Business Law Essay

3403 words - 14 pages

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1. Which of the following statements is true about the doctrine of unconscionability?
| | It is an equitable remedy. |
| | It is at law for contract damages. |
| | It allows a judge to invalidate either a provision in a contract or the whole contract. |
| | A and c
  |
Question 2 The power of the federal government to control and punish monopolies derives from which of the following?
| | The Commerce Clause |
| | The Separation of Powers Doctrine |
| | The Monroe Doctrine |
| | The ruling in Marbury v Madison |
Question 3  Paul, who is not a licensed electrician, did all the wiring ...view middle of the document...

| | tying arrangement |
| | horizontal restraint of trade |
| | vertical restraint of trade |
| | covenant not to compete |
Question 6 State statutes that limit the interest that can be charged on loans and contracts are ______ laws.
| | locus poenitentiae |
| | scienter |
| | usury |
| | per se |
Question 7 Son applied for a car loan from First Bank. First Bank would not approve the loan unless Dad agreed that he would pay the loan if First Bank’s efforts to collect from Son were unsuccessful. In this situation, Dad is a/an ______________.
| | servitor |
| | guarantor |
| | donor |
| | conservator |
  Question 8 Business people are presumed to be so familiar with the ordinary methods and practices of their business that they naturally expect them to be part of their contracts. What are these ordinary and expected practices?
| | Course of performance |
| | Course of dealing |
| | Usage of the trade |
| | None of the above |
1.66 points  
Question 9 Which of the following is not an exception to the Statute of Frauds?
| | Specially manufactured goods that cannot be sold to others |
| | Admissions in court that an oral contract existed |
| | A written but unsigned confirmation between merchants |
| | Guarantor agreements in which the guarantor has secondary liability |
Question 10 If the CEO’s of Coke and Pepsi agree that all two-liter bottles of their sodas would sell in a certain market area for $1.49, they would engage in ____________price fixing.
| | vertical |
| | horizontal |
| | gratuitous |
| | competitive |
Question 11 Clare bought shares in ABC Corporation that were sold to her in violation of an SEC rule protecting investors. What remedies, if any, does Clare have if she wants to avoid the contract?
| | A court will grant no remedies because Clare is a party to an illegal contract. |
| | Clare is entitled to a rescission of the contract because the rule that made the contract was intended to protect buyers like her. |
| | Clare is entitled to restitution of the money she paid for the shares. |
| | b and c are both remedies available to Clare. |
Question 12 The statute under which the federal government controls monopolies and activities in restraint of trade is ___________.
| | The Sarbanes Oxley Act |
| | The Kidder Ames Act |
| | The McCain Finegold Act |
| | The Sherman Antitrust Act |
Question 13 In construing a contract, a court will give the greatest weight to _______.
| | typewritten terms |
| | printed terms |
| | handwritten terms |
| | All of the above are weighted equally by the court. |
Question 14 The provision in a contract whereby one party attempts to avoid or limit his liability for tort damages is a/an _______________ clause.
| | inculpatory |
| | exculpatory |
| | quo warranto |
| | restraint of trade |
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