...Antitrust Laws & Their Effects Jamar Averyhart Dr. Law Trine University In order to have a free economy you must have a competitive market place. A market that is open and stimulates the economy. This gives consumers whether they are organizations or just regular citizens the opportunity to purchase consumer goods at a relatively low price. As opposed to other economies that are not open markets, and that have one firm dominating the market place. Which drives up the price of consumer goods and make them unreasonably high. This is where antitrust laws come into play ("The Antitrust Laws," 2015). What are antitrust laws? Antitrust laws keep organizations from creating monopolies in industries, or colluding to drive up the price of items. If two major firms i.e. Apple and Microsoft were to merge. They control a large majority of the marketplace in the computer industry. This merger would lead to a shift in the price of computer and computer technology. It would create unequal competition and drive many other firms out of business. With the resources and consumer base that both companies have they would be able to dictate the prices in the industry and not have to rely on consumer demand and market trends. The first ever antitrust law was passed in 1890 which was the Sherman Act ("The Antitrust Laws," 2015). The Sherman Act made it illegal to try to form a monopoly, have a monopoly, or plan to have one. ("The Antitrust Laws," 2015) With the Sherman Act violating any...
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...Abstract Anti-trust laws were created to stop businesses that are to big from blocking the competition and abusing their power over other businesses. Example 1 Why would the drug maker want to stymie generic competition? Explain. There is one major reason that any pharmaceutical company would attempt to stymie generic competition of any loss of their revenues’. Generic brands of drugs are normally provides the exact same level of benefits just at a much lower cost. The drug makers would defiantly lose millions of dollars by allowing a generic copy of their drug to be sold. The second reason would be the cost of making the drug along with advertising and marketing it as well would cost thousands of dollars. Along with the cost of researching, design, manufacturing, and compliances that goes with the federal regulations. This would mean more money out for the company. They would need to pay for any competition that would hinder any potential success of their product. With all this we also need to consider that the fact of a company’s success would to keep the investors willing to resource their projects, studies and the funding for all those developments. The company wants to make the investors happy so that they wouldn’t lose them, if they don’t maintain a certain level of profitability to keep them happy. Without the investors they would go belly up. What types of legal barriers to market entry exist? When a pharmaceutical has more marketing power they...
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...regulations to govern fair and equitable trade and business practices. However, with competition came regulation for business and trade. A Competitive America As Americans we love to compete. Therefore it is no wonder that the United States economy is based on competition. Promoting competition is accepted as the best way to promote consumer well-being. America’s anti-trust laws have been in place for more than 100 years, since the Industrialization of America protecting the consumer’s rights. However, more countries have passed anti-trust laws in the past 20 years. America’s anti-trust laws were passed to focus on anti-competitive practices. Americans have long loved free market system and the competition that it fosters. Competition among businesses has been regulated by anti-trust acts recently; however they help to maintain a fair and equitable system where the small business is able to compete with the big business. The anti-trust laws enable the consumer to purchase a quality product at an affordable price due to the competitive market that it sets in place between the businesses. Anti-trust laws are needed to continually handle the companies that would be dishonest in business practices if not for regulations and rules....
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...antitrust laws. Antitrust laws enable a free market to thrive and flourish without the fear of monopolization. Monopolization in itself isn’t a bad thing. There are naturally occurring monopolies like public utilities and when a firm is the only producer of a particular good or service. This single firm or company because the scale of economies is so large that they can supply the entire market at a lower cost than any other competing firm could. Monopolies become a problem when a firm or corporation is the only producer selling a particular good or service, this monopoly wills tend to produce fewer products at a high price. This meanwhile is not productive of a free market. The antitrust laws that are in place today came about from the Sherman Act of 1890. This act was created when the public grew resentfully of the trusts that emerged in the 1870’s and 1880’s. The Sherman Act states that “Every contract, combination in the form of a trust or otherwise, or conspiracy, in restraint of trade or commerce among several states, or with foreign nations is declared to be illegal.” This surprising short sentence is the cornerstone for our antitrust laws today. The Sherman Act basically outlawed restraints of trade, meaning anything that would restrain the flow of free trade. This gave a firm foundation for new and current business to enter into the market place; there would be no fear that they would be pushed out of the market either by price-fixing or collusion. These antitrust laws allowed...
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...familiar with antitrust laws and how they play an important factor on successfully running a business. Antitrust laws seek to make businesses compete fairly. They have a serious effect on business practices and the organization of U.S. Industry. Recently in the news many articles have highlighted the topic that Google (The world’s largest Internet search engine) has been violating antitrust laws on how they are handling some ad sales. Just earlier this year (approximately four month ago) the FTC wrapped on an investigation concluding that the search giant had not manipulated its web search results to hurt rivals (US Department of Justice, 2013). Currently in the news Google is being accused of hiding links to rival shopping. This includes travel and other websites to help protect its ad revenues. The companies coming forth explain that Google isn’t practicing ethically and are only looking to benefit their company only. Google has stepped in and is currently trying to convince the European antitrust investigation to wrap up the antitrust probe (US Department of Justice, 2013). Google has offered to change some of their search pages to give more space to rivals in order to satisfy their concerns and just alleviate the whole issue (US Department of Justice, 2013). To my understanding this ordeal falls under the Sherman Act, which was passed by congress July 2, 1890 (Wikipedia, 2013). The Act provides: "Every contract, combination in the form of trust or otherwise, or conspiracy...
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...Anti-Trust Law and Monopoly; Restraint of Trade Anti-trust laws encourage competition by “leveling the playing field”. These laws are intended to prevent large companies who have already established themselves from using their size and leverage to prevent competitors from entering their markets. The Sherman Act addresses unfair strategies in two different ways: Section 1 forbids restraint of trade and Section 2 forbids the misuse of monopoly power. Section 1 requires two or more persons conspiring together for a violation, so the essence of the illegal activity is “the act of joining together”. Section 2 refers to “every person”, so the conduct of a single person can result in a violation of Section 2. Any agreement between firms that results in reduced competition in the marketplace is restraint of trade. When there are very few firms in a market and a firm with an extreme amount of market power can affect the market price of its own product that firm has monopoly power. The Sherman Act applies only to restraints that have a significant impact on interstate commerce; it also extends to U.S. nationals abroad. The Clayton Act deals with specific practices not covered by the Sherman Act that reduce competition or lead to monopoly power. However, they only violate the Act if they are found to substantially lessen competition or create monopoly power. The price discrimination section 2 of the Clayton Act makes it illegal to injure buyers through unfair pricing and services...
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...McGill Law Journal ~ Revue de droit de McGill JUSTIFYING FIDUCIARY DUTIES Paul B. Miller* Fiduciary duties are critical to the integrity of a remarkable variety of relationships, including those between trustee and beneficiary, director and corporation, agent and principal, lawyer and client, doctor and patient, parent and child, and guardian and ward. Notwithstanding their variety, all fiduciary relationships are presumed to enjoy common characteristics and to attract a core set of demanding legal duties, most notably a duty of loyalty. Surprisingly, however, the justification for fiduciary duties is an enigma in private law theory. It is unclear what makes a relationship fiduciary and why fiduciary relationships attract fiduciary duties. This article takes up the enigma. It assesses leading reductivist and instrumentalist analyses of the justification for fiduciary duties. Finding them wanting, it offers an alternative account of the juridical justification for fiduciary duties. The author contends that the fiduciary relationship is a distinctive kind of legal relationship in which one person (the fiduciary) exercises power over practical interests of another (the beneficiary). Fiduciary power is a form of authority derived from the legal capacity of the beneficiary or a benefactor. The duty of loyalty is justified on the basis that it secures the exclusivity of the beneficiary’s claim over fiduciary power so understood. Les obligations fiduciaires sont essentielles pour...
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...Conveyancer and Property Lawyer 2009 Occupation rents and the Trusts of Land and Appointment of Trustees Act 1996: from property to welfare? Susan Bright Subject: Real property. Other related subjects: Trusts Keywords: Co-ownership; Occupation; Rent; Trustees' powers and duties Legislation: Trusts of Land and Appointment of Trustees Act 1996 s.13 (6) *CONVPL 378 This article considers what changes have been made in relation to occupation rents following the enactment of the Trusts of Land and Appointment of Trustees Act 1996 (“TLATA”). The two particular questions focused on are “liability”, that is, the circumstances in which a co-owner can be required to pay an occupation rent (or “compensation” as it is called under TLATA) to a non-occupying co-owner, and “quantum”, that is how the amount of this rent should be assessed. The issues commonly arise in the residential context, when a property initially bought as a shared home is occupied by only one of the co-owners following relationship breakdown, but can equally occur in a commercial context, for example, as part of the dissolution of a business partnership run from co-owned premises.1 Prior to the Act, most claims arose in the context of claims for equitable accounting when the property came to be sold. The apportionment of the proceeds of sale between the co-owners would reflect not simply a division based on the size of their respective shares, but could be adjusted to take account of the fact that whilst the...
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...up by reason of relationships of trust and confidence or confidential relations. Introduction Fiduciary is an important issue arises in business relationships, in partnerships, it helps create a fair business environment for all the parties when working together, in agency, it protects the principles' benefits, in corporations, it may lead the business operates properly and legally. Therefore, fiduciary obligations are closely related to co-operations Trust and confidence are the most important elements in these fiduciary relations, in this essay, the relationship of a fiduciary obligation and above relations will be demonstrated and explained. Table of Content Introduction P.1 Table of Content P.2 The Basic Concept of Fiduciary P.3 Fiduciary Concepts and Obligation vs Partnership Relations P.6 Fiduciary Concepts and Obligation vs Corporate Relations 1. Directors P.8 2. Promoters P.11 Conclusions P.13 Bibliography P.14 The Basic Concept of Fiduciary Fiduciary, under oxford’s dictionaries’ definition, is trustee who is given control or powers of administration of property in trust with a legal obligation to administer the beneficiary’s interest, and the Cambridge dictionary defines “relating to the responsibility to look after someone else's money in a correct way”. It is obvious that the fiduciary concept involves the element of mutual trust and confidence: the property or interest...
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...another. Section 9(2) of the trust property act makes mention that a trustee cannot be exempt or indemnified if they do not act with care, diligence and skill. 2.A separate bank account must be opened for each trust and this must be done by the trustees. No other trust transactions may occur into an account which is not in the trust’s name, nor can two trusts use the same bank account. 3.Records must be kept for all property that is held by the trustee in the trust. This would include the title deed etc. 4.Any account or investment must be identifiable as the trusts’. This means the trustee cannot invest the trust’s assets under any other identifiable name other than the trusts.’ 5.when a trust is terminated, the trustee may not, for a period of 5 years destroy any evidence that serves as proof of investment, safe custody, administration , alienation or distribution of trust property unless there is written proof by the Master. 6.The trustee has a duty to give effect to the terms of the trust deed or trust instrument, meaning all the terms in the trust, the trustee needs to ensure that those terms are complied with. 7.The trustee must act with the utmost good faith, meaning that all decisions and actions must be done to comply to the best of their ability to the terms and benefit of the trust. 8.The trust must act independently, meaning the trustee must not have any bias behaviour nor must they be influenced to act against the terms of the trust. 9. A trustee must invest...
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...RULES OF PROFESSIONAL CONDUCT TABLE OF CONTENTS FOREWORD....................................................................................................................... 3 APPLICATION OF THE RULES OF PROFESSIONAL CONDUCT ................................... 8 INTERPRETATION OF THE RULES OF PROFESSIONAL CONDUCT ...........................11 100 - GENERAL .................................................................................................................12 101 Compliance with Bylaws, Regulations and Rules ........................................12 102.1 Conviction of Criminal or Similar Offences ..................................................12 102.2 Reporting Disciplinary Suspension or Cancellation of Membership, or Restriction of Right to Practise ....................................................................12 103 False or Misleading Applications .................................................................12 104 Requirement to Co-operate .........................................................................13 105 Intimidation .................................................................................................13 200 - STANDARDS OF CONDUCT AFFECTING THE PUBLIC INTEREST......................14 201.1-4 Maintenance of Reputation of the Profession ..............................................14 Advocacy Services ......................................................................................14 201.5 202.1 Integrity and Due Care...
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...STEEBY VS FIAL Tort Liability Charles Fial and Roger J. Steeby entered into a partnership called Audit Consultants to perform auditing services. Pursuant to the agreement, they shared equally the equity, income, and profits of the partnership. Originally, they performed the auditing services themselves, but as business increased, they engaged independent contractors to do some of the audit work. Fial’s activities generated approximately 80 percent of the partnership’s revenues. Unhappy with their agreement to divide the profits equally, Fial wrote a letter to Steeby 7 years later, dissolving the partnership. Fial asserted that the clients should be assigned based on who brought them into the business. Fial formed a new business called Audit Consultants of Colorado, Inc. He then terminated the original partnership’s contracts with many clients and put them under contract with his new firm. Fial also terminated the partnership’s contracts with the independent-contractor auditors and signed many of these auditors with his new firm. The partnership terminated about 11 months after Fial wrote the letter to Steeby. Steeby brought an action against Fial, alleging breach of fiduciary duty and seeking a final accounting. Who wins? Steeby v. Fial, 765 P.2d 1081, Web 1988 Colo.App. Lexis 409 (Court of Appeals of Colorado) PARTIES In the Steeby vs. Fial case Roger Steeby is the plaintiff and Charles Fial is the defendant. Steeby and Fial formed a partnership at will to perform auditing...
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...title by the same person 2)unity of time-title should hv been derived at the same time 3) U of interest-each co owner is entitle to the entity of the land 4) U of possession each co owner is entitle to posses the land & cannot oust the co owner.//JT under the JT each co owner is entitle to whole of the land further the doctrine of ius accresendi(right of survivorship)//Convey in in TC –s1(6)LPA1925 Legal estate is nt capable of subsisting or of being created in an undivided share in land(TC cannot be created in law) S36(4) of settled land Act1925 provides that an undivided share in Land shall only take effect behind the trust of land.S34(2)-whr a Land is to be convey to any persons in undivided shares the conveyance shall operates as if the L has been expressed to be covaid as JT held in the property in trust for the person in trusted in law.Conway in land in JT- 36(1)LPA –LE is beneficiary limited to or held in trust for any persons in JT same shall be held in trust in like manner as if the persons Beneficiary were entitled TC. (Severing JT-) *Alienation Intervivos(during life time)*S36(2)of LPA 1925 the party that wants to severe the property should gv all other JT > a notice in writing,It must be given all the JT s ,IT must contain evidence of an immediate intention to severe the property Re drapers conveyance held such an intention was sufficient to severe a JT.*Acquiring a different interest >this is where a co tenet has required a different interest to what he initially...
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...TRUST DEED This Deed of Public Charitable Trust executed on this ____ day of ___________ by Mr. XXXXXXXXXXXXXXXXXXXXXXXXXXXX, S/o. Sri. Venkateswarlu, aged 63 years, Occupation : Business, resident of Inlukudurupet, Machilipatnam, Kirshna District, Andhra Pradesh, hear in after called “Author of the Trust”, (which expression shall, unless excluded by repugnant to the context, be deemed to include his executors, administrators and representatives) of one part and 1. Mr. XXXXXXXXXXXXXXXXXXXXXXXXXXXX, S/o. Sri. XXXXXXXXX, aged 63 years, Occupation : Business, resident of Door No: XXXXXXXXXXXXXXXX District, Andhra Pradesh Hereafter referred to as “Trustee” ( which expression shall, unless excluded by or repugnant to the context, be deemed to include the trustee or trustees duly appointed for the time being of these presents and their successors in office ) of the other part. Whereas the Author of the Trust is desirous of establishing a trust for public charitable objects. And whereas the trustee has, at the request of the Author of the Trust, agreed to act as the first trustee of these presents as testified by his being parties to and executing these presents. And whereas it is necessary to declare the object and terms of the public charitable trust being constituted under these presents. NOW THIS INDENTURE WITNESSETH AS FOLLOWS: 1. That, in order to effectuate his aforesaid desire, the Author of the Trust has set apart and handed over to the...
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...inheritance or would it be given to the church (which looks like a charity to Willis and Wanda); would Darlene’s manipulating husband spend the money and what would happen in the case of divorce; what about possible grandchildren (does Ohno have a sibling?); and when Derelict is in prison would his inheritance be required to pay restitution? What happens if Willis or Wanda are incapacitated? The first thing I would advise would be to open a Revocable Living Trust for Willis (Trust A), one for Wanda (Trust B), and a Children’s trust with a spend-thrift clause to keep Derelict from spending his inheritance foolishly. Trust funds up to $5,120,000 are excluded from estate taxes so I would fund Wanda’s trust to that amount, and fund Willis’ trust with the rest. This would give them lower estate taxes because they would not be paying on the total amount. These trusts will avoid probate when the time comes which is a concern of Wanda and Willis. I would list the children’s trust as the beneficiary to Willis’ and Wanda’s trusts upon their deaths. Wanda and Willis are still alive and we do not know of any life-threatening diseases, they will want to have access to their funds now while finding ways to help their children financially. Under the Gifting Plan, each child could receive $13,000 each year. This would reduce the estate (thus reducing the amount of estate tax) and give them a chance to watch their children’s behavior. They will also want to have Power of...
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