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The concerted action requirement of the Sherman Act Section 1:
a. may be established by an express agreement.
b. is not met when a parent corporation and its wholly owned subsidiaries agree to a
restraint in trade.
c. requires factors, additional to conscious parallelism, such as identical sealed bids
from each competitor.
d. All of the above.
An example of the "course of dealing" concept that courts will use in interpreting a
contract under the UCC would be:
a. Steven and Michelle have been involved in contracts together for over 5 years.
Steven maintains the sign for Michelle's restaurant. Each time Steven sees the sign
needs repair, he fixes it without need of express consent from Michelle. Michelle has
always paid the bill promptly.
b. Temaco, Superior Oil, and AllBig, are the largest national oil companies in the
country. In each refinery, orders are placed at the beginning of each quarter for priority
delivery to distributors.
c. Bob sees an ad in the local paper for heritage poppy seeds sold by Mel. He calls Mel
and is so excited by his find that he orders a quantity of the seeds to be shipped as soon
as possible but does not inquire as to price. Mel sends him the seeds and the invoice.
d. None of the above.
Wanda at age 17 purchased an expensive sound system from Music World. If Wanda
wishes to ratify this contract, Wanda:
a. must reach the age of majority and ratify the contract as a whole.
b. may do so by express notification at any time before reaching the age of majority.
c. may at any time keep the stereo but avoid any remaining debt owed on the stereo.
d. may do so at any time by express or implied action before or after reaching the age of
majority.
Conversion of an instrument will occur if:
a. a bank cashes a check with a forged indorsement.
b. a bank refuses to return a canceled check.
c. a bank takes a check from another bank.
d. an indorser gives a check to the bank.
A shareholder would have all of the following rights EXCEPT the right to:
a. inspect the corporate records in order to discover customer lists to share with a
competitor.
b. see corporate financial statements in order to value his share for future sale.
c. bring suit against the corporation to require payment of his declared dividend.
d. bring suit on behalf of the corporation to recover improper dividends.
Winding up involves all but which one of the following?
a. Selling assets for cash.
b. Collecting debts owed to the partnership.
c. Taking orders for business.
d. Paying creditors.
Marketable title means that the title is free from which of the following?
a. Encumbrances.
b. Defects in the chain of title appearing in the land records.
c. Events that deprive the seller of title.
d. All of the above.
If an agent, at his principal's direction, fixes prices with the principal's competitors:
a. only the agent is criminally liable.
b. only the principal is criminally liable.
c. both the principal and agent are criminally liable.
d. any liability would be civil only.
At common law, __________ was defined as a breaking and entering of a dwelling of
another at night with the intent to commit a felony.
a. burglary
b. bribery
c. robbery
d. theft
When does acceptance of an offer to enter into a unilateral contract generally occur?
a. Upon notice of intent to accept by the offeree.
b. Upon full performance by the offeror.
c. Upon commencement of performance by the offeree.
d. Upon full performance by the offeree.
The case of In Re The Score Board, Inc. involved the issue of:
a. a minor's liability for misrepresentation of age.
b. whether an incompetent person's contracts are void or voidable.
c. ratification of a contract upon attaining majority.
d. liability for necessaries.
Breton owes Parkerson $750, which is due on June 1. Discuss the sufficiency of
consideration if Breton offers Parkerson: (a) $600 in full settlement on June 1 if the
debt is undisputed; (b) $600 in full settlement on April 10 if the debt is undisputed; and
(c) $500 on June 1 to settle the debt if the amount of the debt is validly disputed.
Plant patents require which of the following elements?
a. Distinctiveness.
b. Novelty.
c. Non-obviousness.
d. All of these are correc.
How does Immanuel Kant's approach to ethical decision-making differ from that of an
ethical fundamentalist?
a. Kant's approach is premised on man's rationality and not on principles handed down
from above.
b. Kant's approach stresses liberty and not justice.
c. Kant's approach judges society in moral terms by how it distributes goods and
services.
d. Kant's approach assesses each separate act according to whether it maximizes
pleasure over pain.
Actual authority conferred upon an agent for a specified time does not continue after
the specified time.
Together Maynard, Armstrong, Starnes, Tidmore, and Collazos own 51 percent of the
shares of Gibson, Inc. Under either straight or cumulative voting, if they vote for the
same people, they can always elect the entire board of directors.
The contract between the buyer and the seller cannot provide for any additional
remedies other than those specified in the Code.
It is a fundamental policy that if the parties do not provide definite enough terms in
their contracts, the courts will complete the contract in the court's best judgment.
Dividends are ordinarily paid in cash, but may be paid in property.
Stan is 55 years old and was recently laid off from his job at the Hi-Standard
Corporation. He has applied for 50 different jobs, but gets the impression that
companies prefer younger workers. Does Stan have any recourse under federal law?
Negotiability invests commercial paper with a high degree of marketability and
commercial utility by allowing it to be freely transferable and enforceable by a holder
in due course.
Pedro receives an unordered three-CD set in the mail accompanied by the statement,
'This CD set can be purchased for the special price of $19.95. If the CDs are not
returned within two weeks they will be deemed accepted and the payment is due within
30 days of receipt of the CDs.' Pedro is under no obligation to either return the CDs or
to pay for them; he may use them or give or throw them away.
In 1992 Horizontal Merger Guidelines were jointly issued by the Justice Department
and the Federal Trade Commission.
All agency decisions must include a statement of findings of fact and conclusions of
law and the reasons or basis for them, as well as a statement of the appropriate relief.
