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Question 61

Multiple Choice

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Common law relies on decisions made by judges in previous cases.These earlier decisions are called:

A) administrative guidelines.
B) precedents.
C) arbitration rules.
D) statutory models.

E) B) and C)
F) None of the above

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Question 62

Multiple Choice

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Big Johnson Products charges Moe's Meats a lower price for goods because Moe and Johnson play golf together regularly.Big Johnson charges other firms similar to Moe's Meats more for the same products and this is beginning to hurt the business of the other firms.In fact,Moe's Meats is taking so much business away from the others due to its lower prices that the other firms are in danger of going out of business.This is an example of:

A) price discrimination.
B) price reversal.
C) price-cutting.
D) price maintenance.

E) A) and B)
F) None of the above

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Question 63

Multiple Choice

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Which of the following is considered as a cause for the significant increase in bankruptcies?

A software development firm based in Florida and conducting business in Texas is unsure about the differences in state laws regarding business transactions.What body of laws standardizes interstate business regulations?

Which of the following can review and,when necessary,overturn decisions made at the trial court level?

Bankruptcy is the legal process by which a person,business,or government entity that is unable to meet financial obligations is relieved of those debts by a court.

When Sears agrees to replace or repair your defective treadmill at no charge to you,Sears is fulfilling a full warranty on your treadmill.

Administrative agencies actually have a greater impact on businesses than courts do.

"Exclusive dealing" means selling goods with the condition that the buyer will not buy goods from a competitor.

Chapter 7 bankruptcy requires the sale of the nonexempt assets of debtors.

In order for a contract to be legal,mutual acceptance is achieved when one party is under duress.

Which of the following is a condition required for a legally binding contract?

The Justice Department's lawsuit against Microsoft is an example of an antitrust case.

The number of Americans filing for bankruptcy each year has increased since the late 1980s.

The section of the Bankruptcy Code that allows a business to reorganize and pay only a limited proportion of its debts is Chapter:

The most popular form of bankruptcy among individuals is Chapter 11.

Administrative agencies are given the power by Congress to pass rules and regulations within a specific area of authority.

Sondra was expecting a shipment of food from one of her suppliers and it didn't come.When she called the supplier the phone was disconnected.Later Sondra read that the supplier had gone out of business because it couldn't pay its debts.The supplier likely declared Chapter __________ bankruptcy.

When a local restaurant offers a discount to senior citizens,they have violated the price discrimination provisions of the Robinson-Patman Act.

If an automobile manufacturer unknowingly sells a defective product that causes an injury,the manufacturer is protected from product liability lawsuits.