Deceptive Advertising and Consumer Protection: Terms and Definitions, Quizzes of Banking Law and Practice

Download Deceptive Advertising and Consumer Protection: Terms and Definitions and more Quizzes Banking Law and Practice in PDF only on Docsity! TERM 1 Deceptive Advertising DEFINITION 1 There is a representation, omission or practice thatIs likely to mislead consumers acting reasonably under the circumstancesAnd the representation, omission or practice is material. TERM 2 Mortimer Snerd Standard DEFINITION 2 The FTC will protect even the most ignorant. TERM 3 Edgar Birger DEFINITION 3 Owned a dummy named Mortimer Snerd. TERM 4 Materiality DEFINITION 4 Representation, omission or practice must be likely to affect their choice of or conduct regarding a product. TERM 5 Unfairness 1st Definition DEFINITION 5 Immoral, unethical and unscrupulous conduct(deceptive circle inside unfairness circle) TERM 6 Unfairness 2nd Definition DEFINITION 6 FTC changes the definition to include actual injury(venn diagram) TERM 7 Unfairness Current Definition DEFINITION 7 1994 Statutory Definition:Causes or likely to cause substantial injury, not reasonably avoidable by consumers, not outweighed by countervailing benefits to consumers or competitions. TERM 8 Spoof DEFINITION 8 Obvious lie; false and non-deceptive TERM 9 Puffery Colloquial Definition DEFINITION 9 Exaggeration or hyperbole TERM 10 Puffery Legal Definition DEFINITION 10 A term frequently used to denote the exaggerations reasonably to be expected of a seller as to the degree of quality of his product, the truth or falsity of which cannot be precisely determined. TERM 21 Wally Snyder DEFINITION 21 Lawyer at University of Iowa who was involved in the corrective advertising of Listerine TERM 22 Why would an agency agree to a consent order? DEFINITION 22 If the chance of losing is highCostPublicityNegotiable TERM 23 Section 13b DEFINITION 23 Not a remedyTemporary cease and desist order that forces advertisers to stop running an ad until the case has been determine TERM 24 Preliminary Injunction DEFINITION 24 Until the case is decided, an advertiser must stop running an ad. Guilty until proven innocent in order to prevent further deceptions. TERM 25 Lanham Trademark Act DEFINITION 25 A false designation of origin or any false description or representation TERM 26 Treble Damages DEFINITION 26 If you win, you win 3x the amount. TERM 27 Balkanization DEFINITION 27 Fragmentation; the breaking up of what was once unitedIf each state starts regulating advertising and they each take their own approach, it could be the end of national advertising. TERM 28 NAAG DEFINITION 28 National Association of Attorneys GeneralWrote guidelines for advertisers to follow to stay out of trouble TERM 29 Michigan Consumer's Protection Act DEFINITION 29 Unfair, unconscionable or deceptive methods, acts or practices in trade or commerce (are illegal)Punitive Damages TERM 30 Benefits to Self Regulation DEFINITION 30 FasterCheaperComplements LawCan be more strictGreater reachMoral AdhesionMinimize frictions TERM 31 Negatives to Self Regulation DEFINITION 31 EnforcementSelf-servingCan be used to avoid lawsAnti-trust can be violated easilyFinancial TERM 32 RFID DEFINITION 32 Radio Frequency Identification Device TERM 33 Online Behavioral Advertising DEFINITION 33 Using the PII (personally identifiable information) online about you to create specific advertising messages for you. TERM 34 Power i DEFINITION 34 First button created that when clicked, consumers could opt out of having their information shared. TERM 35 Advertising Options Icon DEFINITION 35 9 months after Power i, advertising options icon was a redesign that still remained largely ineffective.