Describe the Wheeler-Lea Act of 1938 and Name the Company

question 38

Essay

Describe the Wheeler-Lea Act of 1938 and name the company and the amount of that company's fine for their 2016 violation of this act.

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Definitions:

Fiduciary Duty

A legal obligation requiring one party to act solely in another party's interest with a high standard of care, especially in matters concerning trust and confidence.

Office Equipment

Items and machinery used in an office to assist in tasks and operations, such as computers, printers, and furniture.

Profit Made

The revenue remaining after all expenses have been deducted from total sales.

Derivative Action

A lawsuit brought by a corporation's shareholder on behalf of the company against a third party, often for breach of fiduciary duty.