food, Drug, and Cosmetic Act
Consumer Food Safety Act
Food Safety modernization act
Congress pass in 2011 to give the Food and Drug Administration (FDA) greater authority to recall any food products suspected to be tainted
The Equal Credit Opportunity Act
The Fair Debt Collection Practices Act
prohibits: A specialized debt-collection agency contacted a consumer at his home at four o’clock in the morning to collect a past due medical bill owed by the consumer’s mother. During the call, the collection agency harassed and threatened the consumer if payment of the debt was not forthcoming.
The Truth-in-Lending Act
The Fair Credit Reporting Act
Comprehensive Environmental Response, Compensation, and Liability Act
purpose: To regulate the cleanup of hazardous waste disposal sites
Section 2 of the Clayton Act
purpose: To prohibit price discrimination agreements
Actual fraud
Constructive fraud
Professional fraud
Material fraud
Private Securities Litigation Reform Act of 1995 impact the liability of accountants
By limiting an accountant’s liability to a proportionate share of the damage resulting from a wrongful act
worker is eligible for unemployment compensation under the Federal Unemployment Tax Act
staff member who is involuntary terminated and actively seeking employment
Davis-Bacon Act
Paying prevailing rates to all employees paid with federal funds
Labor-Management Relations Act
National Labor Relations Act
ensures employees have the right to a duly designated representative who bargains collectively on their behalf
Norris-LaGuardia Act
Labor-Management Reporting and Disclosure Act
remedy is available to an employee who is discriminated against because of a disability, according to ADA
equal employment opportunity commission can sue on behalf of an employee
title 8 of the civil rights act of 1964
age discrimination employment act
plaintiff to show that unlawful bias is the primary reason for an adverse employment action
civil rights act of 1866
equal pay act of 1963
act by party terminates agency relationship
lapse of time
:
agency by agreement
formed by express consent or implied by conduct
agency by ratification
agency by estoppel
agency by operation of law
duties of agent
must employ usual and customary efforts and skill in completing the agreed-upon assignment
duties of breach
principal against an agent
recovering any benefits or profits that were obtained by virtue of the agency relationship
agent against and principal
agent exerise implied authority
by acting in a manner indirectly understood by custom or inferred from the position the agent occupies
agent exercise apparent authority
by acting when the principal causes a third party to believe that the agent has the authority to act
agent and partner/employer share liabilities
requirements of a firm offer for the formation of a sales and lease contract
signed by the offeror