Ethics & Laws Flashcards
Which law prohibits you from storing credit card data?
PCI Compliance (Payment Card Industry)
What is the money laundering threshold that has to do with a docile approach?
$10,000
What law prohibits you from disclosing pertinent patient information?
HIPAA (Health Insurance Portability & Accountability Act of 1966)
Where is the UCC adopted?
In all 50 states + all U.S. territories
What type of property does the UCC cover?
Personal, not real
What does the UCC simplify?
Business transactions between two parties (merchants and consumers)
What does the UCC standardize?
Contractual assumptions between two parties (merchant and consumer)
Who does the UCC favor as “innocent participants” in a dispute?
Consumers
Who does the UCC assume are “experts” in a transaction?
Merchants
Three typical bases for disputes covered by the UCC:
- Price
- Delivery date
- Non-conforming goods
What are the six main types of business structures?
1) Sole proprietor
2) Partnership
3) LLC
4) S/C Corp
5) LP (Limited Partnership)
6) Not-for-profit
What does UCC stand for?
Uniform Commercial Code
What are the four basic elements of a contract?
1) Offer
2) Consideration
3) Acceptance
4) Mutuality
What basic element of a contract involves both parties understanding and agreeing to its substance and terms?
Mutuality
