1. The two major sources of contract law are: The Restatement of Torts and the UCC.
a. True
b. False
2. Which of the following is a true statement regarding the Uniform Commercial Law (the UCC):
a. It is a federal law
b. It is a model law related to the sale of services
c. Article 2 addresses contracts for the sale of goods
d. It is the same thing as the Restatement of Contracts
3. The requirements of a valid contract include:
a. Mutual assent, capacity, consideration, and legality
b. Capacity, consideration, legality and reasonableness
c. Fairness, mutual assent, and legality
d. Definite time, capacity, consideration, and assent
4. Although people generally think of contracts as written in stone, in reality, contracts can be voided or invalidated for a variety of reasons if care is not taken in the preparation and formation of the contract.
a. True
b. False
5. Respondeant superior imposes liability upon an employer for:
a. Any and all torts committed by an employee
b. Any and all torts committed on its premises
c. Torts committed by an employee if the tort was committed by the employee in the scope of the employee's employment
d. Torts committed against the company by its CEO
6. The elements of intentional torts include a duty, breach, causation and damage.
a. True
b. False
7. Please identify and describe the elements of one example of an intentional tort against businesses.
8. The primary antitrust statutes that regulate trade practices in America include:
a. The Sherman Act; The Clayton Act; The Robinson-Patman Act; and the Federal Trade Commission Act
b. The Sherman Act; The Clayton Act; The Robinson-Patman Act; and The Sarbanes-Oxley Act
c. RICCO; The Robinson-Patman Act; and the Federal Trade Commission Act
d. The Corruption Act; The Sherman Act; and The Clayton Act
9. A corporation enjoys the same constitutional rights as do individuals, without any exception related to the type of business or evidence sought.
a. True
b. False
10. Insider trading:
a. Involves the sale of a security while in possession of information available to the public
b. Can only be committed by high level employees of the relevant company
c. Is based upon any information that is not known to the public
d. Involves the sale of a security based upon material information not known to the general public.