Bussiness law and ethics
1. An individual makes a offer to buy an item from a company for 5k. when is a contract for the purchase of the item created?
When the company makes a counter offer
When the offer is presented to the company
xWhen the offer is accepted by the company
When the individual presents the 5k to the company
2. What are the elements that make a contract enforceable?
a. Offer, entitlement, majority, legality
b. Offer, acceptance, consideration, morality
c. Terms, configuration, timeliness, legality
d. Aggrement, consideration, capacity, legality
3. At what point is a contract implied?
a. When written terms of the contract are approved by the parties’ attorneys b. When all important terms of the contract are expressed in writing c. When the conduct of the parties indicates the terms of the contract d. When contract terms are explicitly stated.
4. What action by a party to a contract constitutes a breach of the contract? a. One party indicates the contract may not be performed in the future unless certain conditions are met. b. The parties agressnot to perform any of the terms included in the ontract c. One party refuses to perform on of the contract terms
d. One part request that the other party perform additional actions not included in th contract 5. Which type of remedy to breach of contract is compensatory damages? a. Equitable remed
b. Restitution remedy
c. Injunctive remedy
d. Expectation remedy
6. ABC company is dominant in a market that XYZ company intends to enter. Which practice is a violation of antitrust laws? a. ABC reduces prices to its retailers and offers deeper discounts to compete more aggressively with XYZ b. ABC develops a marketing scheme that compares its products favorable to those by XYZ c. ABC offers coupons and special sales to its customers to increase market dominance d. ABC prevents XYZ from using local private carriers by creating exclusive contracet with carriers 7. What is the purpose of the Sherman antitrust act of 1890? a. To increase competition among the utility companies
b. To prevent actions increasing trade in the textile industry c. To prevent extreme concentrations of economic power
d. To increase completion in the oil industry
8. Which business practice would be a violations of the Clayton antitrust act of 1914? a. Companies A and B delvelop plans to increase market share through the introduction of new product features b. Companies A and B independently reduce prices toincrease sales revenues and gain market share c. Companies A and B develop new marketing plans to gain market share d. Companies A and B engage in exclusive talks to control prices to maintain high levels of profitability 9. What laws to the federal trade commission enforce
a. Consumer laws
b. Competition laws
c. Employment laws
d. Patent laws
10. A store advertises a certain item for a sale price of 450. A customer goes to that stores on the day of the advertisement to purchase the items. The salesperson indicates that the advertised item is out of stock bt a more advanced model of the item is available for 550. What practice prohibited under the FTC act has te store used? a. Consumer fraud
b. Bait and switch
c. Deceptive advertising
d. Unfair promotions
11. Which actions of a water bottling company would be regulated by the EPA a. Inventing water bottling equipment
b. Selling water bottling equipment
c. Selling bottle water
d. Selling empty water bottles
12. A power company receives a yearly emissions allowance. The company is exceeding the allowance emissions by EPA clean air act. EPA requires the company to shut down. Which action can the power company take to continue operationg? a. Request an emissions variance
b. Shorten operating hours
c. Use lower sulfur coal
d. Buy more emissions allowances
13. What is a violation of the clean water act of 1972?
a. A municipality restricts use of wetlands within city limits b. A business is contract to...
Please join StudyMode to read the full document