What are the federal laws governing business transactions?
Business transactions in the state of Washington are subject to a variety of different federal laws. The most important of these laws are the Federal Trade Commission (FTC) Act and the Sherman Antitrust Act. The Federal Trade Commission (FTC) Act, passed in 1914, is a federal law that protects consumers from unfair business practices such as false advertising, monopolies and price-fixing. It also protects the public from unfair or deceptive business practices, such as bait-and-switch tactics. The Sherman Antitrust Act, passed in 1890, was the first federal law to regulate or prohibit trusts and monopolies. It prevents businesses from forming cartels and monopolies, which can have a detrimental effect on competition and consumer prices. It also makes it illegal for firms to exchange information with competitors that might be used to fix prices or rig bids. In addition to these two laws, Washington state has its own consumer protection laws. These laws govern areas such as consumer credit, consumer warranties and business-to-consumer disputes. The state also has rules and regulations concerning securities, franchises and business licensing. Overall, federal laws are in place to provide consumer protection, promote healthy competition, and deter businesses from acting in potentially unethical ways. By following these laws and regulations, businesses in Washington can ensure that they are operating in a law-abiding manner.
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