QUESTION Viktor says he agreed to house-sit for the Deeners for three months for $300 per month, for $900 total. The Deeners say the agreement was for $300 total. If this case went to arbitration, under which condition of contract law would the case most likely be handled? A) Capacity: Viktor would need to prove […]
Date: September 3rd, 2020
QUESTION What are antitrust laws? A) laws to regulate competition B) laws protecting buyers C) laws affecting relief for debtors D) laws affecting sales transactions E) laws applying to wrongful injuries ANSWER Answer: A Explanation: A) Antitrust law consists of laws designed to keep markets competitive by deterring big businesses from driving out small […]
Date: September 3rd, 2020
QUESTION Which of the following correctly describes the specific performance type of remedy to a breach of contract? A) I have the right to decide that no further action is necessary. B) I have the right to insist the other party go ahead with his or her part of the agreement. C) The other party […]
Date: September 3rd, 2020
QUESTION Robin and Chris have divorced and each wants full custody of their son. What legal options are open to them at this point? What will be an ideal response? ANSWER Answer: Robin and Chris have three options. (1) They could go to mediation, in which a neutral third party listens to both sides […]
Date: September 3rd, 2020
QUESTION Implied warranties represent only guarantees of terms specifically stated by the seller. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: An implied warranty may represent terms not specifically stated by the seller.
Date: September 3rd, 2020
QUESTION Deregulation is the scaling back, or relaxation in enforcement, of laws and administrative rules that seemed to restrain competition. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Deregulation is the scaling back, or relaxation in enforcement, of laws and administrative rules that seemed to restrain competition.
Date: September 3rd, 2020
QUESTION The Federal Communications Commission regulates the airwaves. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: The FCC regulates radio and TV communication.
Date: September 3rd, 2020
QUESTION The Securities and Exchange Commission regulates stock and bond markets. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: The SEC regulates trading in stocks and bonds so that fair and transparent standards are applied.
Date: September 3rd, 2020
QUESTION What is the definition of statutory laws? A) laws governing international business activities B) laws governing domestic business activities C) written laws created by legislative bodies D) unwritten laws made by judges ruling on individual cases E) laws made by government boards, commissions, and agencies ANSWER Answer: C Explanation: C) Statutory laws are […]
Date: September 3rd, 2020
QUESTION The Gramm-Leach-Bliley Act placed extensive new regulations on the banking industry. Indicate whether the statement is true or false.c ANSWER Answer: FALSE Explanation: The Gramm-Leach-Bliley Act deregulated the banking industry.
Date: September 3rd, 2020
