Statutory Laws

question 79

Multiple Choice

Statutory laws:

• A) include regulations developed by the Federal Trade Commission.
• B) grow out of court decisions.
• C) include regulations developed by the Better Business Bureau.
• D) are based on legislation passed either by state legislatures or by Congress.
• E) are established by local,state,and federal regulatory agencies.

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Definitions:

Franchise

A business model where individuals or entities are granted the rights to operate a business under the brand and guidance of an established company.

Disclosure Statements

Documents that outline the critical information and financial details every party involved needs to know in a financial transaction or legal agreement.

American Franchisee Association

An organization that represents the interests and rights of franchise owners in the United States.

Trade Association

A trade association is an organization founded and funded by businesses that operate in a specific industry, designed to promote common interests, provide resources, and advocate for policies favorable to the industry.