1. Which competitive practice is prohibited by the Sherman Act?

• Seasonal pricing strategies

• Market pricing

• Creations of trusts that created a virtual monopoly

  Adaptive pricing strategies

2. Statutory law defines such things as:

• common law

• the precedent for future cases

• unanimous decision

• the legal age for purchase of alcoholic beverages

3. The Federal Trade Commission, Consumer Financial Protection Bureau, FDA & US Department of Justice enforce:

• tax laws

  antitrust laws

• all laws

• federal consumer protection laws

4. Damages intended to compensate a victim are:

• Litigious

• Compensatory

• Punitive

• Corrective

5.

A wrong that creates a legal liability is known as a:

• product liability.

  statute.

• precedent..

• tort.

6. Specific performance refers to the circumstance where a court orders a party to carry out their duties:

• legally

• as the other party believes they should be carried out

• as they believe it should be carried out

7.

Which of the following items would prevent a contract from being valid under the legality requirement?

• old textbooks

  used clothing

• transfer of stolen goods

• agreement