1. An individual makes an offer to buy an item from a company for $5,000.
When is a contract for the purchase of the item created?
A. When the individual present the $5,000 to the company
B. When the company makes a counteroffer
C. When the offer is presented to the company
D. When the offer is accepted by the company
2. What are the elements that make a contract enforceable?
A. Terms, configuration, timeliness, legality
B. Offer, entitlement, majority, legality
C. Offer, acceptance, consideration, morality
D. Agreement, consideration, capacity, legality
3. At what point is a contract implied?
A. When all important terms of the contract are expressed in writing
B. When contract terms are explicitly stated
C. When the conduct of the parties indicates the terms of the contract
D. When written terms of the contract are approved by the parties' attorneys
4. What action by a party to a contract constitutes a breach of the contract?
A. One party refuses to perform one of the contract terms.
B. One party requests that the other party perform additional actions that not included in the contract.
C. One party indicates the contract may not be performed in the future unless certain conditions occur.
D. The parties agree not to perform any of the terms included in the contract.
5. What type of remedy to breach of contract is compensatory damages?
A. Injunctive remedy
B. Restitution remedy
C. Expectation remedy
D. Equitable 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 offers coupons and special sales to its customers to increase market dominance.
B. ABC develops a marketing scheme that compares its products favorable to those produced by XYZ.
C. ABC prevents XYZ from using local private carriers by creating exclusive contracts with the carriers.
D. ABC reduces prices to its retailers and offers deeper discounts to compete more agressively with XYZ.
7. What was the purpose of the Sherman Antitrust Act of 1890?
A. To prevent extreme concentrations of economic power.
B. To increase competition among the utility companies.
C. To prevent actions increasing trade in the textile industry.
D. To increase competition in the oil industry.
When is a contract for the purchase of the item created?
A. When the individual present the $5,000 to the company
B. When the company makes a counteroffer
C. When the offer is presented to the company
D. When the offer is accepted by the company
2. What are the elements that make a contract enforceable?
A. Terms, configuration, timeliness, legality
B. Offer, entitlement, majority, legality
C. Offer, acceptance, consideration, morality
D. Agreement, consideration, capacity, legality
3. At what point is a contract implied?
A. When all important terms of the contract are expressed in writing
B. When contract terms are explicitly stated
C. When the conduct of the parties indicates the terms of the contract
D. When written terms of the contract are approved by the parties' attorneys
4. What action by a party to a contract constitutes a breach of the contract?
A. One party refuses to perform one of the contract terms.
B. One party requests that the other party perform additional actions that not included in the contract.
C. One party indicates the contract may not be performed in the future unless certain conditions occur.
D. The parties agree not to perform any of the terms included in the contract.
5. What type of remedy to breach of contract is compensatory damages?
A. Injunctive remedy
B. Restitution remedy
C. Expectation remedy
D. Equitable 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 offers coupons and special sales to its customers to increase market dominance.
B. ABC develops a marketing scheme that compares its products favorable to those produced by XYZ.
C. ABC prevents XYZ from using local private carriers by creating exclusive contracts with the carriers.
D. ABC reduces prices to its retailers and offers deeper discounts to compete more agressively with XYZ.
7. What was the purpose of the Sherman Antitrust Act of 1890?
A. To prevent extreme concentrations of economic power.
B. To increase competition among the utility companies.
C. To prevent actions increasing trade in the textile industry.
D. To increase competition in the oil industry.