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Simple English definitions for legal terms
Miller–Tydings Act
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A quick definition of Miller–Tydings Act:
The Miller-Tydings Act was a law passed in 1937 that allowed companies to set minimum prices for their products when sold by retailers. This meant that retailers could not sell the products for less than the set price. The law was created to help small businesses compete with larger ones and was in effect until 1975 when it was repealed.
A more thorough explanation:
The Miller-Tydings Act was a federal law passed in 1937 that amended the Sherman Act. It allowed for fair-trade laws to be exempt from the Sherman Act and made it legal for producers and retailers to agree on resale prices for products.
For example, if a company produces a popular brand of sneakers, they can set a minimum price that retailers must sell the sneakers for. This ensures that all retailers are selling the product at the same price and prevents price wars that could harm the brand's reputation.
The Miller-Tydings Act was repealed in 1975 by the Consumer Goods Pricing Act, which made it illegal for manufacturers to set minimum prices for their products.