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Simple English definitions for legal terms

fair trade laws

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A quick definition of fair trade laws:

Term: Fair trade laws

Definition: Fair trade laws were rules made by states in the 1930s to let manufacturers decide the prices of their products sold by retailers. These laws were created to help during the Great Depression when prices kept changing a lot. Manufacturers wanted to set the lowest price for their products because they thought that if the price was too low, people would think the product was not good. But, fair trade laws were stopped by states as international trade grew, and in 1975, Congress made it illegal under the Sherman Antitrust Act.

A more thorough explanation:

Fair trade laws were created in the 1930s by states to allow manufacturers to set prices for their products by retailers. These laws were made to counteract the constant price changes caused by the Great Depression. Manufacturers wanted to set minimum prices for retailers on their products because they were afraid that too low of prices would make their brand or product less valuable to consumers.

For example, let's say a company makes a popular brand of sneakers. They want to sell their sneakers for at least $50, but some retailers are selling them for only $30. The company worries that if the sneakers are sold for too low of a price, people will think they are not as good as they really are. So, they ask the state to make a fair trade law that says retailers cannot sell their sneakers for less than $50.

However, as international trade increased, it became harder to enforce fair trade laws. In 1975, Congress made fair trade laws illegal under the Sherman Antitrust Act.

Fair Minimum Wage Act of 2007 | fair use

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[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
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