Consumer Protection Regulations: Understanding Government Interventions, Assignments of Introduction to Business Management

Download Consumer Protection Regulations: Understanding Government Interventions and more Assignments Introduction to Business Management in PDF only on Docsity! Assignment #15 T opic: Regulation for Consumer Protection Reading Assignment: Chapter 15 This chapter is a compendium of many related topics dealing with government attempts to protect consumers. The emphasis is on understanding the philosophical and economic reasons why government intervenes to protect consumers in these areas. The topics covered in this chapter include: 1) common law methods of consumer protection (fraud and misrepresentation) 2) unconscionable contracts under the Uniform Commercial Code 3) a summary of state and federal consumer protection legislation. 4) consumer finance issues, including regulation of consumer credit (TILA, ECOA, FCBA, FDCPA,FCRA, ) 5) debtor protection including debt correction practices and bankruptcy protection. 6) consumer protection abroad. In class, students should be prepared to discuss: 1. The common law materials on page 574-576. The following questions concern the common law protections against fraud, misrepresentation and statutory forms of regulation by government. a. Should state and/or local governments require sellers of residential property to disclose to buyers the defects in the property, or should buyers be required to use the common law remedies of fraud and misrepresentation suits? What is the proper role of government in the regulation of the sale of residential properties? b. If you favor government required disclosure systems, list the types of defects which sellers should be required to disclose to buyers? How do you characterize the types of defects which you believe should be disclosed? c. If your answer to question #1 is opposed to government required disclosure of defects systems, will the common law remedies discussed in the chapter adequately protect buyers against defects they could not detect? Explain. d. Should the sale of commercial property be subject to different disclosure rules than residential property? Why or why not? 2. Unconscionable Contracts: Prepare to discuss the East Ford case (P.577- 579).” Was the arbitration clause both “Procedurally” and “Substantively” unconscionable? 3. State auto ”lemon laws”: General Motors case (p. 581-583) What is the “subjective and objective impairment” test?